Projected Pro AV Industry Revenue to Reach an Impressive $422 Billion by 2029, According to AVIXA Research
Pro AV Industry Projected for Steady Growth
The Pro AV industry is set for a period of sustained growth, according to AVIXA's 2024 Industry Outlook and Trends Analysis (IOTA). The report projects a Compound Annual Growth Rate (CAGR) of approximately 3.6% from 2024 to 2029.
The report identifies several vertical markets within the Pro AV industry that are expected to grow faster than others during this period. The fastest-growing vertical markets include:
- Video Surveillance / Security: The integration of IT networks, AI, cloud storage, and 5G technology is driving growth in this segment.
- Video Conferencing: The increasing adoption of digital workplace models and hybrid work arrangements is fueling demand for hardware and software in this area.
- Broadcast and Streaming Media: The growth of higher resolution video formats, such as 4K and 8K, IP workflows, and new content platforms is contributing to the expansion of this sector.
- Education and Corporate: Investments in collaborative AV technologies for learning and meetings are on the rise.
- Entertainment and Live Events: The demand for immersive audiovisual experiences is driving growth in this sector.
The Asia Pacific region, led by China, is expected to continue as the largest Pro AV market. However, the growth rate in the region is projected to decrease from 7.3% to 6.9% from 2023 to 2024, primarily due to China's decelerating growth rate. India, on the other hand, is expected to become the fastest-growing AV market in the Asia Pacific region.
In North America, the Pro AV market is projected to reach $104 billion by 2024, making it a mature market. The growth in the region is driven by a surge in venues and events, with 8.5% growth in North America and 10.2% in Latin America.
The EMEA region is bolstered by mature European markets and promising developing markets in the Middle East. The fastest-growing Pro AV sectors in EMEA are live events, performance and entertainment, and security.
The corporate office remains a secure vertical market, with revenue expected to reach $91.4 billion by 2029. However, growth in this sector is expected to decrease to just under 5% over the next five years.
The global Pro AV market is facing labor constraints as challenges, similar to pre-pandemic. Despite this, global revenue for venues and events is expected to grow to $57.2 billion from 2024 to 2029, at a 6.3% CAGR, making it the fastest-growing vertical market.
Companies focused solely on collaboration may not be faring as well as those serving entertainment. Technologies supporting conferencing and collaboration within enterprises are not performing as well as those positioned for entertainment and events.
IOTA, according to AVIXA, helps provide greater visibility to where growth is strongest, highlighting opportunities for the AV channel.
[1] AVIXA's 2024 Industry Outlook and Trends Analysis (IOTA) [2] Pro AV revenue in the Americas [3] North America's projected Pro AV market size in 2024 [4] The Pro AV market is expected to add $98 billion over the next five years [5] The Asia Pacific region's Pro AV growth rate decreases from 7.3% to 6.9% from 2023 to 2024 [6] China remains the largest Pro AV market in the Asia Pacific region [7] GCC countries in the Middle East are experiencing notable growth in the Pro AV sector [8] The experience economy is the dominating growth sector in Pro AV [9] India becomes the fastest-growing AV market in the Asia Pacific region [10] EMEA's Pro AV market is bolstered by mature European markets and promising developing markets in the Middle East [11] The fastest-growing Pro AV sectors in EMEA are live events, performance and entertainment, and security [12] New construction, conferencing and collaboration opportunities, expanding content capture and production, as well as security, surveillance, and safety are driving factors for growth in the corporate office sector [13] Growth in the corporate office sector is expected to decrease to just under 5% over the next five years [14] The global Pro AV market is facing labor constraints as challenges, similar to pre-pandemic [15] Global revenue for venues and events will grow to $57.2 billion from 2024 to 2029, at a 6.3% CAGR, making it the fastest-growing vertical market.
- The integration of Artificial Intelligence, cloud computing, and data-and-cloud-computing technologies is identified as a driving force in the growth of the video surveillance/security segment in the Pro AV industry.
- The increasing adoption of Artificial Intelligence and higher resolution video formats, such as 4K and 8K, is contributing to the expansion of the broadcast and streaming media sector in the Pro AV industry.
