AVIXA recently released its Industry Outlook And Trends Analysis (IOTA) report for 2021, just one of several research products that AVIXA makes available each year. IOTA puts the commercial AV industry in a broader global context, considering how macroeconomic factors affect integrators, consultants, manufacturers and other AV professionals. It also explores region-by-region variations and solution-by-solution variations, and it offers actionable information that business owners and operators can use.
To give Sound & Communications’ audience a taste of what IOTA offers, our Editor, Dan Ferrisi, arranged a video interview with two economics-and-data experts from AVIXA. Last week, Dan sat down with Sean Wargo, Senior Director of Market Intelligence, and Peter Hansen, Economic Analyst. In a wide-ranging, 45-minute discussion, they pored over some of the top-line data from IOTA and boiled it down to a few key takeaways.
- The novel coronavirus (COVID-19) is still having a considerable effect on our industry and the broader economy, but the pandemic’s influence is decreasing.
- With commercial AV being an experiential industry, it suffered disproportionately during the recent recession. Indeed, we suffered deeper declines than the wider economy.
- Those challenges notwithstanding, the industry is growing again. Commercial AV professionals can expect a healthy compound annual growth rate (CAGR) over the next five years, easily bringing us to new highs.
- Some of the areas that suffered the most (e.g., cinema, live events) are poised to bounce back most strongly.
- Regionally speaking, the Asia-Pacific (APAC) region emerged from the pandemic with the least overall damage. The North America region is somewhere in the middle, with the US leading growth. Meantime, the Europe, Middle East and Africa (EMEA) region has suffered the most and might see its growth lag comparatively.
To learn more, watch the roughly 45-minute video interview available here. It’s complete with slides and detailed data breakouts. To read the complete IOTA report, go to https://www.avixa.org/market-intelligence/IOTA.
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