For the past two years, the commercial AV industry has been consistently trending upward, demonstrating a demand for technology solutions that enable people to communicate and collaborate more effectively.
To gauge the pro AV industry’s performance each month, the Audiovisual and Integrated Experience Association (AVIXA) created the Pro-AV Business Index in September 2016. Since then, the Index has shown 24 consecutive months of growing sales and employment. In complementary research, AVIXA’s Industry Outlook and Trends Analysis (IOTA) finds the pro AV industry will generate $59.2 billion this year in North America and is forecast to reach $71.4 billion in 2023.
“The pro AV industry’s continual growth trend shown in the Index supports our Industry Opportunity and Trends Analysis forecasting year-over-year growth,” Sean Wargo, Senior Director of Market Intelligence, AVIXA, said. “In many ways, the health of the commercial audiovisual industry tracks with US GDP growth. Enterprises are enjoying economic expansion, and many are investing in technology and services that create communication experiences and drive business outcomes.”
AVIXA’s Pro-AV Business Index report is derived from a monthly survey tracking business trends in the pro AV industry. The report actually comprises two diffusion indexes: the AV Sales Index (AVI-S) and the AV Employment Index (AVI-E). In both cases, an index above 50 indicates an increase in sales and/or employment activity.
The latest Index shows the AVI-S for August is up to 67.2 from July’s 64.6. This is an increase of 8.8 points from a year ago. Survey respondents cited year-end spending as a reason for expected growth through the end of the year.
The AVI-E hit 63.4 in August, showing a continued increase in pro-AV industry employment. The value is a hair lower than the 64.1 mark in July, but still indicative of positive hiring and reflective of macro trends: The US unemployment rate remained low at 3.9 percent. Job gains were also strong in professional and business services, health care, wholesale trade, transportation and warehousing, and mining, according to the US Bureau of Labor Statistics.
Looking at overall trends since the inception of the Index, the AVI-S indicates that March is a strong sales month for audiovisual solutions and services. The Sales Index hit its highest mark of 71.4 in March 2017, and was strong again in March 2018, reaching 67.2.
Employment in the pro AV industry has been at its strongest in the fall. The AVI-E hit its highest number of 66 in September 2017 and was comparatively strong in September 2016 at 59.5.
“The challenge,” Wargo said, “is often finding qualified labor to staff the influx of AV design and integration projects. The market for AV solutions is consistently strong; the industry must continually grow and evolve to meet the demand.”
To access the free monthly Pro-AV Business Index reports, visit AVIXA’s website.