Fairfax, VA (August 21, 2024)—AVIXA’s 2024 Industry Outlook and Trends Analysis always has some eye-opening stats that it reveals as it paints a picture of the state of the industry, and this year’s edition is no different. According to the IOTA report, Pro AV revenue will grow from $306.4 billion in 2023 to $325 billion in 2024—a healthy growth rate of 6.1%, but down from 6.9% last year. According to the organization, much of that will come from the live and experience sound sector; office upgrades and evolution are underperforming while the experience economy returns to dominate growth in pro AV.
“Digging into the data, we see…technologies supporting conferencing and collaboration within enterprises are not performing as well as those positioned for entertainment and events,” confirmed Sean Wargo, vice president of Market Insight, AVIXA. “So, companies focused solely on collaboration may not be faring as well as those serving entertainment.”
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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 $57.2 billion, 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.
If experience sound is ruling the day, that doesn’t mean the office upgrade market is stagnating. As pro AV’s largest vertical market, office spaces were a source of anxiety during the pandemic, but 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 $91.4 billion 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.
In all, the market will add $98 billion over the next five years, with a 5.35% CAGR.
