3D Audio Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 04/30/2018 -- 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:
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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.
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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