Pro AV industry revenues projected to surge to $422 billion by 2029, according to AVIXA research.
The Professional Audio-Visual (Pro AV) industry is poised for significant growth in the coming years, with various regions and sectors showing promising signs of expansion.
In the Asia Pacific region, the Pro AV market continues to demonstrate robust growth, albeit with a slight decline. Notably, India has emerged as the fastest-growing AV market within the region. Live events and security/surveillance/safety show strong growth rates of 10.8% and 8.3%, respectively, in this region. China, though decelerating, remains the largest AV market in the Asia Pacific region.
North America, on the other hand, is a mature market for Pro AV, with a projected market size of $104 billion in 2024. The market leverages innovation to sustain growth, particularly in the sectors of live events and security.
The experience economy is driving growth in Pro AV, with global revenue for venues and events expected to reach $57.2 billion from 2024 to 2029, at a 6.3% Compound Annual Growth Rate (CAGR). This trend is reflected in the Asia-Pacific region, where the 3D holographic market, a subset of Pro AV technologies, is growing rapidly, particularly in sectors such as medical imaging.
The EMEA region's Pro AV market, bolstered by mature European markets with steady strategic investments and promising developing markets in the Middle East, is expected to reach $86.4 billion. The corporate office sector, while experiencing a slight decrease in growth, remains a significant vertical market, with revenue expected to reach $91.4 billion by 2029. New construction, opportunities in conferencing and collaboration, expanding content capture and production, security, surveillance, and safety are driving growth in this sector.
The Pro AV market in the Americas, particularly in venues and events, is experiencing a surge, with 8.5% growth in North America and 10.2% in Latin America. The GCC countries in the Middle East are also experiencing notable growth in the Pro AV industry.
The impact of Artificial Intelligence (AI) is reshaping the Pro AV industry. AI is bringing smart automation to security, surveillance, and life safety; introducing adaptive interfaces to command and control systems; and improving the experiences delivered by conferencing and collaboration solutions.
The future of the corporate office has renewed confidence due to trends toward hybrid working. Salary increases indicate continued labor market tightness and higher retention rates of workers in the Pro AV industry. However, challenges in the industry are shifting from supply issues to labor constraints, similar to pre-pandemic conditions.
AVIXA recently released its 2024 Industry Outlook and Trends Analysis (IOTA), presenting data and analysis about the Pro AV industry. The report highlights opportunities for the AV channel, with IOTA helping provide greater visibility to where growth is strongest.
In conclusion, the Pro AV industry is forecasted to add $98 billion over the next five years, with a 5.35% Compound Annual Growth Rate (CAGR). Key segments, such as security surveillance and advanced display technologies in sectors like healthcare and regional markets such as Asia-Pacific, are expected to show the fastest growth. The industry's robust growth is a testament to its resilience and adaptability in the face of changing market conditions and trends.
- The Pro AV industry's adoption of advanced display technologies, such as digital signage, is expected to accelerate, particularly in healthcare and in the growing Asia-Pacific market.
- As the Pro AV industry continues to grow, systems contractors will need to focus on the features of their systems that cater to the needs of various events, especially live events and conferences.
- The integration of data-and-cloud-computing technology and AI in Pro AV systems will be crucial for security, surveillance, and life safety, offering improved adaptive interfaces and smart automation solutions.
