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.
Need for enhancing natural sound experience and visualization driving the global 3D audio market
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.
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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. As per TMR analysis, the 3D audio market’s commercial end-use segment is anticipated to grab maximum market share in 2016 and a similar trend is expected to be seen over the forecast period. Commercial usage of 3D audio, which includes cinema, VR, automobile, and gaming among others, is forecasted to create lucrative opportunities for 3D audio in the global market. With rapid growth of the VR, the market is anticipated to witness highest CAGR growth across its virtual reality (VR) segment. However, 3D audio proliferation across personal/in-house applications is anticipated to witness the highest growth rate during the forecast period 2018 to 2026 due to the increasing 3D audio integration in home cinema and gaming. Moreover, proliferation of portable entertainment devices across personal/in-house applications is also one of the significant factors driving the 3D audio market.