Global Professional Audio-Visual (Pro AV) Market Set to Reach $79.2 Billion by 2028

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Nov 07, 2023, 12:45 ET

DUBLIN, Nov. 7, 2023 /PRNewswire/ -- The "Global Pro AV Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global professional audio-visual (Pro AV) market is poised for substantial growth, with a projected value of $79.2 billion by 2028, representing a Compound Annual Growth Rate (CAGR) of 6.27% from 2022 to 2028. This robust growth is underpinned by several key market trends and drivers.

Key Market Trends & Drivers:

Integration of IoT in Pro AV: The Pro AV market is witnessing a rapid integration of the Internet of Things (IoT). With the increasing penetration of the internet, devices are becoming more digitized. IoT is being harnessed to streamline manufacturing processes, optimize supply chain management (SCM), and deliver personalized customer experiences. Companies are investing in IoT to provide proactive services, contributing to the market's expansion.
Growing Demand from Corporate, Government, and Institutions: The global Pro AV market is experiencing heightened demand from corporate houses, government offices, and institutional workplaces. The corporate sector, in particular, is increasingly adopting AV equipment to create efficient working environments and facilitate smooth workflow. Pro AV solutions, such as video walls, microphones, speakers, and video conferencing systems, are now considered essential tools for enhancing productivity in corporate settings.

Industry Restraints:

High Capital Investment: While Pro AV equipment offers numerous advantages in terms of performance, resource utilization, and productivity, the high initial investment remains a significant challenge for many businesses, especially small and medium-sized enterprises (SMEs). Additionally, the associated maintenance, repair, and replacement costs can pose long-term financial burdens.

Segmentation Highlights:

Product Types: The professional video segment is expected to be the largest revenue segment in the global Pro AV market. It encompasses video displays, capture and production equipment, video projection, and more. The demand for high-quality video content, driven by social media, online streaming platforms, and digital marketing, is a key driver for this segment.
Applications: Among various applications, the corporate sector is poised to lead in the adoption of Pro AV equipment. With the global corporate sector expanding, the demand for office spaces is also on the rise. As a result, the need for Pro AV solutions to support modern workplaces is expected to grow significantly.
Distribution Channels: Offline distribution channels, including retail stores and electronics outlets, are projected to be the primary avenues for Pro AV equipment sales. These channels provide personalized customer service, with well-informed staff who can educate customers about Pro AV products and their usage.

Geographical Analysis:

North America: The North American region currently leads the global Pro AV market. This leadership is attributed to a well-established healthcare infrastructure, robust research and development (R&D) activities, and a strong presence of key market players. The United States and Canada are the primary contributors to market growth in this region.
Europe: Germany, the United Kingdom, and France are key players in the European Pro AV market. Europe follows North America and boasts a growing demand for Pro AV solutions.
APAC: The Asia-Pacific (APAC) region presents significant growth potential. While the adoption of Pro AV systems has been slower in countries like China and India, the entry of many international brands and increasing awareness about the benefits of Pro AV is expected to drive market growth in the coming years.

Competitive Landscape:

The global Pro AV market is highly competitive, featuring a mix of local and international players. Key market players include Samsung, Sony, Hitachi, LG, Panasonic, and Philips. Competition among these players is intense, with a focus on continual innovation and upgrades in Pro AV solutions.

Key Company Profiles

Samsung
Sony
Hitachi
LG
Panasonic
Philips

Other Prominent Vendors

Bose
TCL
Extron
Toshiba
Bang & Olufsen
Poly
Shure
Sennheiser Electronic
Biamp
Audio Technica
Logitech
Hisense
Crestron Electronics
Sharp NEC
Kramer
Planar
L-Acoustics
Yamaha
Nady Systems
Proel

Key Questions Answered
1. How big is the pro AV market?
2. What is the growth rate of the global pro AV market?
3. Which region dominates the global pro AV market share?
4. What are the significant trends in the pro AV market?
5. Who are the key players in the global pro AV market?

For more information about this report visit https://www.researchandmarkets.com/r/lastrz

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