LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global pro audio video (AV) market to grow at a CAGR of close to 12% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global pro AV market for 2016-2020. The report only lists the key vendors in the market and does not present the market share of all vendors in the market.
Pro AV refers to the audio-video products and services, which are used for various applications such as collaborative conferencing that include video, audio, web, and data conferencing, digital signage, command and control centers, tradeshow exhibitions, presentations, medical communications, virtual events, and corporate events. With the use of cloud and Internet, pro-AV solutions make quicker communications possible for all types of enterprises. These solutions provide efficient and deeper AV interactions between users.
“The growing need for controlled systems from corporate firms are driving the global pro AV market. With the use of control systems, all the AV equipment get interconnected and can be controlled from a single access, which reduces the extra effort needed for manual control. The increased use of digital signage as an effective marketing and promotional tool is another major factor, which is likely to fuel the market growth during the forecast period,” says Ujjwal Doshi, one of the lead consumer electronics analysts at Technavio.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global pro AV market:
- Increased demand for controlled systems
- Increasing adoption of digital signage content management software
- Growth in movie industry
Increased demand for controlled systems
As the AV technology develops, most of the AV devices are interconnected with the process automation. Control systems take control of all the connected AV equipment and other related accessories like display screens, PCs, microphones, lights, and cameras. Control systems are designed to simplify the AV process so that the meetings, events, and other collaborations that are inter dependent run seamlessly. The demand for controlled meeting and teaching spaces has increased in corporate, education, government, and other end-user segments. With the controlled systems in place, all the connected pro AV equipment can be operated with ease.
Increasing adoption of digital signage content management software
In 2009, there were just above 50 vendors providing digital signage content management software and in 2015, this number grew to more than 500 vendors. This growth is due to the increase in the usage of digital signage. With the availability of out-of-the-box pro AV equipment and digital signage content management software, it is easy for small and medium-sized businesses (SMBs) to directly implement digital signage for their business without any customization. The availability of easy to use digital signage content management software has enabled many retail players to use digital signage for their brands.
Growth in movie industry
“The growth of the movie industry in US was one of the major reasons for the growing movie industry globally. The movie industry has grown by 33% over the 2010-2015 period. The storylines along with the presence of visual effects, 3D effects, and IMAX theaters improve the experience of the moviegoers. Advances in home theater set up as well as in television series that are produced, are unable to give a tough competition to the movie market,” asserts Ujjwal.
The global box office market is expected to grow at a CAGR of 6.95% in terms of revenue during the forecast period. The introduction of 3D and IMAX theaters, which provide a much better viewing experience in comparison with the standard theaters has allowed the global box office market to demand higher revenue. This is because ticket prices in 3D and IMAX theaters are substantially higher than standard tickets. With the increase in a number of screens, the opportunity for audio and projector manufacturers in the pro AV market has increased.
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