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AVIXA predicts pro AV industry to reach $325 billion in 2024, APAC to overtake Americas in 2019

AVIXA predicts pro AV industry to reach $325 billion in 2024, APAC to overtake Americas in 2019

AVIXA predicts pro AV industry to reach $325 billion in 2024, APAC to overtake Americas in 2019

World:

The Audiovisual and Integrated Experience Association (AVIXA) has released a new forecast for the global pro AV industry, predicting that it will grow to more than $325 billion (US) in 2024 from $247 billion in 2019. The report, the 2019 AV Industry Outlook and Trends Analysis (IOTA) Global Summary, also shows the industry in Asia Pacific as overtaking the Americas this year.

‘Those who have followed AVIXA’s previous forecasts will note the new estimates represent an upward revision,’ said Sean Wargo, senior director of market intelligence at AVIXA. ‘The hike in the revised forecasts reflects strong economies and demand for new products and services. The growth in pro AV revenue is actually outpacing expectations for global GDP growth.’

For the first time, the IOTA report includes additional data from distributors and integrators to track the amount of mark-up applied over the manufacturer price. In 2019, mark-ups are projected to represent an additional $22 billion in revenues globally, before services revenue is accounted for.

‘The story of pro AV is ultimately one of the value-add offered by the distributor and providers in the creation of exceptional experiences from the raw materials of AV products,’ added Wargo. ‘This story isn’t complete without accounting for this value through the mark-ups applied by the channel, as they source and optimise hardware and services together. AVIXA now more accurately accounts for this in its channel revenue estimates.’

The Americas has constantly been the largest pro AV region in terms of revenue. However, the new forecast shows that the Asia Pacific region will overtake the Americas in 2019. The Americas represent $89 billion in revenue for 2019, compared with $90.6 billion for APAC. The pro AV market is projected to continue to grow in the Americas, although at a slower pace than APAC. Therefore, the gap is predicted to grow to more than $15 billion by 2024, as APAC’s growth is spurred in part by the region’s demand for security, surveillance and life safety solutions, which in turn fuels demand for streaming media, storage and distribution (SMSD) products. SMSD is forecast to expand at a compound annual growth rate (CAGR) of 10.5% in the Asia Pacific region between 2019 and 2024.

Meanwhile, Europe, the Middle East, and Africa (EMEA) is also expected to experience industry growth of 4.5% (CAGR) by 2024, despite near-term economic challenges. Additionally, EMEA will reportedly capture the largest percentage of revenue for audio equipment, and is expected to overtake the Americas in this segment with $6.7 billion in 2024. Revenue from video displays, particularly LED displays, is also thought to see considerable growth in the region.



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