Good news: the global pro-AV market is projected to grow to $230 billion by 2022, up from $178 billion last year. That was one of the key takeaways from the Industry Outlook and Trends Analysis (IOTA) presentation by InfoComm and IHS Markit on Thursday afternoon.
Tom Morrod, VP of Consumer, Media, Telecom and Display at IHS Markit, presented on some of the results of the study, the work of 15 analysts worldwide examining 28 product categories in nine segments, and five categories of services.
According to the report, the biggest global drivers for the pro-AV industry are the transition from projection to displays; control and lighting driving growth from integrated building systems; media servers and storage bringing cloud and SaaS to pro-AV; and new industry buyers and users. All product segments are projected to grow during the next five years, with the exception of video projection, and the most rapidly expanding area is environmental, with the shift to LED lighting in buildings. Globally, the U.S. market is the largest, at 30 percent of the total, with China second at 20 percent.
The full IOTA, which is published as four separate reports (one global report and three regional reports), will be released in the coming months. The Europe report is out now.