Pune, Feb. 07, 2020 (GLOBE NEWSWIRE) -- The global 3D Audio Market size is anticipated to reach USD 12.97 billion by 2026, exhibiting a CAGR of 16.9% during the forecast period 2019 to 2026. This is attributable to the advent of head-related transfer functions (HRTF) technology into audio systems. HRF technology includes a combination of four variables including an alternate frequency and three space coordinates (X, Y, and Z). Companies are using this technology for playing and recording music. This, accompanied by the advent of cross-talk cancellation techniques, will help the 3D audio system provide an enhanced user experience.
Fortune Business Insights™ presents a 360-degree overview of the 3D Audio Market in their report titled, “3D Audio Market Size, Share & Industry Analysis, By Component (Hardware (Loudspeakers, Headphones, Microphones/Mic, Sound Bars and Others (Power Amp, etc.), Software and Services), By End-use (Residential and Commercial) and Regional Forecast, 2019-2026.” The report covers major aspects of the market, such as growth drivers, restraints, key industry insights, significant developments, and market segmentation. It also covers factors challenging and providing opportunities to the market, along with a list of key players operating in the 3D Audio Market and the major strategies adopted by them. Apart from all this, the report provides recent 3D Audio Market trends prevalent today that will bode fruits in the forecast duration.
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Advent of Virtual Reality Applications for Sound Systems Will Drive Market
The increasing demand from the movie and entertainment industry worldwide is an important factor promoting the market growth. In addition to this, the advent of cloud computing solutions in the media and entertainment field is also expected to help increase the 3D Audio Market size in the forecast period. Apart from this, the increasing adoption of HRTF technology is likely to boost the market in the forecast duration. Furthermore, lead analyst at Fortune Business Insights™ foresees the advent of virtual and augmented reality applications to help augment the 3D Audio Market growth in the forecast duration.
However, factors such as issues related to connectivity, maintenance, and installation of audio hardware may pose a challenge to the overall 3D Audio Market revenue in the forecast duration. Nevertheless, the increasing demand from the gaming industry, coupled with the rapid adoption of core communication technologies such as Bluetooth, Internet of Things, and NFC are prophesized to create lucrative opportunities for the 3D Audio Market in the forthcoming years.
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Asia Pacific to Emerge Dominant Owing to High Growth Strides in Media and Entertainment Industry
Geographically, the global 3D Audio Market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each of these regions is further classified into nations. Among these, North America is holding a dominant 3D Audio Market share on account of the presence of major companies such as Dolby Laboratories, Inc.
Moreover, the Asia Pacific market is likely to emerge as the fastest-growing market on account of surging demand for 3D sound quality from the media and entertainment industry in India. As per the International Trade Administration (ITA), the Indian film and television market is likely to reach USD 2.70 billion by 2019, from USD 2.11 billion earned in 2015.
Dolby Laboratories, Inc.., Enjoying the Dominant Position
Dolby Laboratories, Inc., is one of the leading players in the 3D Audio Market, famous for its imaging and audio products, further applicable for use in Broadcast, television, smartphones, and cinema, among others. The increasing demand for 3D audio devices all over the world is propelling various companies to invest heavily in using the latest technology in their products to stand out in the competition on the one side and earn high revenue on the other. For instance, Auro Technologies deployed about 600 audio systems called “AURO 11.1” for utilization in cinemas worldwide.
Key Industry Development of the 3D Audio Market include:
October 2018 – 3D wireless headphones were launched by SHIVR primarily developed for utilization in gaming applications.
List of Significant Players in the 3D Audio Market Include:
- Dolby Laboratories, Inc.
- Sennheiser electronic GmbH & Co.
- 3D Sound Labs
- OSSIC
- DearVR
- DTS, Inca
- ISONO Sound
- Comhear Inc
- Hooke Audio
- Accent Advanced Systems, SLU.
- Dysonics
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Detailed Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global 3D Audio Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast
- By Component (Value)
- Hardware
- Loudspeakers
- Headphones
- Microphones/Mic
- Sound Bars
- Others (AVRs)
- Software
- Service
- Hardware
- By End-use (Value)
- Residential
- Commercials
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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