Global pro AV industry will drop to $239b in 2020; growth to resume in 2021, AVIXA reports
In 2019, the global pro AV industry reached a peak of $259 billion in 2019 but as a result of the COVID-19 pandemic, it’s expected to decline to $239 billion in 2020 according to the new 2020 AV Industry Outlook and Trends Analysis (IOTA) produced by AVIXA.
The IOTA also shows the industry recovering back its pre-COVID levels in 2022 before growing to $315 billion in 2025. This represents a 5.8% five-year compound annual growth rate (CAGR) and will drive industry revenue $56 billion beyond its 2019 level.
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It also explores trends within the pro AV industry globally, giving an overview of AVIXA’s current five-year forecasts of revenue for products and services along with predominant trends driving these forecasts.
“The COVID-19 pandemic has broadly impacted the near and longer-term outlooks for economic growth and business activity. Those who have followed AVIXA’s previous forecasts will note the new estimates represent a significant downward revision,” AVIXA senior director of market intelligence Sean Wargo says.
“Regions and industries are being impacted at different degrees and are on different timetables for recovery. For example, Asia-Pacific will weather 2020 better than others, because it was the first to be impacted by COVID-19 and the first to re-open its economies.”
APAC is predicted to have the strongest growth of all regions with a 7.4% CAGR from 2020 through to 2025. This is almost double the projected 4.7% and 4.5% for the Americas and EMEA respectively. In 2025, APAC pro AV revenue will amount to $126 billion, compared to $108 billion for the Americas and $81 billion for EMEA.
The corporate market continues to be the single-largest application area for pro AV products and services, capturing $52 billion in revenues globally in 2020.
Conferencing and collaboration solutions, which form the crux of meeting spaces in corporate or other markets, remain the largest solution area, generating $38 billion globally in 2020. As employees return to work in a limited capacity, AVIXA analysts anticipate even more need for collaboration among on-premise and remote workers.
The fastest-growing solution is security/surveillance/life safety, with an 11.4% CAGR. Government and military, education and corporate are three industries that will generate the most demand for this solution area, due in part to pandemic response.
To learn more about the 2020 AV IOTA, visit avixa.org/IOTA. Regional IOTA reports for the Americas, Asia-Pacific and EMEA will be released in July and August.
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