After the summer break, Connessioni returns to your inboxes with the usual Wednesday newsletter. And we couldn’t miss the appointment with AVIXA’s market studies: the 2024 Industry Outlook and Trends Analysis, which we learned about during the summer break, focuses on experience technologies and the Corporate sector. It reveals that the revenue of the Pro AV sector will increase from $306.4 billion in 2023 to $325 billion in 2024, with a growth rate of 6.1%, although down from 6.9% the previous year. Let’s dive into the details.
It’s interesting to note that the study concentrates on two main areas: experience technologies, which include events, multimedia for art and entertainment, from theme parks to concerts, and as the study points out, content production and streaming, which we now refer to as AV Broadcast. The focus is precisely on the concept of experience — what AV can make people live — rather than the specific sector of application.
And the Corporate world: this sector now appears as a more than consolidated application area, having undergone significant changes during the pandemic era but now open to new market opportunities. However, a slight decline in this market’s numbers is expected over the next five years, while the experience industry is expected to grow more rapidly. Between 2024 and 2029, global revenue from venues and events will grow to $57.2 billion, with a CAGR (Compounded Average Growth Rate) of 6.3%, making it the fastest-growing vertical market. The study notes that everything related to in-person entertainment is growing rapidly, even though we might think it is still partially a response to the contraction during the pandemic era.
Other important points in the study include the slowdown in the growth of the AV sector in the Asia-Pacific region, with India rising to the top spot, replacing China in terms of growth speed, and the stability of growth in the U.S. market. And Europe? It seems that the Middle East is again becoming a driving force, with key sectors being events, entertainment, and security.
Lastly, the impact of AI, which—the study states—“will reshape professional AV by bringing intelligent automation to security, surveillance, and life protection, introducing adaptive interfaces in command and control systems, and enhancing the experiences offered by conference and collaboration solutions.” We have no trouble believing it!
At this link, you will find more information on the 2024 Industry Outlook and Trends Analysis (IOTA) www.avixa.org/IOTA.
