3D Audio Market is expected to reach US$ 19.07 billion by 2030

PRESS RELEASE BY The Insight Partners 05 Oct 2023

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Growing Adoption of Online 3D Music Streaming Provide Opportunities for 3D Audio Market During 2022–2030

According to our latest market study on "3D Audio Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component and End Use Industries," the market was valued at US$ 6.28 billion in 2022 and is expected to reach US$ 19.07 billion by 2030; it is estimated to record a CAGR of 14.9% from 2022 to 2030.

The scope of technological developments such as music streaming platforms and on-demand streaming is constantly growing with the introduction of digital and cloud systems. These developments are enabling musical content creators to cater to their subscribers through a subscription model, creating a significant impact on the development of 3D audio song lists as well as music streaming platforms. The music streaming service providers are offering 3D audio music to attract a huge base of customers as well as subscriptions. India is becoming a hub for music content providers, as platforms such as Saawan.com, Gaana.com, and Amazon Prime have strengthened their presence in the country in the past few years, which allows them to offer a list of 3D songs exclusively. Tier 2 & 3 cities such as Amritsar, Bhopal, and Bhubaneswar in emerging economies such as India are experiencing greater penetration of 3D music streaming. In India, Amazon caters to the diversified needs of subscribers by offering 3D song playlists. Further, MIDiA Research has stated that on YouTube, 6 of the top 10 music videos also include 3D music, which demands special 3D headphones to enjoy each beat of the song. The increasing adoption of on-demand online 3D music streaming services is likely to boost the financial performance of 3D audio device providers, which is expected to create ample opportunities for market players, propelling the 3D audio market growth in the coming years.

3D Audio Market – by Geography, 2022

3D Audio Market – by Geography, 2022

3D Audio Market Analysis Report & Growth Outlook 2030

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3D Audio Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, and Services) and End Use Industries (Consumer Electronics, Automotive, Media and Entertainment, Gaming, and Others)

Source: The Insight Partners Analysis

Barco NV; Dolby Laboratories Inc; Auro Technologies; Sound Particles S.A.; XPERI HOLDING CORPORATION; Waves Audio Ltd; Sennheiser electronic GmbH & Co. KG; Fraunhofer; VisiSonics; and THX Ltd are among the key 3D audio market players profiled in the report. Several other major 3D audio market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The 3D audio market report provides detailed market insights, which help the key players strategize their growth.

The manufacturing sector of the US is one of the largest in the world, producing ~18.2% of the world's goods, which is more than the entire economic output of several developing countries. The 3D audio companies operating in the country are experiencing substantial demand for their products due to elevated demand from end users. The presence of a significantly large number of 3D audio solution providers in the country boosts the 3D audio market growth. These players also capitalize substantial amounts in respective research and development (R&D) wings to develop robust solutions. For instance, in April 2021, Google acquired Dysonics, a 3D audio start-up firm offering enhanced solutions for audio devices, to manufacture advanced audio devices such as Google Pixel Buds that offer 3D audio experience to the users.

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