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Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) — 3D audio systems have several applications in media & entertainment, such as movies and tv shows, music, virtual reality (VR), and augmented reality (AR). In addition to these specific applications, 3D audio is also being used in a variety of other ways in the media & entertainment industry. For example, 3D audio is being used to create immersive podcasts, audiobooks, and even live performances. Therefore, these multiple applications of 3D audio in media & entertainment industry are booting the growth of market.
3D Audio Market in terms of revenue was estimated to be worth $6.28 billion in 2022 and is poised to reach $19.07 billion by 2030, growing at a CAGR of 14.9% from 2022 to 2030 according to a new report published by The Insight Partners.
The rise in use of HRTF in media & entertainment sector and proliferation of gaming industry are the drivers for the 3D audio market.
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Global 3D Audio Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 6.28 Billion in 2022 |
| Market Size Value by | USD 19.07 Billion by 2030 |
| Growth rate | CAGR of 14.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, End Use Industries, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The Europe 3D audio market has been analyzed on the basis of historical, current, and future trends in France, Germany, Italy, the UK, Russia, and the Rest of Europe. The consumer electronics industry in these countries is focused on introducing innovative products. The population of Europe is inclined toward using branded products. With the emergence of VR/AR devices in recent years, the demand for enhanced surround sound experience is gaining momentum in the region. Western Europe is well-known for its better living conditions, with residents experiencing higher income levels. The high standards of living in Western European countries drive the demand for 3D audio devices. The gaming industry in the region is proliferating, which highly integrates the 3D audio features on the gaming platform. In September 2021, OneMoreLevel, a Poland-based gaming company, introduced a new action game—Ghostrunner—with advanced features such as faster loading and haptic feedback, a DualSense controller, and 3D audio.
In addition, European countries initiated strong research and development activities focused on 3D audio. For instance, in February 2021, researchers from Imperial College London were awarded a grant of ~US$ 6.93 million for the development of immersive 3D sound systems enabled by artificial intelligence (AI) for virtual and alternative reality situations, such as lectures, gaming, and online meetings. The EU has initiated the Binaural Tools for Creative Industries (BINCI) project for the research and development of a solution to ease the production of 3D audio and binaural audio. Therefore, substantial research activities to further enhance the 3D audio solution are boosting the 3D audio market growth in Europe.
Numerous automakers have their establishments across European countries, and they are also supported by innumerable component manufacturers. With the robust automotive sector in these countries, there is a high demand for advanced telematics and entertainment devices; the automotive players are seeking advanced audio solutions such as 3D audio navigation maps. Further, in May 2022, the Portuguese deep tech company that was awarded an Oscar for Best Sound in the Hollywood film—Dune—aims to promote its presence in the gaming/VR world and expand its product range in the music production segment. To achieve these goals, the startup has raised funding of US$ 2.6 million to roll out 3D audio technology for headphones.
End Use Industries Segment Dominated by Hardware in 3D Audio Market:
The media & entertainment sectors are contributing significantly to the global 3D audio market growth. In addition, the advent of cloud computing solutions in the media and entertainment field and the escalating adoption of HRTF technology are expected to boost market performance during the forecast period.
3D Audio Market: Segmental Overview
Based on component, the 3D audio market is segmented into hardware, software, and services. The hardware segment is further segmented into loudspeakers, headphones, microphones, and others. The hardware segment recorded the largest 3D audio market share in 2022 and is anticipated to register the highest CAGR during the forecast period. Based on product, the 3D audio market is segmented into consumer electronics, automotive, media & entertainment, gaming, and others. The media & entertainment segment registered the largest share of the 3D audio market in 2022, whereas the automotive segment is anticipated to record the highest CAGR during the forecast period. Based on geography, the 3D audio market is segmented into North America, Middle East & Africa (MEA), Asia Pacific (APAC), Europe, and South America (SAM). North America recorded the largest 3D audio market share in 2022, whereas APAC is anticipated to register the highest CAGR during the forecast period.
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3D Audio Market Analysis: Competitive Landscape and Key Developments
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 that are profiled in the report. Several other essential 3D audio market players were analyzed for a holistic view of the market and its ecosystem. The market report provides detailed market insights to help major players strategize their growth.
3D Audio Market – Key Industry Dynamics
Drivers:
- Rise in the use of HRTF in the Media and entertainment Sector
- Proliferation of the Gaming Industry
Restraints:
- Connectivity Issues and High Overall Costs
Opportunities:
- Growing Adoption of Online 3D Music Streaming
- Increasing Importance of Spatial Audio
Future Trends:
- Use of 3D Audio in Podcasts
Recent Developments:
In 2023, at CES 2023, Fraunhofer IIS, the primary developer of the MPEG-H 3D Audio standard, and Amazon Music—the premium audio entertainment service—demonstrated how immersive and authentic 360 Reality Audio music can sound in a vehicle.
In 2023, NewAuro B.V and WOWOW Inc. announced their collaboration in supporting AURO-3D Technology for satellite/TV broadcasting by launching their first Japanese show in immersive audio for headphones. This established the world’s first commercial use of the AURO-3D headphone technology called Auro-Headphones in broadcast, promising an immersive experience in storytelling and the audible presence of being inside a theater.
In 2023, Dolby Laboratories, Inc. and Cinépolis announced an agreement to deliver Dolby’s spectacular experiences to more moviegoers across the globe. Cinépolis is committed to installing Dolby’s innovative, industry-leading cinema solutions on all refresh and newly built screens throughout their global circuit. This expanded Dolby and Cinépolis agreement highlights Cinépolis’ commitment to its patrons to bring them the best possible cinema experience available.
Go through further research published by The Insight Partners:
Pro Audio Market – Global Analysis and Forecast to 2030.
Audio and Video Editing Software Market – Global Analysis and Forecast to 2028.
Car Audio Market – Global Analysis and Forecast to 2027.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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