Audio CODEC Market to Reach $14.12 Bn, Globally, by 2027 at 4.1% CAGR: Allied Market Research

- Surge in penetration of smartphones, advent of IoT enabled devices, and increase in energy-efficient audio systems' demand fuel the growth of the global audio CODEC market.

PORTLAND, Ore., April 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Audio CODEC Market By Function (With DSP and Without DSP) and End Use (Computer, Phone, Tablet, Over-Ear Headphone, TWS, Home Entertainment, Commercial, Automotive, Portable, Smart Home, IoT, Wearable, and AR/VR): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global audio CODEC industry garnered $11.44 billion in 2019, and is estimated to reach $14.12 billion by 2027, manifesting a CAGR of 4.1% from 2020 to 2027.

Prime determinants of growth

Surge in penetration of smartphones, advent of IoT enabled devices, and increase in energy-efficient audio systems' demand fuel the growth of the global audio CODEC market. However, omnipresence of audio SoC and fatal effects on health and environment restrain the market growth. On the other hand, increase in demand for on-board entertainment, development and rapid adoption of VR technology, and rise in gaming consoles' demand create new opportunities in the next few years.

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Covid-19 Scenario

• The production activities of audio CODEC have been stopped due to lockdown imposed by governments in many countries. In addition, the shortage of raw materials occurred due to disruptions in the supply chain.
• The demand from various end use industries such as smartphones, automotive parts, tablets, computers, headphones, and others reduced significantly due to stoppage of daily operations or partial continuation of production activities. However, the demand is estimated to increase steadily during the post-lockdown as day-to-day activities begin and supply chain gets back on track.

The without DSP segment to continue its leadership status throughout the forecast period

By function, the without DSP segment accounted for the largest share in 2019, holding more than three-fourths of the global audio CODEC market, and is projected to continue its leadership status throughout the forecast period. This is due to technical benefits offered by them. However, the with DSP segment is estimated to register the highest CAGR of 4.9% from 2020 to 2027, owing to technological advancements and improvement in wireless infrastructure.

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The phones segment to maintain its lead position during the forecast period

By end use, the phones segment contributed to the highest share in 2019, accounting for more than two-fifths of the global audio CODEC market, and is expected to maintain its lead position during the forecast period. This is attributed to increased adoption of smartphones and demand for high quality voice assistance. However, the smart home segment is estimated to witness the fastest CAGR of 8.0% from 2020 to 2027, owing to integration of advanced technologies with consumer goods.

Asia-Pacific, followed by North America, to offer lucrative opportunities

Based on region, Asia-Pacific, followed by North America, held the highest share in 2019, accounting for more than one-third of the global audio CODEC market in terms of revenue, and is projected to maintain its dominance by 2027. Moreover, this region is expected to witness the largest CAGR of 4.8% during the forecast period. This is due to significant demand for consumer goods and rise in disposable income of the population.

Leading market players

• Analog Devices
• Cirrus Logic
• CML Microelectronics
• Dialog Semiconductor
• DSP Group
• Maxim Integrated
• Realtek Semiconductor
• ROHM CO. LTD.
• STMicroelectronics
• Texas Instruments

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