According to the new research report titled “3D Audio Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” the market is expected to grow from US$ 5611.50 million in 2021 to US$ 15000.34 million by 2028; it is estimated to grow at a CAGR of 15.1% from 2021 to 2028.
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.
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.
Key Findings of the 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.
Reasons to Buy- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global 3D Audio market.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Barco
- Dear Reality
- Dolby Laboratories, Inc
- Auro Technologies
- Sound Particles S.A.
- Xperi Holding Corporation
- Waves Audio Ltd.
- Sennheiser electronic GmbH & Co. KG
- Fraunhofer
- VisiSonics
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 157 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 5611.5 Million |
| Forecasted Market Value ( USD | $ 15000.34 Million |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
