ProAV revenue will grow from $306.4B in 2023 to $325B in 2024, a healthy growth rate of 6.1%, but down from 6.9% from the previous year, according to AVIXA’s 2024 Industry Outlook and Trends Analysis (IOTA). The market will add $98B over the next five years, with a 5.35% CAGR.

AVIXA’s 2024 Industry Outlook and Trends Analysis presents data and analysis about the size of the ProAV industry with a global perspective—plus regional and vertical breakouts. The research covers product trends, solution categories, and vertical markets.

“Digging into the data, we see that growth has varied extensively across the broad landscape of ProAV. Technologies supporting conferencing and collaboration within enterprises are not performing as well as those positioned for entertainment and events,” said Sean Wargo, vice president of market insight, AVIXA. “So, companies focused solely on collaboration may not be faring as well as those serving entertainment. IOTA helps provide greater visibility to where growth is strongest, highlighting opportunity for the AV channel.”

ProAV Market Drivers

Pre-pandemic, the experience economy was one of the most influential trends, and now it has regained its strong position. From 2024 to 2029, global revenue for venues and events will grow to $57.2B, at a 6.3% CAGR, making it the fastest-growing vertical market. Anything related to in-person entertainment is growing fast. This includes content production and streaming, also known as broadcast AV.

The future of the corporate office remains secure. As ProAV’s largest vertical market, office spaces were a source of anxiety during the pandemic. However, as trends have moved toward hybrid working, those concerns have diminished, unlocking new market possibilities and renewed confidence in this sector. Revenue from corporate spaces will reach $91.4B by 2029, fueled by new construction, more opportunities in conferencing and collaboration, expanding content capture and production, as well as security, surveillance, and safety. Growth in this sector is nevertheless expected to decrease to just under 5% over the next five years.

5 Things to Know about the 2024 AVIXA IOTA

Watch the video below as Wargo shares five key takeaways from the 2024 IOTA.

Global Growth in ProAV

The Asia Pacific region continues to present robust growth in ProAV, despite a decline from 7.3% to 6.9% from 2023 to 2024, largely due to China’s decelerating growth rate. Within the region, India moves into the top as the fastest-growing AV market, though China is the largest. In the Asia Pacific region, live events and security/surveillance/safety show strong growth rates of 10.8% and 8.3%, respectively.

Led by North America’s projected market size of $104B in 2024, ProAV in the Americas is a mature market that leverages innovation to sustain growth as well as offering a stabilizing effect on digital infrastructure, particularly in Latin America. The region as a whole is experiencing a surge in ProAV revenue in venues and events, with 8.5% growth in North America and 10.2% in Latin America.

In EMEA, the $86.4B market is bolstered by mature European markets with steady strategic investments and promising developing markets in the Middle East, where GCC countries are experiencing notable growth. The fastest-growing ProAV sectors in the region are live events, performance and entertainment, and security.

More Insights from AVIXA’s 2024 IOTA

Globally, ProAV market challenges are shifting from supply issues to labor constraints, similar to pre-pandemic. Salary increases show continued labor market tightness and more workers are staying in their jobs at higher rates.

The impact of artificial intelligence (AI) is noteworthy. AVIXA believes AI will reshape professional AV by bringing smart automation to security, surveillance, and life safety; introducing adaptive interfaces to command and control systems; and improving the experiences delivered by conferencing and collaboration solutions.

For more information about the 2024 Industry Outlook and Trends Analysis (IOTA), click here.