The Global Pro AV Market, By Type (Products and Services), By Distribution Channel (Direct Sales and Distributor), By End User (Home Use, Commercial, Education, Government, and Hospitality/Retail), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 518.26 billion by 2027, exhibiting a CAGR of 11.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Pro AV is an advanced audio-video system that enables people to interact with each other through various components such as high definition screen, interactive touch display, speakers, microphone, and others. All these components are connected with the internet to provide a seamless experience in meetings and conference.
The global Pro AV market was valued at US$ 246.5 Bn in 2019 and is expected to exhibit a CAGR of 11.2% during the forecast period (2020-2027).
Increasing demand for Pro AV from multinational companies is expected to propel the global Pro AV market growth during the forecast period
Various companies are adopting new business strategies such as emphasizing cross border operations, which help them capture international market and expand their global presence. These multinational companies are rapidly adopting Pro AV devices and services, as the use of Pro AV enables company employees to virtually communicate with another employee located at another location. Furthermore, Pro AV also provides feature of multiple group meetings at the same time. This reduces traveling time of employees and company resources. Due to these benefits, Pro AV is rapidly adopted by multinational companies. Thus, increasing demand for Pro AV from multinational companies is expected to propel the global Pro AV market growth during the forecast period
The increased use of digital signage is expected to create lucrative growth opportunities for players operating in the global Pro AV market
Corporate and retail stores are rapidly adopting digital signage to attract consumers. These signage displays inform customers about the latest offers and discounts, new products, and other services, and also helps the companies to increase customer interaction and promote brand name. Furthermore, these displays are now equipped with a touch screen feature, which enables instant customer interaction and increases the possibility of retaining the customer. Thus, demand for signage display with touch screen is expected to increase over the forecast period in the retail industry, transportation sector, corporate offices, hotels, stadiums, exhibition halls, and various public spaces. According to Coherent Market Insights’ analysis, the digital signage market is expected to increase to US$ 37.23 billion by 2027 from US$ 21.12 billion in 2019 with CAGR of 6.9%. Therefore, with increasing demand for signage display, there will be an increase in demand for Pro AV components such as audio systems, microphones, and others to provide complete audio-video experience. This will in turn drive growth of the Pro AV market over the forecast period.
Increasing demand for one-on-one learning is expected to restrain growth of the global Pro AV market during the forecast period
One-on-one learning provides certain benefits such as personalized learning experience, student oriented material, time flexibility, and others, which has increased demand for one-on-one learning in the recent past. Furthermore, one-on-one learning can be provided offline and online. In online type, simple telecommunication applications such as Skype from Microsoft Corporation and zoom can be used, thereby completely eliminating the need of Pro AV system. Therefore, increasing demand for one-on-one learning is expected to restrain growth of the global Pro AV market during the forecast period.
Key players operating in the global Pro AV market include Anixter International Inc., AVI Systems Inc., AVI-SPL Inc., CCS Presentation Systems, Diversified, Ford Audio-Video LLC, New Era Technology, Telerent Leasing Corp., Unified Technology Systems, Vistacom Inc., Biamp Systems, proAV Limited, Professional Audio Visual Ltd., and others.
Key companies in the market are focusing on strategies such as acquisitions, in order to expand their product portfolio. For instance, in June 2017, Semtech Corporation, a U.S.- based supplier of analog and mixed-signal semiconductors company, acquired AptoVision Technologies Inc., a U.S.-based AV products providing company. Through this acquisition, Semtech Corporation is increasing its AV product portfolio.