According to a recent market research study by MarketsandMarketsTM, the audio codec industry is anticipated to grow significantly. According to the report, "Audio Codec Market by Component Type (Hardware and Software), Application (Desktop and Laptop, Mobile Phone and Tablet, Headphones, Headset, and Wearable Devices), and Region - Forecast to 2025," the market's value will rise from USD 5.9 billion in 2020 to USD 7.8 billion in 2025, reflecting a Compound Annual Growth Rate (CAGR) of 5.5%.

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Numerous factors, such as technological developments, rising demand for high-quality audio across a range of applications, including wearable technologies, laptops, and mobile devices, are responsible for this expansion. With hardware and software components playing a critical role in supporting a wide range of applications in the digital audio domain, the industry is on the upswing.

The demand for IoT-enabled devices is on the rise, and consumer preferences have significantly changed in favour of electronics and smart devices, which are mostly to blame for the expansion of the audio codec industry. Due to the proliferation of linked devices brought on by the Internet of Things (IoT), there is a healthy market for audio codecs. These codecs are essential for guaranteeing effective audio processing and transmission in smart devices, including wearables, automotive systems, smart homes, and more. The demand for audio codecs to handle the complex audio requirements of these smart, linked devices has increased as consumers place a growing value on seamless connectivity and high-quality audio experiences.

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Software audio codec, by component type, is expected to grow at the highest CAGR during the forecast period

During the projected period, the software audio codec category is anticipated to experience the greatest Compound Annual Growth Rate (CAGR). A growing desire for software-driven solutions can be ascribed to the spike in demand for software audio codec products. Software-based audio codecs have many benefits, including ease of use, cost effectiveness, and fragmentation simplicity for quick encoding and decoding. Due to the versatility and adaptability that software-based audio codecs offer, the market is shifting more and more in favour of software solutions as technology advances. These elements make the software audio codec segment an important topic of study during the foreseeable time due to its predicted rapid expansion.

Others application, is expected to grow at the largest market share during the forecast period

During the projection period, it is predicted that the "Others" application category, which includes a variety of industries like software platforms, broadcasting, audio production & recording, and IP telephony, would account for the greatest market share. The move towards frequently updated, software-enabled gadgets has increased the demand for software platforms, which has helped to expand this market. In order to provide their audience with top-notch musical experiences, the entertainment industry—which includes radio, music, movies, and TV shows—heavily relies on top-notch audio production and recording. As a result, audio codec products must be used in a variety of audio-related applications, which is what is driving the "Others" application segment's expansion in the audio codec market.

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Italy, by country, is expected to grow at the highest CAGR during the forecast period

During the anticipated period, the audio codec market in Italy is anticipated to grow at the highest Compound Annual Growth Rate (CAGR). Italy has had strong growth in this market due to a number of factors, including the presence of sizable research and development (R&D) facilities and recognised manufacturing firms known for their high-quality output. The nation has a cutting-edge supply chain infrastructure that effectively meets international needs. Given Italy's standing as a centre for high-end and consumer goods, the market has seen notable development over the projection period. Italy is leading the expansion of the audio codec market thanks to a combination of creative manufacturing, strong R&D capabilities, and a global supply network.

Key players in the audio codec market include Cirrus Logic (US), Qualcomm (US) and Realtek Semiconductor (Taiwan). Cirrus Logic is a well-known player for providing innovative and customized audio codec solutions and products in the audio market.

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