ALBANY, New York, March 7, 2018 /PRNewswire/ --
According to a new market report 3D audio market, published by Transparency Market Research. The global 3D audio market is expected to reach US$ 12,340.7 Mn by 2025, expanding at a CAGR of 16.4% from 2017 to 2025. According to the report, the global market is expected 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 expected to grow at a higher growth rate during the forecast period. Commercial application segment of 3D audio market is anticipated to significantly drive the global market across Middle East and 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 to drive 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, cinema industry in the global market is experiencing significant advancements. Over the years, cinema screens have been transformed from analogue to digital format. In the current market scenario, cinema industry is adopting 3D audio sound systems. Furthermore, booming (VR) and augmented realty (AR) and its penetration across museums and exhibitions, is anticipated to create lucrative market opportunities for 3D audio solutions. These attributes of cinema digitization and VR penetration in the end-use market is anticipated to further enhance the adoption of 3D audio systems.
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The global 3D audio market is broadly segmented by component and end-use. According to the research study, the software segment of the market held the maximum market share and anticipated to show a CAGR of above 15% throughout the forecast period. Software's revenue contribution is primarily due to significant deployment of 3D audio software across cinema industry. The software segment is anticipated to remain dominant over the forecast period. As the market is in its initial stage, services including installation, maintenance, and repair related 3D audio are limited. However, expected adoption of 3D audio systems in the near future is projected to create lucrative growth opportunities for 3D audio services and hence the segment is anticipated to grow with highest CAGR over the forecast period. Moreover, the report predicts the hardware segment to witness a remarkable growth over the forecast period 2017 - 2025, with a CAGR of 17.4%.
Within hardware, loud speaker segment is anticipated to contribute significant market revenue share and it is anticipated to remain dominant throughout the research study. As per TMR analysis, 3D audio market's commercial end-use segment is anticipated to grab maximum market share in 2016 and the similar trend is expected to be observed during the forecast period. Commercial usage of 3D audio, which includes cinema, VR, automobile, gaming among others, are forecasted to create lucrative opportunities for 3D audio in global market. Owing to the rapid growth of VR market, the 3D audio market is anticipated to witness highest CAGR growth across its virtual reality (VR) segment. However, 3D audio proliferation across personal/in-house applications are anticipated to witness highest growth rate during the forecast period 2017 to 2025. Owing to the increasing 3D audio integration in home cinema and gaming. Moreover, proliferation of portable entertainment devices across the personal/in-house applications is also one of the significant causes to boost 3D audio market.
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Asia Pacific (APAC) held the largest market revenue share for 3D audio market in 2016 and this region is anticipated to grow at a remarkable CAGR of 17.8% during the forecast period. Cinema digitization and proliferation of portable media devices is anticipated to drive the 3D audio market across the APAC region. Analyzing the Asia Pacific 3D audio market at country level, it is anticipated that, in 2016, China held majority of revenue share of the Asia Pacific 3D audio market followed by Japan. However, in terms of revenue generation, India is anticipated to grow with a healthy and significant CAGR over the forecast period. Cinema industry evolution across the country is anticipated to create lucrative opportunities for 3D audio market.
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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 the market leaders. Companies are focusing on expanding its business by developing strategic partnerships and by offering innovative solutions in the end-use market.
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3D Audio Market, By Component
- Loud speaker
- Head Phones
3D Audio Market, By End-use
- Mobile Devices
- Home Theater
- Digital TVs
- Notebook /Computers/Laptops
- VR concerts
In addition, the report provides analysis of the 3D audio market with respect to the following geographic segments:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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