A new study by Acclaro Growth Partners is projecting that audiovisual products and services will become a $115 billion global industry by 2015.
The 2012 Global AV Market Definition and Strategy Study, conducted on behalf of InfoComm International 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 eleven 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 Randal A. Lemke, executive director and CEO, 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 is 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.
The corporate, education and government markets are the three largest consumers of audiovisual products and services. However, healthcare is the fastest growing market for AV goods and services. The increased need for communication and collaboration in these environments is fueling a reliance on AV.
The findings of The 2012 Global AV Market Definition and Strategy Study, which include a global overview and information by regions including North America, Latin America, Europe, Asia-Pacific and Africa-Middle East, were released at InfoComm 2012 in Las Vegas.
The study can be purchased in its entirety or by regional section at www.infocomm.org/store.
Acclaro Growth Partners is a strategic research and business consulting firm that assists pro AV manufacturers and service providers with primary research-based market intelligence, market growth and profitability strategies, as well as short and long range strategic and implementation planning.