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Professional Audio-Visual (Pro AV) Global Market Report 2024 Market Trends, Share Analysis, Scope By 2024-2033
Professional Audio-Visual (Pro AV) Global Market Report
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According to The Business Research Company's, The professional audio-visual (Pro AV) market size has grown rapidly in recent years. It will grow from $3.55 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to the growth of the healthcare and education sector, integration of IoT and AI, growing demand for unified communication and collaboration (UCC) solutions, and increasing demand for immersive experiences.
The professional audio-visual (Pro AV) market size is expected to see rapid growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to the development of advanced audio equipment, increasing demand for high-quality audiovisual experiences, and increasing adoption in events and entertainment industries. Major trends in the forecast period include rapid advancements in display technologies, high-resolution displays, technological innovation, significant investments and integration of pro AV (audio visual) technology, and integration of artificial intelligence.
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Market Drivers and Trends:
The increasing adoption in the events and entertainment industries is expected to drive the growth of the professional audiovisual (pro-AV) market going forward. The events and entertainment industries encompass various activities and services focused on creating, organizing, and executing audience experiences. There is a growing demand for professional audiovisual (pro-AV) services because businesses and organizations increasingly rely on high-quality, immersive AV solutions to enhance communication, engagement, and the overall experience. The events and entertainment industries use professional audiovisual (pro-AV) services to create dynamic, immersive experiences that captivate audiences and ensure seamless execution of performances and presentations, leveraging advanced technology for superior sound, visuals, and overall production quality. For instance, in February 2024, according to the annual report published by Live Nation Entertainment, a US-based live entertainment company, the company generated $18,734 million in revenue from concerts in 2023, up from $13,494 million in 2022, marking a 39% growth. Therefore, increasing adoption in the events and entertainment industries drives growth in the professional audiovisual (pro-AV) market.
Major companies operating in the professional audiovisual (pro-AV) market are focusing on advancements in display technologies, such as next-generation studio monitors, to enhance sound precision and provide superior audio quality for professional settings. For instance, in November 2023, Yamaha Corporation, a Japan-based musical devices and audio instrument manufacturing company, launched the latest generation of its HS Series studio monitors, the HS3 and HS4. These new models are compact and portable, featuring a class-D amplifier, room control, and high-trim functions for customizable sound. The rear panels include an external line return (XLR) or tip ring sleeve (TRS) phone, radio corporation of America (RCA), and stereo mini-jacks for versatile connectivity with various devices. Both models also incorporate Yamaha's proprietary twisted flare port technology to minimize air turbulence noise, delivering more precise and accurate bass.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Samsung Electronics Co. Ltd., Sony Group Corporation, Panasonic Corporation, Toshiba Corporation, Koninklijke Philips N.V, Yamaha Corporation, Bose Corporation, Crestron Electronics Inc., Anixter Inc., AtlasIED, AVI Systems Inc., Conference Technologies Inc (CTI), Avidex Industries LLC, Kramer Electronics Limited, Biamp Systems, Ford Audio Video Systems LLC, L-Acoustics Inc., LD Systems L.P, CCS Presentation Systems LLC, Audio-Technica Corporation, Pro Audio & Video Systems Corp.
Professional Audio-Visual (Pro AV) Market 2024 Key Insights:
• The professional audio-visual (Pro AV) market size is expected to see rapid growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Rising Adoption In Events And Entertainment Drives Growth In The Pro-AV Market
• Innovative Display Technologies Enhances AV Market
• North America was the largest region in the professional audio-visual (Pro AV) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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