ASIA-PACIFIC AUDIO CODEC MARKET 2022-2028
MARKET OUTLOOK
Triton Market Research’s report on the Asia-Pacific audio codec market states that the market is anticipated to advance at a CAGR of 9.62% during the forecasted phase 2022-2028. Japan, Australia & New Zealand, India, South Korea, China, ASEAN countries, and Rest of APAC outline the market in the region.
The growing smartphone and smart devices penetration in India has created growth prospects for the studied market. The country has a high population base, with the majority in the working-class group. This rising demographic has surged the demand for electronic devices, resulting in high adoption of internet connections. With the advent of COVID-19, the adoption of connected devices proliferated between 2020 and 2021. Hence, the surge in adoption of desktop, mobile phones, headphones, and wearables in the wake of rising work from home culture expands the Indian audio codec market’s growth.
On the other hand, South Korea is at the forefront of technological innovations. The presence of key players like Samsung and Sony has supported the development of audio codecs. Besides, the growing South Korean music has fueled the growth of streaming media. In this regard, various international contracts with platforms like Netflix and Amazon have boosted the streaming culture across the nation. This has encouraged various manufacturers to set up their plants in the country, including Barix and Dolby. Thus, such developments are anticipated to support the audio codec market’s growth.
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