AVIXA: Pro AV Market in the Americas to Reach $112 Billion in 2024

(Image credit: AVIXA)

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, according to AVIXA, the Audiovisual and Integrated Experience Association. The growth is reflected in updated forecasts now available in AVIXA's 2019 AV Industry Outlook and Trends Analysis (IOTA) Americas Summary. Although the robust market bodes well for the region, forecasters expect the Asia-Pacific (APAC) market to surpass 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," said Sean Wargo, senior director of market intelligence, 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, with revenue dropping to $1.9 billion in 2024 from $3 billion in 2019. South America will follow suit, with revenue falling to $1.2 billion in 2024 from $2.1 billion in 2019. Pro AV users in the region are turning away from projectors and toward larger-sized flat-panel displays due to displays' falling costs and less complex usage requirements.

The IOTA series of reports are produced by AVIXA in conjunction with IHS Markit, a noted insights and intelligence firm. The research methodology includes manufacturer inputs, both in the form of qualitative and quantitative guidance on the size and growth within various product categories. Interviews and further data collection among distributors, integrators, and end users helps determine the segmentation of products into solutions and markets. The research methodology also helps verify the flow of product, any commensurate markups applied by suppliers, and value-added services sold. The combined methodological approach makes IOTA the most comprehensive and representative report on the total pro-AV channel on the market today.

The 2019 AV Industry Outlook and Trends Analysis (IOTAis published as a series of reports, including one global and three regionals. The Americas, APAC, and Global reports are available now to purchase, with discounts for AVIXA members. The IOTA Europe report will be available soon. For more information, visit avixa.org/IOTA.

The AVNetwork staff are storytellers focused on the professional audiovisual and technology industry. Their mission is to keep readers up-to-date on the latest AV/IT industry and product news, emerging trends, and inspiring installations.