InfoComm is enthusiastic about their InfoComm Economic Snapshot survey results. The InfoComm Economic Snapshot, is the periodic industry survey InfoComm conducts asking for economic feelings and opinions, finds that respondents are optimistic about the economy in all industry sectors. In fact, the 700 survey respondents were so optimistic that the economy was evaluated to be similar to the survey’s peak in 2008. A majority of respondents felt their company is in better financial condition now than it was six months ago, categorizing business as “good”.
- More than 12 percent feel that the overall economy is already on the upswing, and another 38 percent feel the economy is stable and will pick up in 2010. Close to 32 percent feel that while the economy is stable, it will not pick up until 2011 or later.
Technology managers responding to the survey indicated the highest demand for AV services since InfoComm debuted the survey in 2008. The strongest demand for AV is being seen in the higher education and government/military sectors, with one-third of respondents involved in these markets and venues reporting an increase in demand. There is also heightened demand in the K-12 education and healthcare markets. Factors that drive AV spending include pent-up demand for new systems, new construction, and the need to increase applications that will compensate for having to maintain service levels with fewer staff. Control systems and conferencing systems are the AV components in the greatest demand. The rental and staging sector is showing signs of an upturn, reversing a negative trend that had many in that sector discouraged.
In October 2009, survey respondents accurately predicted that the AV industry would be improved to this point. Now the industry is predicting a slight improvement in condition six months from now. It is important to note, though, that the recovery is expected to have its ups and downs, rather than a straight upward trajectory.
Considering how many challenges other industries have faced while weathering this economic storm, we’ll take the spring rain if it means a brighter overall future.
Members can access a full copy of the InfoComm Economic Snapshot Survey under Member Resources at www.infocomm.org/marketresearch