New York, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “3D Audio Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, Services); End Use Industries (Consumer, Automotive, Media and Entertainment, Gaming, Commercial), and Geography”, The global 3D audio market growth is impelled by proliferation of gaming industry, growing inclination toward online 3D music streaming and potential of 3D audio to be next big podcast.
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Global 3D Audio Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 5.61 Billion in 2021 |
| Market Size Value by | USD 15 Billion by 2028 |
| Growth rate | CAGR of 15.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 157 |
| No. of Tables | 88 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Component; End Use Industries, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global 3D Audio Market: Competitive Landscape
The top five companies in the 3D Audio market Dolby Laboratories, Inc, Auro Technologies, Waves Audio Ltd., Sennheiser Electronic Gmbh & Co. Kg, Fraunhofer. The above listing of key players is derived by considering multiple factors such as overall revenue, current 3D Audio portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global 3D Audio market ecosystem such as Auro Technologies; BARCO, Dear Reality; Dolby Laboratories, Inc.; Fraunhofer; Mimi Hearing Technologies Gmbh; Sound Particles S.A.; and Xperi Holding corporation, amongst others.
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3D audio sound is an acoustic system used to provide sound in 3-dimensional space to the users. The 3D audio effect is a combination of different sound effects produced by 3D speaker arrays, stereo speakers, surround-sound speakers, and headphones. The 3D audio is largely influenced by several economic and non-economic factors prevailing across the world. These systems are installed in a wide range of applications, including mobile devices, gaming consoles, home theater systems, AR/VR-based audio systems, etc. In addition, industries such as media & entertainment, automobiles, and consumer electronics are adopting 3D audio systems to provide enriched 3D sound experience and real-time visualization to its users. 3D audiovisual (AV) technology is in an evolving stage and the demand for this technology is increasing exponentially in the cinema and gaming industries.
The 3D audio market is segmented on the bases of component, end use industries, and geography. Based on component, the market is segmented into hardware, software, and services. In 2020, the hardware segment accounted for the largest market share. In terms of end use industries, the 3D audio market is segmented into consumer, automotive, media and entertainment, gaming, and commercial. In 2020, the media and entertainment segment accounted for the largest market share. In terms of geography, the global 3D audio market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share of the global market.
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Global 3D Audio Market – Growth Drivers:
Rising adoption of audio hardware devices such as headphones, Bluetooth devices, and loudspeakers for personal as well as commercial interest is fueling the target market growth. However, issues related to the implementation of 3D audio systems in virtual rooms and hearing problems caused by continuous use of headphones are the factors hindering the market growth. The ongoing trends such as shift in focus from analogue to digital cinema screens further supports growth of the global 3D audio market. Also, advancements in technologies such as virtual reality (VR) and augmented realty (AR), and increasing demand for 3D audio across museums and exhibitions are the factors creating lucrative opportunities for the growth of 3D audio market players.
The growing trend of AI-enabled smart speakers is emerging as a significant trend driving the proliferation of the 3D audio market. This growth in the trend can be attributed to technological advancements in consumer electronics and increasing customer preferences for smart and advanced features in products. Further, with continuous developments in the gaming industry, people of diverse age groups are progressively adopting gaming culture in their daily routine. Although many people play video games to in leisure, an increasing percentage of population has started seeing it as a lucrative career option. The percentages of internet users have reached 73%, 76%, 84%, 83%, and 86% in North America, Europe, APAC, MEA, and SAM, respectively.
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Key Findings of Study:
- Significant strategic initiatives by several 3D audio market players are contributing significantly to the performance of the market. For instance, iHeart Media announced its investment in binaural audio/3D audio that efficiently spots listeners in the recording room and makes them feel like the performance is happening around them. The 3D audio can be felt in real-time with the help of 3D microphones or AirPods.
- The 3D audio market growth in APAC is attributed to the presence of various consumer electronics manufactures, automobile manufacturers, and entertainment industry in the region, which generate huge demand for these amplifiers. Furthermore, escalating use of consumer electronics such as television sets and smartphones; elevating disposable income levels, triggering the adoption of smart and advanced devices; and presence of local and key 3D audio providers are also boosting the growth of the market in the region. China holds the largest share in the APAC 3D audio market owing to the high production capabilities and low labor costs.
Similarly, the adoption of video gaming is rising in APAC population, irrespective of age groups. In 2020, ~1.5 billion gamers in APAC. China, Japan, and South Korea are among the top 10 markets in terms of game revenues. Taiwan, India, Indonesia, Thailand, the Philippines, Malaysia, and Vietnam are other small gaming markets in Asian economy. Moreover, the trend of e-Sports is gaining pace in the region; ~10 million enthusiasts, with 2 million in Indonesia and 2.8 million in Vietnam have showed their interest toward e-Sports. As per the Singapore Cybersports and Online Gaming Association, there are 500,000 gamers in Singapore, and the count is predicted to rise further in the coming years. Moreover, Indonesia is the largest gaming market in Southeast Asia, and the Animation and Creative Industry Association in the country products strong support to game developers.
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