The Professional Audio-Visual Systems Market was valued at USD 242. 2 billion in 2021 and is expected to register a CAGR of 5. 1% during 2022-2027. The demand for audio-visual systems is being fueled by several factors, including the rapid advancements in audio and display technology, the adoption of cloud solutions, the emergence of the internet of things and smart buildings, and the rapid uptake of artificial intelligence.
New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Professional Audio-Visual Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06325603/?utm_source=GNW Key Highlights The market size has derived from the sales of various product types such as capture and production equipment, video projection, streaming media, storage, and distribution and services. The market size also includes the sales of pro AV system solutions in various end-user verticals such as corporate, venues and events, retail, media and entertainment, and other end-user verticals. Other growth-promoting factors include numerous technological developments, such as adopting professional audio-visual with the Internet of Things (IoT) and cloud computing platforms. These technologies work well for live events, security, collaboration, conferencing, learning, and monitoring. It is anticipated that additional factors, such as the creation of 360-degree cameras, drones, and virtual reality (VR) systems to provide specialized content and advancements in the telecommunications infrastructure, will fuel the market growth. As various teams require better audio-visual solutions for seamless connectivity, the North American region is witnessing a shift to private, public, and hybrid cloud deployments over the previous on-premises solutions. This is expected to drive the market during the forecast period. According to Nex Gov, US Federal spending on cloud technology surpassed USD 6.6 billion in 2021. The United States recently made significant efforts to advance cloud technology, strengthen cybersecurity, and increase the effectiveness of operations both domestically and internationally. The increasing need for large capital investments and a lower adoption rate among small and medium-sized businesses will likely act as market restraints for pro AV (audio-visual) growth during the forecast period. The lack of skilled professionals, short replacement cycles, and one-on-one learning will be the most significant and pressing challenges to the market’s growth. COVID-19 has had a significant impact on the professional audio-visual industry, putting enormous strain on the supply chain and causing numerous businesses to fail. Notably, the pandemic has had a significant impact on entertainment, leisure, and retail, resulting in a sharp decline in demand for audio-visual technologies. The market for live events, and thus rentals, has been hit the hardest. Numerous high-profile production companies are failing, smaller rental houses are closing, and manufacturers, particularly in the audio sector, are supplying this space. Key Market Trends Rapid Adoption of Cloud Platforms Drive the Market Growth Macquarie Government claims that cloud computing is a component of government technology utilization programs. For most agencies, between 20% and 60% of their workload is already in the cloud, indicating the high average cost of cloud services. Most government organizations spend between USD 2.0 million and USD 3.0 million annually. Such investments will increase the demand for cloud services and expand the global professional audio-visual market. In recent years, audio-visual technologies have shifted away from hardware components to cloud-based and software-based applications. There is an increasing need to hide peripherals, boxes, and accessories in conference rooms and collaborative spaces as the number of people using browser-based cloud video conferencing rises. Audio-visual integrators and equipment manufacturers choose converged, all-in-one, computer-run systems to reduce the amount of hardware clutter. Cloud-driven software updates replace pricey upgrades and integrate scalable, future-ready hardware. Some of the top industry players are developing cloud management products that will increase demand in the market studied. For example, in September 2022, the integrated video security and access control portfolio of Motorola Solutions announced new innovations that enable security operations to detect and analyze incidents in real-time for improved efficiency, safety, and security. The brand-new Ava Flex camera from Motorola Solutions is an entry-level option that provides any organization with intelligence and usability. The AI-based Ava Aware cloud video management system offers proactive alerts, similarity search, occupancy counting, anomaly detection, and other features. Vendors are also searching for new opportunities as the devices used to access AV services evolve. The adoption of smartphones with 4G and 5G services enables people to access Pro AV services. At the same time, cloud-based solutions are becoming increasingly popular in the Pro AV industry. This provides new opportunities for various services to be built around these solutions. New standards are breaking down the previous walled garden approach, allowing for a broader connection of smart devices with cloud-based services and mobile devices. Enterprise IT infrastructure will need to evolve to support ever-increasing bandwidth-hungry Pro AV workloads. Asia Pacific is Expected to be the Fastest Growing Market The increasing investment in the media and entertainment industry in the region is expected to promote the demand for pro-AV systems in the market studied. According to the India Brand Equity Foundation (IBEF), the value of funding received by India’s media and entertainment sector stood at USD 877.8 billion in FY2020, an increase compared to USD 561.3 billion in 2019. Such an increase in investments in the media and entertainment industry in the region is expected to fuel the demand growth for pro-AV systems in the region. The companies in the Asia-Pacific region have been focusing on the development of various products and services in the market studied as per the customized products and services in the region. For instance, in October 2021, Mahajak Development Co. completed the deployment of state-of-the-art HARMAN audio solutions at the Lido connect entertainment complex to deliver high-quality sound and flexibility for live music, cinema screenings, performing arts, and other events. The building underwent extensive renovations to transform into a cultural hub for moviegoers, artists, music fans, and shoppers. In line with the contract, Mahajak Development Co. equipped Lido Connect with a wide range of JBL Professional, Soundcraft, Crown, dbx audio, and BSS solutions. Such initiatives by the company are expected to promote the adoption of AV systems in the region during the forecast period. Similarly, in September 2022, Samsung India launched its The Wall All-In-One – the modular MicroLED that is revolutionizing the future of display and the Flip Pro – an interactive display that takes the education experience to the next level. Competitive Landscape The Professional Audio-Visual Systems Market is highly competitive due to many small and large players providing their solutions in domestic and international markets. The brand identity associated with companies significantly influences the market. As strong brands are synonymous with better solutions, well-established players are expected to have the upper hand. Some of the major players in the market are AVI-SPL, Inc., AVI Systems Inc., Ford Audio-Video, LLC, and Solotech Inc., among others. Overall, the intensity of competitive rivalry among the vendors is expected to be high and increase during the forecast period. August 2022 - AVI-SPL announced it had opened a new office in Bangalore, its third location in India. With over a decade of experience serving clients in India, AVI-SPL formally established operations in the country with the incorporation of AVI-SPL India Private Limited. The Bangalore office would serve as a hub for customer development, audio-visual (AV) and unified communications (UC) engineering, project management, and managed services. May 2022 - Yamaha and AVer Information Inc. have partnered in technology to create video collaboration and educational technology solutions. The partnership offers a clever way to improve virtual networking and present visual experiences with AVer’s leading cameras and Yamaha’s high-quality microphones. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06325603/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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