I had Sony HAP-Z1ES hard disk player for a few years until earlier this year I tried China-made R2R DAC (Terminator) but later settled with Marantz SA-10 SACD player. Intel NUC with dedicated M.2 SSD for O/S and another internal 2TB SATA SSD for music library plus 19V linear power supply were used as digital audio transport. Intel NUC connected to SA-10 with Curious USB. I also tried many different playback software, both Linux and Windows, free and paid versions (trial), but settled with HYSOLID (free) running Windows 10 Pro, manually optimized.
I agree with @n80 comment that sound quality is the best when playing CD/SACD directly. In my system, playing the ripped version from external SSD drive connected to SA-10 is equally good. But I was very surprised using Intel NUC as digital audio transport is very close behind but with the benefit of mobile app controlling albums/artists selection from listening position. The total costs of building the NUC is slightly lower than HAP-Z1ES brand new cost, but the audio quality is so much better.
The good thing about having a CD/SACD player with USB Audio input rather than DAC without playback capability is that I know what is the reference sound quality - what’s the best sound I can get when playing physical media or external drive. So I can explore which digital audio transports come close to the reference SQ. However, using DAC only (like the Terminator), I don’t even know what is the correct sound. Buying digital audio transport or streamer to pair with a DAC can be hit or miss, depending on the quality of interface (e.g. USB interface without galvanic isolation can be a problem).
My suggestion to @murgeshj if your existing CD player does not have USB Audio input, get a new CD/SACD player with USB Audio input and also with the ability to connect an external drive. You can then continue to play your existing CD collections and new digital downloads. Later on, you can try build your own digital audio transport. Dedicated streamers can be very expensive.
Note: the main reason I have to use USB is that I purchased DSD 2x and 4x albums online. I also have SACDs which were ripped.