Report : Middle East & Africa 3D Audio Market Forecast to 2030 - Regional Analysis - By Component (Hardware, Software, Services) and End Use Industries (Consumer Electronics, Automotive, Media and Entertainment, Gaming, and Others)
At 12.5% CAGR, the Middle East & Africa 3D Audio Market is projected to be worth US$ 1,228.12 million by 2030, says Business Market Insights.
According to Business Market Insights research, the Middle East & Africa 3D audio market was valued at US$ 479.24 million in 2022 and is expected to reach US$ 1,228.12 million by 2030, registering a CAGR of 12.5% from 2022 to 2030. Growing adoption of online 3D music streaming and rising proliferation of gaming industry are among the critical factors attributed to the Middle East & Africa 3D audio market expansion.
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. 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 the Europe 3D audio market players across the countries in the coming years.
On the contrary, connectivity issues and high overall costs hampers the growth Middle East & Africa 3D audio market.
Based on Component, the Middle East & Africa 3D audio market is segmented into hardware, software, and services. The hardware segment held 50.7% share of the Middle East & Africa 3D audio market in 2022, amassing US$ 243.17 million. It is projected to garner US$ 658.99 million by 2030 to expand at 13.3% CAGR during 2022-2030.
Based on end use industries, the Middle East & Africa 3D audio market is segmented into consumer electronics, automotive, media and entertainment, gaming, and others. The media and entertainment segment held 32.5% share of the Middle East & Africa 3D audio market in 2022, amassing US$ 155.74 million. It is projected to garner US$ 362.41 million by 2030 to expand at 11.1% CAGR during 2022-2030.
Based on country, the Middle East & Africa 3D audio market is segmented into South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa. The UAE held 36.5% share of Middle East & Africa 3D audio market in 2022, amassing US$ 175.11 million. It is projected to garner US$ 459.64 million by 2030 to expand at 12.8% CAGR during 2022-2030.
Key players operating in the Middle East & Africa 3D audio market are Barco NV, Dolby Laboratories Inc, Waves Audio Ltd., and Sennheiser electronic GmbH & Co. KG, among others.
- In Aug 2023, Dolby Laboratories, one of the leaders in immersive entertainment experiences, unveiled its latest innovation in immersive audio - Dolby Atmos FlexConnect. TCL, a world leading TV brand, will be the first to implement Dolby Atmos FlexConnect in its 2024 TV lineup.
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