Audio Visual Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Page: 215 | Report Code: ICTM240514 | Research Suite: Report (PDF) & Market Data (Excel)

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The global market value of the audio visual market was valued at USD 4.1 billion in 2022, and a CAGR of 12.3% is expected during the forecast period. Increasing demand for immersive experiences is driving growth in the market significantly. Growing demand for communication and collaboration solutions, integrating audio-video and collaborating tools, is driving significant growth in the market. This seamless fusion enhances communication and boosts productivity, which increases market growth significantly. Technological advancements, increasing demand for high-quality content, growth in digital streaming services, expanding internet connectivity, and the rise of immersive experiences like virtual reality and augmented reality.

The proliferation of mobile devices and the trend towards on-the-go entertainment contribute to the market’s growth. Increasing demand for smart phones in the market is the key reason behind the growth in the audio-visual market. People have become more aware of technically perfect content, and they don’t want to compromise on quality. The same thing is applicable to the audio-visual market as well. Increasing e-commerce companies in the market, an increasing number of smartphones, and better internet connectivity are driving growth in the market.


Growth Drivers

Continuous innovation in display technologies, sound systems, and streaming platforms drives growth by enhancing the quality and accessibility of audio-visual content. Increasing demand from consumers for high-quality audiovisual content is driving growth in the market. There is increasing demand from consumers for ultra-high definition and high dynamic range formats, which stimulates demand for advanced audiovisual equipment and services. The popularity of digital streaming platforms like Netflix, Disney+, and Amazon Prime Video fuels growth in the audio-visual market significantly. With the proliferation of high-speed internet, especially in developing regions, more consumers now access streaming services and high-quality audio-visual services on various platforms.

The emergence of immersive technology such as augmented reality and virtual reality creates new opportunities for audiovisual content creation and consumption, driving innovation and investment in this sector. Increasing demand for smartphones worldwide and tablets is driving growth in the market significantly. The increasing demand for localized and regional content drives growth in specific markets as streaming platforms and content creators cater to diverse audience preferences worldwide. Increasing demand for quality entertainment worldwide is driving significant growth in the market.

Some additional features, like the creation of 360-degree cameras, drones, and VR systems to provide specialized contents, and advancements in telecommunication infrastructure fuel the growth in the audio-visual market significantly. Due to the adoption of technologically advanced tools in classrooms, increased government initiatives, and rising usage of printed signage for commercialization in the e-commerce industry in the majority of the world, this is driving significant growth in the market. Deployment of audio-visual systems in corporate sector is driving growth in the market significantly.

Segmentation

Products

·         Display

·         Projectors

·         Sound Reinforcement Products

·         Conferencing Products

·         AV Acquisition and Delivery Products

·         Other Products

Services

·         Installation Services

·         Maintenance Services

·         IT Network Services

·         System Designing Services

·         Others

Application

·         Home Use

·         Commercial

·         Government

·         Hospitality

·         Retail

·         Others

Distribution Channel

·         Direct Sales

·         Distributor

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Audio Visual Market Distribution Channel Segmentation

On the basis of the distribution channel, the audio-visual market is segmented into direct sales and distributors. Direct sales is the leading segment and is expected to dominate the market during the forecast period due to its greater control over the sales process, customer relationships, and pricing strategies. It allows companies to have a direct line of communication with customers, gather valuable feedback, and tailor their offerings accordingly.

On the other hand, utilizing distributors does expand market reach, especially in regions where the company lacks presence. Distributors already have established networks, market knowledge, and relationships with retailers or customers, which is driving growth in the market. Increasing demand for audiovisuals in various sectors is driving significant growth in the market.


Audio Visual Market Application Segmentation

On the basis of the application, the audio-visual market is segmented into home-use, commercial, government, hospitality, and retail. Commercial is the leading segment, and the healthcare segment is expected to dominate the market during the forecast period. Increasing demand for better audiovisuals during COVID-19 in the healthcare and education industries was driving the growth in the market significantly. Government agencies often require audiovisual solutions for various purposes, such as public announcements, conference rooms, and surveillance systems. To enhance the guest experience, the hospitality sector is relying heavily on audiovisuals.

Increasing demand for audio-visual solutions in hotels, resorts, and restaurants is driving growth in the market significantly. In the retail sector, the audiovisual market is expected to create an immersive shopping experience, showcase products, and enhance customer involvement. It helps retailers attract foot traffic and promote products effectively.

Regional Outlook

On the basis of the regions, the audio-visual market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is expected to lead the market due to its strong economy, technological innovation, robust infrastructure, and high demand for audiovisual content across various platforms like TV, films, streaming services, and gaming. North American companies often set global trends and standards in the audiovisual industry, and the presence of key players like Amazon is driving growth in the market significantly.

The audiovisual market in the Asia-Pacific region is a big market due to its rapidly growing economy, large population, and increasing digitalization. Countries like China, Japan, South Korea, and India have robust entertainment industries and are major consumers of audio-visual content. The rise of streaming platforms, coupled with an expanding middle-class population, has fueled the demand for audiovisual products.


E-commerce commercialization in countries like India and China post-pandemic is driving the demand for betterment in the audio-visual market. The European market for audiovisuals is experiencing significant growth due to advancements in technology and the increasing disposable income of people. Most of the countries in Europe are developed, so the market is witnessing positivity in almost all sectors.

Key Players

·         Anixter Inc

·         Vesco

·         AVI Systems

·         Biamp

·         Pro AV

·         Solutionz Inc

·         Telerent Leasing Corp

·         ITOCHU Corporation

·         New Era Technology

·         CCS Presentation Systems

·         Vistacom Inc

·         Ford Audio-Video LLC

·         Other Players

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