The Audio Codec Market is projected to grow from USD 5.9 billion in 2020 to USD 7.8 billion by 2025, at a CAGR of 5.5%. The market is driven by increasing adoption of internet users, growth in the IoT enabled devices and surge in demand for telecommunication devices considering the COVID-19 pandemic.
The Audio Codec Market for software component is expected to share the largest market share during the forecast period. The shift in trend of consumers from mechanical electronic products to smart electronics has pushed the demand for software component. Moreover, updating the mobile, laptop and other system is easier in electronic devices as it is hassle free and convenient.
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The market for the headphones, headsets and wearable devices application is expected to grow at the highest CAGR during the forecast period. This is because of the increase in the user base for wireless and handsfree devices for communication and entertainment. Moreover, the companies are aiming for higher market shares by launching innovative products, quality components and good service which is helping the application to grow.
APAC region is projected to grow at the highest CAGR in the Audio Codec Market during the forecast period. Some of the factors for the fastest growth in APAC is the advanced manufacturing capabilities in countries such as China, Japan and India, investments in research and development and a huge pool of customer base to cater electronics products in the region.
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