The market for professional audiovisual solutions and services in the Americas will grow to more than $112 billion in 2024, from $89 billion this year, according to AVIXA. The growth is reflected in updated forecasts now available in AVIXA’s 2019 AV Industry Outlook and Trends Analysis (IOTA) Americas Summary. Although the robust market bodes well for the region, forecasters expect the Asia-Pacific (APAC) market to surpass the Americas, reaching $90.6 billion this year and $127.6 billion in 2024.
“Despite APAC’s rise to the top spot as the largest region for pro AV revenues, the Americas remains a vibrant market,” Sean Wargo, Senior Director of Market Intelligence, AVIXA, said. “Conferencing, collaboration and digital signage solutions dominate, thanks to continued investment by a variety of customer types. Even corporations, which may be shifting to a more cautious capital expense approach, continue to invest in technology to facilitate remote employees and promote their brands. Overall, growth in pro AV may temporarily slow in the Americas, but that growth will be steady through 2024.”
According to IOTA Americas, the largest solution segment in North America is streaming media, storage and distribution (SMSD), with $20.6 billion in revenue in 2019. The US SMSD segment amounts to $18.7 billion this year, while the Canadian market is nearly $2 billion. Although the North American SMSD market is more than 13 times larger than the South American market, South America is set for faster growth. SMSD’s numbers reflect large investment in back-end systems to support content distribution and control.
Consistent with worldwide trends, the commercial AV video projection market in North America is set for a steep decline in the coming years, with revenue dropping to $1.9 billion in 2024 from $3 billion in 2019. South America will follow suit, with revenue falling to $1.2 billion in 2024 from $2.1 billion in 2019. Pro-AV users in the region are turning away from projectors and toward larger-sized flat-panel displays due to displays’ falling costs and less complex usage requirements.
The IOTA series of reports are produced by AVIXA in conjunction with IHS Markit, a noted insights and intelligence firm. The 2019 AV Industry Outlook and Trends Analysis (IOTA) is published as a series of reports, including one global and three regionals. The Americas, APAC, and Global reports are available now to purchase, with discounts for AVIXA members. The IOTA Europe will be available soon. For more information, visit avixa.org/IOTA.