David Labuskes, CTS, RCDD, Executive Director and CEO, InfoComm International, gives a sneak preview of a new industry study yesterday morning.
Las Vegas, NV (June 20, 2014)—InfoComm International revealed a new study yesterday that projects that audiovisual products and services will become a $116 billion global industry in 2016. The study, named The 2014 Global AV Market Definition and Strategy Study, was conducted on behalf of InfoComm International by Acclaro Growth Partners, and is reportedly the only worldwide study aimed at sizing the commercial audiovisual industry.
The growth of conferencing, signal management, AV acquisition and delivery equipment and streaming media resulted in an 11 percent compound annual growth in demand for AV products and services between 2012 and 2016. The study finds that the audiovisual industry currently generates $92 billion a year. Further industry growth is anticipated.
“The AV industry is strong, thanks to a rebounding economy and a growing need for collaboration,” said David Labuskes, CTS, RCDD, executive director and CEO, InfoComm International. “However, growth is not universal across the world, and the strength of the burgeoning Asian market will overtake the North American market in size for the first time in 2016.”
AV applications such as displays, AV acquisition and delivery, projectors, signal management and processing and sound reinforcement are expected to drive future growth. The fastest growing product categories are control systems, software, AV acquisition and delivery and displays. Over time, AV systems have become complex and essential to the operation of government, institutions and corporations, resulting in a growing need for service contracts.
The corporate, venue/events and government/military markets are the three largest consumers of audiovisual products and services. However, hospitality is the fastest growing market for AV goods and services. The increased need for communication and collaboration in these environments is fueling a reliance on AV.
The findings of The 2014 Global AV Market Definition and Strategy Study, which include a global overview and information by regions including North America, Latin Amercia, Europe, Asia-Pacific and Africa-Middle East, as well as country-specific information from Brazil and China will be released in July.