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The global market of 3D audio is being significantly aided by the increasing developments being made in the entertainment as well as the media industry. Applications like virtual reality and augmented reality are the major factors driving the market growth. The increasing usage of VR in the gaming industry is also facilitating the 3D audio industry growth. The growing consumer electronics industry is further aiding the market growth. Rising research and development activities bringing new innovations in the field of audio-based gadgets are also aiding the market. The growing retail market coupled with the increasing middle-class population and improving standards of living is also boosting the industry growth. The market is further expected to grow in emerging regions, owing to their increasing industrial activities, rapid urbanisation, and rising disposable incomes. However, the rising prevalence of coronavirus pandemic across the world has hindered the market growth, but with reducing lockdowns and economies turning back to normal, the 3D audio industry is likely to grow during the forecast period.
Companies like Dolby Laboratories Licensing Corporation (US NYSE: DLB) have also facilitated in maintaining the demand across the globe for products made with 3D audio. On the basis of geography, North America is the major contributor to the market, specifically due to the demand generated from countries like the United States. Also, the Asia Pacific is expected to emerge as a significant market in the coming years owing to the increasing consumer electronics industry, especially from countries like Japan and India.
Market Breakup by Component, Products, Sound Type, End Use, and Region:
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The major players in the global 3D audio market include Dolby Laboratories Licensing Corporation, Waves Audio Ltd, Auro Technologies Inc., Comher Inc., Sennheiser Electronics GmbH & Co. KG, and Dysonics, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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