The 3D audio 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.
Developing regions such as the Asia Pacific, the Middle East, and Africa, and South America are characterized by a positive economic outlook, an increasing middle-class population, and rising disposable incomes. These factors are driving the sales of audio systems in these regions. Developing economies have been witnessing steady growth in the post-recession era, which has reflected in rising in disposable income. In western countries, where consumers have high disposable incomes, high value and volume of audio equipment sales is driven by the preference for advanced features and technologies integrated in the devices. The growing adoption of advanced technologies such as head-related transfer function (HRTF) across the media & entertainment sector. The 3D audio market players across the world are focusing on integrating the HRTF technology for providing an enhanced user experience. The 3D audio experience is much more immersive than the 2D audio experience when watching movies on smartphones with earphones. In cinema halls, the integration of HRTF simulates the 3D audio when mirrored sounds hit the ears from different directions by using multiple speakers present on all sides of the hall. The HRTF is being integrated across a wide range of sound devices, including headphones, to generate different surround sound effects.
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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 earbuds. In addition, the rising demand for entertainment at home due to the shutdown of cinema halls and theaters 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 playlists and AR/VR in the gaming industry is fostering the growth of the 3D audio market, and the market expected to continue its growth during the forecast period.
Potential of 3D Audio to be Next Big Podcast Emerging as Significant Trend in 3D audio Market
The market players are constantly focusing on spending hugely on enhancing podcasting features by creating valuable content libraries. The growing trend of integrating 3D audio technology with the music and episodic series available on online streaming platforms. For instance, iHeart Media announced its investment in binaural audio/3D audio that efficiently spots listeners in the recording room and makes them feel like the performance is happening around them. The 3D audio can be felt in real-time with the help of 3D microphones or AirPods. Similarly, in 2020, Spotify signed a deal with Warner Bros. to produce and distribute an original slate of scripted narrative podcasts, which would be exclusively licensed to Spotify for a specific period. Therefore, such strategies are boosting the trend of 3D audio podcasting.
Component Segment Insights
The 3D audio market, by amplifier type, is segmented into mono channel, 2-channel, 4-channel, and 6-channel. Electronics vendors commonly use high-efficiency, filter-less, analog-input 3D audios to manage the power requirements of portable audio speakers engineered in cell phones, tablet computers, and personal navigation devices. These amplifiers allow direct connection to a battery, thus minimizing losses and reducing component count.
Product Segment Insights
The 3D Audio market, by component, is segmented into hardware, software, and services. The hardware segment comprises loudspeakers, headphones, microphones, soundbars, Bluetooth speakers, and other hardware sound systems. 3D audio software is widely adopted by the media and entertainment sector. Companies such as Dolby, Atoms, and Aura Technologies are offering 3D audio software for movie production houses for audiovisual (AV) applications. 3D audio service providers extend technical support to sound designers, engineers, and artists.
End-Use Industries Segment Insights
The global 3D Audio market, based on end-use industries, is segmented into consumer, automotive, media and entertainment, gaming, and commercial. The media and entertainment segment led the 3D Audio market, by end-use industries in 2020. The advent of cloud computing solutions in the media and entertainment field and escalating adoption of HRTF technology is also expected to help boost the market performance during the forecast period.
The players operating in the 3D audio market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few of the significant market developments by key players are listed below:
In January 2021, Sound Particles, the software company that has been changing the paradigm of 3D audio software, has introduced a different approach to panning with the release of a new plugin – the Energy Panner.
In January 2021, THX and VisiSonics announced a partnership to provide cutting-edge spatial audio tools and technology for game developers.
The 3D audio market has been segmented as follows:
By End-Use Industries
Media and Entertainment
3D Audio Market – Companies Profiles
Dolby Laboratories, Inc
Sound Particles S.A.
XPERI HOLDING CORPORATION
Waves Audio Ltd.
Sennheiser electronic GmbH & Co. KG
Mimi Hearing Technologies GmbH.
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