The growth of the Pro AV market

09-07-2019

Professional audio/video is good for the global economy: AVIXA is boosting its estimates of the AV market growth from 247 billion in 2019 to 325 billion by 2024.

This is a springboard for the many companies and system integrators involved – in various vertical markets – in this technological revolution. The reason behind this performance? Sean Wargo, Senior Director of Market Intelligence at AVIXA (Audiovisual and Integrated Experience Association), answers directly: “The increase described in our forecasts is being mirrored in the more solid economies and in the demand for new products and services – explains Wargo –. The increase in turnover for the professional AV sector is, in fact, exceeding expectations in terms of global GDP growth”. The 2019 AV Industry Outlook and Trends Analysis (IOTA) Global Summary states that the excellent health of the AV sector follows the growth of the gross domestic product in most of the geographical areas under analysis, in part thanks to the integrated technologies and the new “user experience” that Pro AV is capable of offering in almost all facets of the global economy.

Let’s consider how: while up until the previous report the Americas continued to dominate the market for professional technologies, soon that primacy will fall to the Asia-Pacific region, where the needs for security and surveillance are growing. These needs, in turn, stimulate storage and distribution technologies (SMSD – Streaming Media, Storage, and Distribution). As for the Americas, AV solutions for the corporate world remain at the top of the market, driven by the transition to cloud solutions.

As for Europe?
There is less momentum, but positive forecasts, for the Europe, Middle East and Africa region: AVIXA forecasts an average annual growth rate of 4.5% for professional AV in EMEA by 2024. The market is being driven by the evolution of audio solutions, where we will be able to outperform America with $6.7 billion. Also good is the turnover in display technologies, with
particular attention to Direct View LED technology, which is given at +8.4% for the next five years.

As for the applications sector, corporate systems dominate here too: although turnover remains lower than that of the other two regions considered by the IOTA revision, its $18 billion figure nonetheless seems fundamental for the future of the European AV market… and therefore for the growth of Italian professionals and companies.

Find out more about the report developed by AVIXA and IHS Markit at www.avixa.org/IOTA

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