FactMR today released its latest report on the Audio Codec Market, projecting steady growth driven by the rising demand for high-quality audio, advancements in wireless technology, and the proliferation of consumer electronics. Valued at USD 6 billion in 2023, the global market is forecasted to expand at a compound annual growth rate (CAGR) of 5.2%, reaching USD 10 billion by 2033. This growth underscores the critical role of audio codecs in enhancing audio experiences across devices and industries.
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Market Outlook and Growth Projections
The global audio codec market is set for consistent expansion from 2023 to 2033, fueled by the increasing adoption of advanced audio technologies in smartphones, gaming consoles, and smart home devices. The market is expected to grow from USD 6 billion in 2023 to USD 10 billion by 2033, registering a CAGR of 5.2%. This growth is driven by the surge in streaming services, with global audio streaming subscriptions reaching 1.2 billion in 2023 (Statista), and the rising demand for immersive audio experiences in virtual reality (VR) and augmented reality (AR). The market offers an incremental dollar opportunity of USD 4 billion over the forecast period, presenting significant prospects for manufacturers, software developers, and consumer electronics companies.
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