Fairfax, Virginia-based AVIXA (the Audio/Visual and Integrated Experience Association) announces that the market for professional audiovisual solutions and services in the Americas will grow to more than $112 billion in 2024, from $89 billion in 2019.
The nonprofit industry group says the growth is reflected in its updated forecasts now available in AVIXA’s 2019 AV Industry Outlook and Trends Analysis (IOTA) Americas Summary.
And even though growth in the Americas will be strong, AVIXA says, forecasters expect the Asia-Pacific (APAC) market to surpass growth in the Americas, reaching $90.6 billion in 2019 and $127.6 billion in 2024.
“Despite APAC’s rise to the top spot as the largest region for pro-AV revenues, the Americas remains a vibrant market,” says Sean Wargo, senior director of market intelligence for AVIXA. “Conferencing, collaboration, and digital signage solutions dominate, thanks to continued investment by a variety of customer types. Even corporations, which may be shifting to a more cautious capital expense approach, continue to invest in technology to facilitate remote employees and promote their brands. Overall, growth in pro AV may temporarily slow in the Americas, but that growth will be steady through 2024.”
According to IOTA Americas, the largest solution segment in North America is streaming media, storage and distribution (SMSD), with $20.6 billion in revenue in 2019. The U.S. SMSD segment amounts to $18.7 billion in 2019, while the Canadian market is nearly $2 billion. Although the North American SMSD market is more than 13 times larger than the South American market, South America is set for faster growth. SMSD’s strong numbers reflect large investment in back-end systems to support content distribution and control.
Consistent with worldwide trends, the pro-AV video projection market in North America is set for a steep decline in the coming years, the report says.