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Audio Visual Hardware Market 2024 - By Industry Outlook, Future Trends, Growth Analysis And Forecast To 2033
Audio Visual Hardware Market
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According to The Business Research Company's, The audio visual hardware market size has grown strongly in recent years. It will grow from $282.52 billion in 2023 to $309.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to rising home entertainment systems, the proliferation of personal computing, the growth of the internet and streaming services, increasing demand for corporate and educational audio visual (AV) solutions, and the widespread adoption of mobile devices.
The audio visual hardware market size is expected to see strong growth in the next few years. It will grow to $450.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to the growing demand for virtual and augmented reality applications, the expansion of 5G networks, the increasing popularity of smart home systems, the rising adoption of e-sports and online gaming, and the growing trend of remote work and virtual collaboration. Major trends in the forecast period include the integration of AI for enhanced user experiences, the expansion of smart home and IoT-connected devices, advancements in wireless audio and video solutions, the trend toward seamless integration with smart home ecosystems, and the demand for high-performance gaming and e-sports equipment.
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Market Drivers and Trends:
The increasing e-sports and online gaming are expected to propel the growth of the audio-visual hardware market going forward. E-sports and online gaming are competitive video games played individually or in teams, with matches often broadcast to audiences. The increase in e-sports and online gaming is due to better internet connectivity, the popularity of streaming platforms, and a growing interest in competitive gaming. Audio-visual hardware enhances the gaming experience by providing high-resolution visuals, immersive sound, and seamless connectivity, crucial for competitive play and audience engagement. For instance, in May 2024, according to Ukie's 2023 Consumer Market Valuation Report published by Electrical Networks UK (ENUK), a UK-based organization, revenues from UK gaming events and venues surged by 140% year-on-year, reaching $12.9 million (£10.3 million) in 2023, up from $5.5 million (£4.35 million) in 2022. Therefore, increasing e-sports and online gaming is expected to drive growth in the audio-visual hardware market.
Major companies operating in the audio-visual hardware market are focusing on developing technologically advanced solutions, such as all-in-one audio-visual devices, to meet the growing demand for integrated systems that offer streamlined user experiences. All-in-one audio-visual devices are integrated systems that combine speakers, cameras, microphones and displays into a single unit, simplifying setup and enhancing the user experience in environments like conference rooms and home theaters. For instance, in April 2024, Axis Communications, a Sweden-based manufacturer of network cameras, launched the AXIS Q9307-LV Dome Camera, an innovative all-in-one audio-visual device that enhances remote monitoring and communication. This multifunctional camera features 5 MP video, two-way audio, and preinstalled analytics for detecting coughing fits and stressed voices. It prioritizes privacy with the AXIS Live Privacy Shield and boasts a vandal-resistant design suitable for regular disinfecting. The AXIS Q9307-LV is a cost-effective solution that reduces installation and licensing expenses, making it ideal for applications such as tele sitting in healthcare and loitering detection in retail environments.
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Major Key Players of the Market:
Samsung Electronics, Sony Corporation, LG Electronics, Panasonic Corporation, Wesco International, Aviom Inc., Amphenol Corp., Harman Professional Solutions, Bose Corporation, Belden Inc., Crestron Electronics, Barco NV, Black Box, BenQ Corporation, Solotech Inc., Blackmagic Design, Kramer Electronics, Electrosonic, Ford Audio-Video LLC, Extron Electronics, Switchcraft Inc., Sennheiser, Avidex Industries LLC
Audio Visual Hardware Market 2024 Key Insights:
• The audio visual hardware market size is expected to see strong growth in the next few years. It will grow to $450.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Rising E-Sports And Online Gaming To Propel Growth In Audio-Visual Hardware Market
• Technological Advancements In Audiovisual Hardware Enhance System Integration And Performance
• North America was the largest region in the audio visual hardware market in 2023
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