3D Audio Market is Projected to Hit USD 18.2 Billion at a CAGR of 12.8% by 2031 – Report by Transparency Market Research
Development of new 3D audio technologies, such as ambisonics, binaural audio, and wave field synthetics, to meet the increasing demand for 3D audio is propelling market growth.
Wilmington, Delaware, United States, July 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global 3D audio market was valued at US$ 4.8 Bn in 2022 and is projected to expand at a CAGR of 12.8% during the forecast period from 2023 to 2031. Rise in adoption of 3D audio technology and expansion in the augmented reality (AR) and virtual reality (VR) industry are fueling the 3D audio market.
New audio technologies are under development to meet the increasing demand for 3D audio. Cinemas are adopting advanced 3D audio binaural technology that delivers 360-degree sound. It allows viewers for an immersive sound experience.
3D audio is an advanced audio technology, which enables users to sense sound from all angles and directions.
“Connect with our team of research specialists and unlock the optimal solution for driving your business growth”Report Coverage Details Market Revenue US$ 4.8 Bn Estimated Value US$ 18.2 Bn Growth Rate - CAGR 12.8% Forecast Period 2023-2031 No. of Pages 130 Pages Market Segmentation By Component, By End-user Regions Covered North America, Europe, Asia Pacific, Middle East & Africa, South America Companies Covered 3D Sound Labs, Auro Technologies Inc., Comhear Inc., Dolby Laboratories, Inc., Google, Hooke Audio, OSSIC, Sennheiser electronic GmbH & Co, VisiSonics, Waves Audio Ltd, Other Key Players
Key Findings of Study
Rise in Demand for 3D Audio Technology Boosting Market Development – Adoption of 3D audio technology has increased significantly in the past few years. The technology has revolutionized the way people play games, listen to music, and watch movies. Therefore, rise in demand for immersive sound experience is fueling market growth.
3D audio simulates a natural sound environment, providing users a realistic experience. This has led to increase in usage of the technology in a range of applications, including AR and VR systems, for a realistic and engaging experience for users.
Music studios are one of the key end users of 3D audio technology. Adoption of this technology enables music studios to provide a more realistic acoustic environment for recording and mixing. The technology has also been used in cinemas for a more realistic soundscape experience for viewers.
Therefore, demand for high-quality sound combined with increased preference for an immersive sound experience are boosting 3D audio market value.
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Expansion of VR and AR Industry Fueling Market Size – AR and VR applications require flawless sound reproduction to enhance the user experience in the gaming and entertainment industry. With the development of advanced audio technologies, such as ambisonics, binaural audio, and wave field synthesis, the 3D audio market is anticipated to witness significant growth in the next few years.
The U.S. is a hub for innovation and digital transformation. Tech giants such as Google, Microsoft, and Apple have released their own versions of AR and VR technology.
Therefore, rise in demand for 3D audio in the AR and VR industry is anticipated to fuel market development in the next few years.
- Rise in adoption of 3D audio technology in the media and entertainment industry is fueling the 3D audio market
- Significant utilization of 3D audio technology in AR and VR applications is augmenting market growth
North America is anticipated to account for the leading market share during the forecast period. This is ascribed to significant demand for audio technology and growing music industry in the region. Moreover, investment in AR/VR by some tech giants is creating lucrative opportunities in the 3D audio market.
The 3D audio market in Asia Pacific is expected to expand at the fastest CAGR during the forecast period. This is ascribed to surge in demand for 3D audio technology in the media and entertainment industry in emerging economies in the region.
The global industry is competitive, with the presence of several global and regional players. Product development is the key growth strategy of leading players in the 3D audio market. They are also engaging in product expansion, R&D activities, and M&As in order to strengthen their foothold in the global industry.
Prominent players in the 3D audio market include 3D Sound Labs, Comhear, Inc., Google, OSSIC, VisiSonics, Auro Technologies, Inc., Dolby Laboratories, Inc., Sennheiser electronic GmbH & Co., Hooke Audio, and Waves Audio Ltd.
The global 3D audio market is segmented as follows
Global 3D Audio Market, by Component
Global 3D Audio Market, by End-user
Global 3D Audio Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Source: Globe News Wire