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 Market: Scope of the Report
The global 3D audio market is broadly segmented by component and end-use. In terms of component, the software segment held the maximum market share and is anticipated to reflect a CAGR of above 15.6% through 2026. Software’s revenue contribution is primarily due to significant deployment of 3D audio software across the cinema industry. The software segment is anticipated to remain dominant over the forecast period. As the market is in its initial stage in the current 3D audio market, services such as installation, maintenance, and repair related 3D audio are limited.
However, significant expected proliferation of 3D audio systems in the near future is likely to create a lucrative market for 3D audio services and hence the segment is anticipated to expand with the highest CAGR over the forecast period. The report projects the services segment to show CAGR of above 19.8% over the forecast period. Moreover, the hardware segment is anticipated to witness remarkable growth over the forecast period 2018 – 2026, with a CAGR of 17.6%. Within hardware, loudspeaker segment is anticipated to contribute significant market revenue share and it is anticipated to remain dominant throughout the research study.
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Asia Pacific (APAC) held the largest revenue share of the 3D audio market in 2016 and the market in this region is anticipated to expand at a remarkable CAGR of 18.0% during the forecast period. Cinema digitization and rising proliferation of portable media devices is anticipated to drive the 3D audio market across APAC. Analyzing the Asia Pacific 3D audio market at country level, in 2016, China held the dominant revenue share of the Asia Pacific 3D audio market followed by Japan. However, in terms of revenue generation, the market in India is anticipated to expand at a significant CAGR over the forecast period. Cinema industry evolution across the country is likely to create a lucrative market for 3D audio.
Global 3D Audio Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global 3D audio market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Some of the key players in the 3D audio market are OSSIC, 3D Sound Labs, Auro Technologies Inc., Comhear Inc., Dolby Labs, DTS, Inc.(Xperi Corporation), and Dysonics among others. Various business strategies are being adopted by market leaders. Companies are focusing on expanding business by developing strategic partnerships and by offering innovative solutions in the end-use market.