Report : 3D audio Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, Services); End Use Industries (Consumer, Automotive, Media and Entertainment, Gaming, Commercial), and Geography
Surging Demand for 3D Audio Podcast to Provide Growth Opportunities for 3D Audio Market during 2021–2028
According to our latest market study on “3D Audio Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product, and Industry Vertical,” the market is expected to grow from US$ 5,611.50 million in 2021 to US$ 15,000.34 million by 2028; it is estimated to grow at a CAGR of 15.1% from 2021 to 2028.
3D audio sound is an acoustic system used to provide sound in 3-dimensional space to the users. The 3D audio effect is a combination of different sound effects produced by 3D speaker arrays, stereo speakers, surround-sound speakers, and headphones. The 3D audio is largely influenced by several economic and non-economic factors prevailing across the world. These systems are installed in a wide range of applications, including mobile devices, gaming consoles, home theater systems, AR/VR-based audio systems, etc. Increasing demand for 3D audio technology in various applications across industries such as cinema, gaming, and VR concerts, owing to continuous advancements in audio technology, is a major factor driving the global 3D audio market growth. In addition, rising adoption of audio hardware devices such as headphones, Bluetooth devices, and loudspeakers for personal as well as commercial interest is fueling the target market growth. However, issues related to the implementation of 3D audio systems in virtual rooms and hearing problems caused by continuous use of headphones are the factors hindering the market growth.
The 3D audio market is segmented on the bases of component, end use industries, and geography. Based on component, the market is segmented into hardware, software, and services. In 2020, the hardware segment accounted for the largest market share. In terms of end use industries, the 3D audio market is segmented into consumer, automotive, media and entertainment, gaming , and commercial. In 2020, the media and entertainment segment accounted for the largest market share. In terms of geography, the global 3D audio market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share of the global market.
Impact of COVID-19 Pandemic on 3D Audio Market
According to the latest report from the World Health Organization (WHO), the US, Spain, India, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences of the pandemic due to disruptions in the electronics & semiconductors, and manufacturing industries, among others. However, in the last quarter of 2020, companies from many industries began their operations virtually and employees started working from home, which has bolstered the demand of headphones and ear buds. In addition, with the rising demand of entertainment at home due to shutdown of cinema halls and theater has fostered the demand for 3D audio systems across the region. However, partial restriction on cargo and transport at the beginning of the pandemic resulted in disruptions in the supply chain of raw materials. The sudden rise in demand for 3D playlist and AR/VR in gaming industry as fostered the growth of the 3D audio market, and the market expected to continue its growth during the forecast period.
The key players profiled in the report include Auro Technologies; BARCO, Dear Reality; Dolby Laboratories, Inc.; FRAUNHOFER; MIMI HEARING TECHNOLOGIES GMBH; SENNHEISER ELECTRONIC GMBH AND CO. KG; SOUND PARTICLES S.A.; WAVES AUDIO, LTD; and XPERI HOLDING CORPORATION.
The report segments the global 3D Audio market as follows:
By End Use Industries