SEATTLE, May 26, 2020 (GLOBE NEWSWIRE) -- Audiovisual (AV) is electronic media that process both visual and sound component namely films, television programs, church services, corporate conferencing, etc. Pro AV is an advanced version of AV used for commercial purposes. Pro AV includes numerous components such as audio components, display components, computer, room scheduler, camera, companion whiteboard, digital signage, and other supporting accessories. These components enhance communication and connectivity between two different locations. Pro AV finds applications in various sectors including hospitality, education, retail, government, etc.
The global Pro AV market was valued at US$ 246.5 Bn in 2019 and is expected to exhibit a CAGR of 11.2% during the forecast period (2020--2027).
Market Drivers
- Technological advancements are expected to direct growth of the global pro AV market during the forecast period
Key companies in the market are focused on research and development activities, in order to innovate new products and expand the product portfolio. These companies are incorporating novel pro AV devices with advanced software and hardware components. Such advancements offer enhanced workflow efficiency and streamline the entire process.
- Growing adoption of pro AV for smart learning in education sector is expected to propel the global pro AV market growth over the forecast period
Pro AV offers significant features including multiple personal computer support, multi-touch Ultra HD (4K), multiple wireless screen support, individual activity control, etc. Such features enhance smart learning and hence education sector is increasingly adopting pro AV. Furthermore, pro-AV integrated smart learning offers real-time blended teaching and learning, augments visualization and creativity, and provides better in-classroom experience.
Market Opportunities
- Incorporation of AV solutions in mobile devices can present lucrative growth opportunities
- High market opportunities in emerging markets can provide major business opportunities
Market Restraint:
High initial cost of pro-AV is expected to restrain growth of the global pro AV market during the forecast period.
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Key Takeaways:
- North America holds the dominant position in the global Pro AV market and is expected to witness significant growth over the forecast period 2020-27. This is owing to increasing adoption of advanced technology such as Pro AV for office meeting, conference and other activity. Many tech companies in the North America region, witnessed significant shift in the office working due to Covid 19 pandemic. For instance, in 8 may 2020, Google Inc., a US based Tech Company, announced work from home to all the majority of the employees till January 2021. This shift in work culture may aid positively to the Pro AV market.
- Among type, product segment is expected to dominate the global Pro AV market over the forecasted period 2020-27. This is owing to wide adoption of pro AV products in the retail industry. Retail industry is growing at exponential rate. For instance, Starbucks Corporation entered to strategic partnership with Tata Consumer Products in 2012 to increase companies’ presence in the APAC market. According to report by Tata Starbucks, company registered 30% growth in the year 2018-19. These companies are heavily rely on Pro AV products for customer interaction, and advertisement. Thus, international retail store are focusing on increasing their presence in the APAC region which will drive the Pro AV market in the APAC region.
- Among end user, education segment is expected to create a lucrative opportunity for global Pro AV market in the forecast period 2020-27. This is owing to increasing adoption of Pro AV in the education industry, many colleges and universities are shifting toward online education, due to current Covid 19 pandemic situation. This is expected to create major shift in the education industry. According to Coherent Market Insights analysis, global online education is expected to increase by 32.2% during the forecast period.
Competitive Landscape:
Major players involved in the global pro AV market are Professional Audio Visual Ltd., Anixter International Inc., proAV Limited, AVI Systems Inc., Biamp Systems, AVI-SPL Inc., Vistacom Inc., CCS Presentation Systems, Diversified, Unified Technology Systems, New Era Technology, and Telerent Leasing Corp.
Key Developments:
Major companies in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in September 2019, AVI-SPL Inc. partnered with Aver Information Inc. to deliver innovative video solutions across North America.
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Market Segmentation:
- By Type
- Products
- Services
- By Distribution Channel
- Direct Sales
- Distributor
- By End User
- Home Use
- Commercial
- Education
- Government
- Hospitality/Retail
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa