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.
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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.