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Pro AV industry to beat previous 2019 peak despite challenges

Pro AV industry to beat previous 2019 peak despite challenges

Pro AV industry to beat previous 2019 peak despite challenges

AVIXA has released its 2022 Industry Outlook and Trends Analysis (IOTA), which highlights that while general economic expansion has slowed due to Covid-19, the pro AV sector is growing fast, with an annual growth rate of 5.9% from 2022–2027.

“As COVID-19 restrictions decline and people regain comfort with gathering in person, the economy is transforming and pro AV feels a surge in demand,” said Sean Wargo, senior director of market intelligence, AVIXA. “Up to this point, the strongest solution areas were those offering adaptation to new behaviour, such as conferencing and learning. This has shifted to events and performance as we return to in-person.”

The venues and events market, arguably one of the hardest hit sectors, has demonstrated its resiliency, with the market set to grow 9% by 2027 globally. The fastest growing markets for pro AV include those that are recession resistant, like government, energy and transport rather than venues, media and hospitality.

Despite some lingering challenges associated with the pandemic, APAC is resuming the economic expansion that began in prior periods, driven by rising corporate activity and a growing middle class looking to spend. The region remains a mainstay for digital signage as retail growth pushes it to the top solution spot. Digital signage in APAC is forecast to grow by 7% by 2027.

EMEA faces the greatest headwinds due to the wide-reaching impacts of the war against Ukraine, though growth is still relatively strong. While in-person brings a welcome surge to the venues market, energy, with 7.8% growth over the next five years, is also a key contributor thanks to sustainability efforts.

Whilst the pro AV industry appears to be on the mend, there are still undeniable issues within the current environment such as supply chain challenges, rising interest rates as governments seek to mitigate inflation, and a competitive employment landscape leading to labour shortages. All things considered, the IOTA study suggests that despite the unavoidable challenges the industry is facing, pro AV is definitely on the up.

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