According to a new market report pertaining to the 3D audio market, published by Transparency Market Research, the global 3D audio market is expected to reach US$ 14,498.0 Mn by 2026, expanding at a CAGR of 16.6% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 18% through 2026. 3D audio commercial application is anticipated to significantly drive the global 3D audio market across Middle East & Africa.
Increasing adoption of 3D audio in gaming is the major factor driving the 3D audio market. Game developing companies are replacing their traditional 2D audio sound engine with advanced 3D audio sound engines. Companies are incorporating specialized neuro-auditory research and advanced digital sound processing (DSP) algorithms that can be integrated directly into a game’s sound engine. Moreover, the cinema industry in the global market is experiencing significant advancements. Over the years, cinema screens have been transformed from analogue to digital. In the current market, cinema industry is adopting 3D audio sound systems. Furthermore, booming virtual reality (VR) and augmented realty (AR) and its penetration across museums and exhibitions, is anticipated to create lucrative market opportunity for 3D audio. These attributes of cinema digitization and VR penetration in the end-use market is anticipated to further enhance the adoption of 3D audio systems on a large scale.
3D audio has gained traction only recently, although 3D vision has long been in demand and visual technologies already enjoy strong acceptance among industries and consumers. A close study of recent product launches and developments of key industry participants active in the 3D audio market reveals that industries such as gaming, music, VR, and cinemas would continue to dominate the market throughout the forecast period. Non-commercial applications too such as personal mobile devices and home theater are forecast to see demand surge, gaining significant uptake toward the second half of the forecast period of the 3D audio market study.
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Typical personal entertainment devices include products such as Ambeo headsets, Hooke verse headphones, 3D audio enabled headphones, head trackers and others. This rise is attributable to further improvement in consumer acceptance and expected dip in product prices. Improvement in consumer spending on personal entertainment is seen as crucial to influencing market growth trends for both commercial and non-commercial applications. The 3D audio market however still faces challenges such as absence of any standard and universal format or configuration, which has negatively affected further large scale proliferation of technology. These existing technology integration and distribution related challenges offer possible opportunities, such as need for service providers or intermediaries addressing compatibility issues. Any further development and exploration of 3D audio technology as human computer interface technology is expected to open new sets of unexplored opportunities, right from automation/IoT to driver assistance systems, remote device management, and so on, thereby supporting 3D audio market growth.