InfoComm International released a new study yesterday, providing a look into the promising future that the AV industry holds.
Conducted by Acclaro Growth Partners, the study projects that audiovisual products and services will become a $115 billion global industry by 2015. The 2012 Global AV Market Definition and Strategy Study is the only worldwide study aimed at sizing the commercial audiovisual industry.
The growth of conferencing, signal management, AV acquisition and delivery equipment and streaming media resulted in an 11 percent compound annual growth in demand for AV products and services between 2009 and 2012. The study finds that the audiovisual industry currently generates $78 billion a year. Further industry growth, at a 14 percent compound annual rate between 2012 and 2015, is anticipated.
“The AV industry is strong, despite a challenging global business environment, because society relies on AV technology to facilitate essential communications,” says Duffy Wilbert, CTS, CAE, Senior VP, Member Services, of InfoComm International. “In order to meet the future needs of our customers, the audiovisual industry will require a well-trained workforce to respond to ever-growing customer needs.”
AV applications such as conferencing, digital signage, signal management and processing, and streaming media and webcasting are expected to drive future growth. Contracts for service and maintenance of audiovisual systems are also increasing. The fastest growing services are installation/ integration and managed services. Over time AV, systems have become complex and essential to the operation of government, institutions and corporations, resulting in a growing need for service contracts.