In a world defined by rapid technological advancements and the ever-increasing demand for seamless communication, the audio-visual industry has emerged as a key player in enhancing productivity and teamwork across various sectors.
As we delve into the statistics and trends that shape this dynamic sector, we find a landscape evolving at a remarkable pace.
Pro AV Industry: Growth Beyond Boundaries
The Pro AV industry is poised for exponential growth, with revenue projected to surge from $307 billion in 2023 to a staggering $402 billion by 2028, representing a robust 5.6% compound annual growth rate.
This growth isn’t a mere coincidence; it’s fuelled by transformative events, such as the COVID-19 pandemic, which accelerated the adoption of Pro AV systems.
These systems now play a vital role in bridging communication gaps, particularly in the realms of e-learning and remote work.
Source: AVIXA’s 2023 Industry Outlook and Trends Analysis (IOTA)
Key Drivers of AV Growth
Smart Learning in Education
The education sector is experiencing a technological revolution. The integration of Pro AV systems in schools, universities, and research institutions has redefined the learning experience. Multi-touch high-definition televisions enhance real-time teaching, boost interactivity, and foster creativity.
Moreover, these systems extend beyond the classroom, appearing in shopping malls, exhibition halls, hotels, and stadiums, where they effectively grab consumers’ attention and influence purchase decisions, contributing significantly to market growth.
Advancements in Digital Signage
Retail and various industries are embracing digital signage systems to boost sales and target audiences effectively.
Interactive digital signage is on the rise in corporate offices, stadiums, retail spaces, transportation hubs, and public places. Pro AV products are at the heart of these systems, and their demand is expected to surge, driven by the growing adoption of digital signage.
Source: Data Bridge Market Research
Emerging Trends Shaping The AV Landscape
Cloud Platform Adoption
The cloud has become the backbone of modern business operations. Between 20% and 60% of their workload has already shifted to the cloud, leading to higher demand for these services. Government organisations are investing millions in cloud services annually, further expanding the global Pro AV market.
Metaverse And Augmented Reality:
The metaverse is on the horizon, and it’s not just for gamers. Gartner predicts that by 2027, 40% of companies will utilise a combination of Augmented Reality, Digital Twins, and the metaverse for various use cases. AV creators are gearing up to harness the metaverse’s potential, from powerful new displays connecting hybrid teams to wearable headsets and XR devices.
Source: Globe News Wire
Leading Regions in The AV Industry
1. North America
The United States, Canada, and Mexico are at the forefront of the AV industry, with a rich ecosystem of companies driving innovation.
2. Europe
Germany, the UK, France, Italy, Russia, and Turkey are key players in the European AV landscape, offering cutting-edge solutions and setting trends.
3. Asia-Pacific
This region is witnessing remarkable expansion and is expected to be the fastest-growing market in the AV industry, thanks to progressive government efforts to improve communication and internet infrastructure.
4. South America
Brazil, Argentina, and Colombia are making strides in the AV sector, contributing to its global expansion.
5. Middle East and Africa
Saudi Arabia, UAE, Egypt, Nigeria, and South Africa are emerging markets, demonstrating a growing appetite for AV solutions.
Source: Mordor Intelligence
Video Conferencing
1. Market Growth
The Global Video Conferencing Market growth is expected to drive the market’s value from an estimated USD 10.6 billion in 2022 to reach a noteworthy USD 19.1 billion by the year 2027.
Source: Globe Newswire
2. The Audio-Only Paradox
While 71% of users acknowledge the benefits of face-to-face meetings, it’s intriguing to note that 65% of all video calls are conducted with audio only (according to Forbes).
3. Encouraging Collaboration
99% of participants say that video conferencing enhances communication and collaboration, while 98% of respondents admit it plays a pivotal role in fostering relationships, both within and outside their organisation.
Source: Intermedia
4. Enhanced Connection Through Video
87% of work colleagues report feeling more connected to each other when using video conferencing, enhancing job satisfaction and work-life balance.
Source: Call Centre Helper
5. Video Conferencing Equals Innovation
The perception of businesses that embrace video conferencing is overwhelmingly positive, with 31% of people considering them more innovative, with 55% of respondents perceiving them as more successful and collaborative (according to Globe Newswire).
Digital Signage
1. Market Growth
The digital signage market in the United Kingdom is poised for substantial expansion, with a growth trajectory expected to propel the market’s value from $823 million in 2018 to an impressive $1.3 billion by 2025.
Source: Global Research Consulting
2. Grabbing Customers’ Attention
8 out of 10 customers say that they are more likely to enter a store after seeing a digital sign.
Source: Newsroom
3. Making a Lasting Impression on Patients
75% of hospital patients can remember at least one message from a digital sign.
Source: Digital Signage Today
4. Encouraging Unplanned Purchase
19% of consumers admit that they have already made an impulse purchase after seeing an ad on a digital sign.
Source: Arbitron
5. Boosting Brand Awareness
84% of UK retailers say that digital signage is a great way to improve brand awareness.
Source: Remark Group
Touchscreens
1. Market Growth
The global touchscreen display market is expected to surge from $66.91 billion in 2022 to a staggering $166.12 billion by 2029, reflecting a compound annual growth rate (CAGR) of 13.9%.
Source: Fortune Business Insights
2. Leading Vendors
Samsung, LG, and BOE are leading the touchscreen display market, with a substantial market share of over 68%.
Source: Globe Newswire
3. Key Drivers
The market is experiencing impressive growth driven by continuous innovations in smartphone technology and advancements in hardware technology. As hardware capabilities improve, the demand for enhanced touchscreen displays is on the rise, leading to optimising the end-user experience.
Source: Growth Market Reports
4. Improving Input Speed
Touchscreens enhance input speed by 20%. Using a touchscreen device allows for faster execution of touch commands compared to traditional non-touchscreen devices.
Source: Nelson Miller
5. Preferred Displays
Touchscreen displays are the predominant choice for displays in smartphones, tablets, laptops, gaming devices, and other portable electronic devices. According to research by SkyQuest in 2021, touchscreen displays accounted for over 80% of the global smartphone market share.
Source: Globe Newswire
Final Thoughts
The audio-visual industry is undergoing rapid growth and transformation, paving the way for modern communication and collaboration. As technology advances, the AV industry’s ability to seamlessly blend the physical and digital realms will likely redefine how we communicate, learn, and conduct business, ushering in an era where connectivity knows no boundaries.
