Newark, May 31, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4 billion in 2022 global pro AV market will reach USD 7.16 billion by 2032. The pandemic-induced school closures have led to significant learning losses worldwide. It is imperative that the education system accommodates these learning losses and creates an environment to promote holistic development. It is also imperative to continue the advancements made in technology-driven education processes and curriculums during the pandemic. It is important to sustain the popularity of e-learning platforms. The AV technology will continue to alter teaching and learning for the better. Digital interactive and collaborative technologies will enhance learning settings and enable students to explore and learn in new and more efficient ways. The rising fiscal expenditure on the education sector will propel the market's growth in the forecast period.
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Key Insight of the global pro AV Market
Asia Pacific is expected to rise the fastest during the forecast period.
The region will rise due to the increased use of smart technology in education and the rising popularity of e-learning platforms. The market will also benefit from the rising popularity of smart homes, offices, and other commercial locations. Market players in the Asia Pacific area will have numerous prospects for expansion as a result of the automation and digitization of the Indian economy. The rising level of innovation will aid the market's expansion.
In 2022, the products segment dominated the market with the largest market share of 54% and market revenue of 2.16 billion.
The type segment is divided into products and services. In 2022, the products segment dominated the market with the largest market share of 54% and market revenue of 2.16 billion.
In 2022, the commercial segment dominated the market with the largest market share of 35% and market revenue of 1.40 billion.
The application segment is divided into commercial, government, retail, home use, education, hospitality, and others. In 2022, the commercial segment dominated the market with the largest market share of 35% and market revenue of 1.40 billion.
In 2022, the distributors' segment dominated the market with the largest market share of 55% and market revenue of 2.20 billion.
The distribution channel segment is divided into direct sales and distributors. In 2022, the distributors' segment dominated the market with the largest market share of 55% and market revenue of 2.20 billion.
Advancement in market
May 2023 – Integrate Middle East, a brand-new learning and networking event for the whole AV integration value chain that will provide a chance for the international professional AV & Media Technology community to get together and exchange the newest and best practices in the industry will be held in May 2023 at the Dubai World Trade Centre. It will be held concurrently with CABSAT 2023 and will include a show floor emphasising the effectiveness of Integrated AV tech solutions. Pro AV attendees can access various live and interactive features, such as lighting shows, an Interactive Learning Zone, a Smart Home Simulator, a Multi-Conference Demo Arena, Digital Signage, Command and Control Rooms, Live Event Solutions, and Education Technologies.
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Market Dynamics
Driver: The growing financial investment in improving the education sector.
One of the main Sustainable Development Goals of the United Nations Charter is to provide universal education to everyone who wishes to receive it. Most countries are working to establish cutting-edge systems, processes, goods, services, and technologies to provide high-quality education to all people. The popularity of smart boards has grown significantly over time due to product developments, cost reductions, and expanded product accessibility. Additionally, the covid-19 epidemic helped the e-learning industry, whose expansion exploded throughout the pandemic's two-year duration due to lockdowns and school closings. In addition to the usual target audience of school-going children, adults from all walks of life are enrolling in various courses offered on online learning platforms in cookery, art, literature, technology, lifestyle, food, and health. The demand for online education facilitated an increase in the number of market participants providing e-learning solutions, giving the consumer a wide variety of options and lowering costs. As a result, increasing financial investments in the education sector are concentrated on bringing technology into the classrooms, fuelling the pro-AV markets. The popularity of e-learning is also expected to expand, which will accelerate market expansion.
Restraint: The high costs of investments.
The expensive professional AV solutions are designed for business purposes. Given the different components utilized for the setup, a large upfront capital expenditure is required. A large ongoing expense includes paying qualified operators, making frequent modifications, using electricity, and other maintenance requirements. Due to the commodity's high price, small and medium-sized firms are excluded from the consumer market. As a result, the market's expansion will be hampered by the hefty capital investments.
Opportunities: The development of technology.
Artificial intelligence, augmented reality, and virtual reality have created new market opportunities for professional AV applications in the corporate, educational, governmental, and hospitality sectors. As these cutting-edge technologies pick up steam, it is getting easier to improve the tools used in corporate conference rooms, e-learning programmes, digital signage, and virtual collaboration. The entry of new market participants will boost competition, which is good for the market because it will encourage higher spending on research and development to produce better products, technologies, and gadgets. The increasing competition will also help firms cut overall operational costs and lower the price of these products on the market. Players in the market are investing a lot of money to develop new touch screen or surface acoustic web technologies. The worldwide pro AV market will see profitable opportunities due to technological developments and product breakthroughs.
Challenge: The lack of skilled professionals.
The application of pro AV involves operating a significantly large number of IT and communications equipment. The lack of digital literacy in several countries, given the lack of access to these products, low literacy rate and other pressing problems overshadowing the issue, further impede the market's growth. The lack of professional personnel hinders the market's growth, rendering it useless and ideal or preventing the industry from reaching its full potential. Therefore, the lack of skilled professionals will challenge the market's growth.
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Some of the major players operating in the global pro AV market are:
• Vistacom Inc.
• Telerent Leasing Corp.
• Solutionz Inc.
• New ERA Technology Inc.
• Microsoft Azure
• Ford Audio-Video Systems LLC
• CCS Presentation Systems LLC
• Biamp Systems LLC
• AVI Systems Inc.
• Anixter International Inc.
Key Segments cover in the market:
By Product Type
• Products
• Services
By Application
• Commercial
• Government
• Retail
• Home Use
• Education
• Hospitality
• Others
By Distribution Channel
• Direct Sales
• Distributors
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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