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Professional Audio Visual (AV) Market Size, Share, Top Players, Forecast To 2033
Professional Audio Visual (AV) Market Size
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According to The Business Research Company's, The professional audio visual (AV) market size has grown rapidly in recent years. It will grow from $334.45 billion in 2023 to $376.39 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to corporate sector expansion, an increase in digital signage, rising demand for home theaters, e-commerce growth, and healthcare sector expansion.
The professional audio visual (AV) market size is expected to see rapid growth in the next few years. It will grow to $607.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to the development of AI-driven AV solutions, increased investment in smart cities and IoT infrastructure, rising adoption of virtual and augmented reality, expansion of the live events and concert industry, and increased demand for high-quality streaming services. Major trends in the forecast period include 5G integration, AI-powered analytics, cloud-based AV solutions, technological advancements, and interactive touchscreen displays.
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Market Drivers and Trends:
The growing entertainment industry is expected to propel the growth of the professional audio visual (AV) market going forward. The entertainment industry encompasses businesses that produce and distribute media, such as film, television, music, gaming, and live performances, for public enjoyment. The entertainment industry is growing due to rising digital consumption, technological advancements, increasing demand for diverse content, expanding global access to streaming services, the proliferation of mobile devices, greater investments in original productions, and the influence of social media in driving content discovery and engagement. Professional audio-visual (AV) technology is crucial in the entertainment industry for enhancing audience experiences through high-quality sound, visuals, and immersive environments. For instance, in August 2024, according to the International Trade Administration, a US-based Department of Commerce, the U.S. Media and Entertainment (M&E) industry is the largest in the world at $649 billion (of the $2.8 trillion global market) and is projected to grow to $808 billion by 2028 at an average yearly rate of 4.3%. Therefore, the growing entertainment industry is driving the growth of the professional audio visual (AV) market.
Major companies operating in the professional audio visual (AV) market are focusing on developing innovative solutions, such as a program management suite, to provide enterprise customers with real-time insights, consistency, efficiency, and transparency in managing their global audiovisual collaboration projects. A program management suite is a comprehensive software platform designed to help organizations plan, execute, monitor, and control multiple projects and programs simultaneously, ensuring alignment with strategic objectives and efficient resource allocation. For instance, in April 2023, AVI Systems, Inc., a US-based audiovisual company, launched AVI Vision, a real-time program management dashboard. This gives clients comprehensive visibility into their global audiovisual and unified collaboration projects, enabling efficient collaboration and informed decision-making. Its significance lies in providing enterprise customers with a customizable, scalable solution to manage complex, multi-location AV deployments with transparency, consistency, and real-time insights.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Mitsubishi Electric Corporation, Wesco International Inc., InFocus Corporation, Seiko Epson Corporation, Anixter Inc., Arista Networks Inc., New Era Technology Inc., AVI-SPL LLC, Semtech Corporation, Sharp NEC Display Solutions, AVI Systems Inc., Avidex Industries LLC, Datapath Ltd., proAV Limited, Solutionz Inc., Biamp Systems LLC, Vistacom Inc., Applied Electronics Limited, Audinate Group Limited, PRO AV Systems, CCS Presentation Systems Inc., Spinitar, Prysm Systems, Ford Audio-Video LLC, Synergy Audio Visual
Professional Audio Visual (AV) Market 2024 Key Insights:
• The professional audio visual (AV) market size is expected to see rapid growth in the next few years. It will grow to $607.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Impact Of The Growing Entertainment Industry On The Professional Audio Visual (AV) Market
• Innovative Program Management Suites Enhance Audio Visual Project Management Efficiency
• Asia-Pacific was the largest region in the professional AV market in 2023
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