The global 3D audio market was valued at US$ 3,746.9 million in 2017 and is projected to reach US$ 14,812 million by 2026, exhibiting a CAGR of 16.5%. 3D audio devices are significantly gaining traction in various industries such as gaming and cinema. The applications of 3D audio in gaming is an emerging trend, as game developers are trying to provide better audio and video effects for the users. The game developing companies are processing specialized neuro-auditory research and advanced digital sound processing (DSP) algorithms that could be integrated into a game’s sound system directly. Continuous development in 3D audio such as analog to digital shift in the cinema industry and 3D sound speakers for the application in automobile industry are also driving growth of the market globally.
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Due to high demand for 3D audio, existing market players as well as the new entrants are investing high capital to offer upgraded 3D audio products and services to their customers. For instance, till 2017, Auro Technologies installed 600 AURO 11.1 3D audio systems for cinemas across the world and Dolby Atmos installed around 2,000 3D audio systems across the world. Moreover, the other companies in this market such as Sennheiser Electronic GmbH & Co. and Frauhaufer are increasing their innovation in the 3D audio products to gain the market share in this market.
Key Trends and Analysis of Global 3D Audio Market:
- Among component type, the software segment is expected to hold dominant position in the global 3D audio market over the forecast period, owing to its contribution in deployment of 3D audio software in the cinema and music industry. The hardware segment is projected to witness fastest growth during the forecast period, owing to increasing global demand for loudspeakers.
- Among end-use, the commercial segment held dominant position in 2017 and is expected to retain its position over the forecast period. Commercial segment includes industries such as cinema, virtual reality (VR), automobile, and gaming. The continuous growth of augmented and virtual reality devices market due to increasing demand for providing more realistic experience to the users of AR & VR with visual as well as audio effects are expected to positively affect growth of 3D audio market.
Key Takeaways of the Market:
- According to Coherent Market Insights’ analysis, Asia Pacific is the largest and fastest growing region in the global 3D audio market, owing to increasing advancements in movie and media & entertainment industry to provide a better visual and listening experience to the customers. Moreover, rising disposable income in emerging economies such as India and China is another factor resulting in increasing adoption of 3D audio products and services.
Some of the major players operating in the 3D audio market include 3D Sound Labs, Auro Technologies Inc., Comhear Inc., Core Sound LLC (TeraMic), DearVR, Dolby Labs, DTS Inc. (Xperi Corporation), Dysonics, Fraunhofer, Hooke Audio, ISONO Sound, OSSIC, Sennheiser Electronic GmbH & Co., VisiSonics Corporation (Realspace 3D), and Waves Audio Ltd.