New York, Oct. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Professional Audio-Visual Systems Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https:/ /www.reportlinker.com/p06325603/?utm_source=GNW
The market size is driven by the sales of various product types such as capture and production equipment, video projection, streaming media, storage, distribution and services. The market size also includes sales of professional AV system solutions in various end-user verticals such as enterprise, venues & events, retail, media & entertainment and other industry verticals. end users.
Other factors driving growth include numerous technological developments, such as the adoption of professional AV with the Internet of Things (IoT) and cloud computing platforms. These technologies work well for live events, security, collaboration, conferencing, learning, and monitoring. Additional factors, such as the creation of 360-degree cameras, drones, and virtual reality (VR) systems to deliver specialized content and advancements in telecommunications infrastructure, are expected to fuel the growth of the market.
As various teams require better AV solutions for seamless connectivity, the North American region is witnessing a transition to private, public, and hybrid cloud deployments from previous on-premises solutions. This is expected to drive the market over the forecast period. According to Nex Gov, U.S. federal spending on cloud technology topped $6.6 billion in 2021. The U.S. has recently made significant efforts to advance cloud technology, strengthen cybersecurity, and increase operational efficiency both both nationally and internationally.
Growing need for large capital investments and lower adoption rate among small and medium enterprises are likely to act as market restraints for the growth of professional AV over the forecast period. Lack of qualified professionals, short replacement cycles and individual learning will be the biggest and most pressing challenges for market growth.
COVID-19 has had a significant impact on the professional audiovisual industry, straining the supply chain and driving many businesses out of business. Notably, the pandemic has had a significant impact on entertainment, leisure and retail, leading to a sharp drop in demand for audio-visual technologies. The market for live events, and therefore rentals, has been the hardest hit. Many top production companies are going bankrupt, small rental houses are closing, and manufacturers, especially in the audio sector, are providing that space.
Main market trends
Rapid adoption of cloud platforms is driving market growth
The Macquarie government says cloud computing is a component of government programs for using technology. For most agencies, between 20% and 60% of their workload is already in the cloud, indicating the high average cost of cloud services. Most government organizations spend between $2.0 and $3.0 million per year. These investments will increase demand for cloud services and expand the global professional AV market.
In recent years, AV technologies have moved from hardware components to cloud and software-based applications. There is an increasing need to hide peripherals, enclosures and accessories in conference rooms and collaborative spaces as the number of people using cloud video conferencing through a browser increases. AV integrators and equipment manufacturers choose computer-managed, all-in-one converged systems to reduce hardware footprint. Cloud-based software updates replace costly upgrades and incorporate scalable, future-ready hardware.
Some of the major players in the industry are developing cloud management products which will increase the demand in the market studied. For example, in September 2022, Motorola Solutions’ integrated video security and access control portfolio announced new innovations that enable security operations to detect and analyze incidents in real time for efficiency, safety and improved security. Motorola Solutions’ all-new Ava Flex camera is an entry-level option that brings intelligence and convenience to any organization. The AI-powered Ava Aware cloud video management system offers proactive alerts, similarity search, occupancy counting, anomaly detection, and other features.
Providers are also looking for new opportunities as the devices used to access audiovisual services evolve. The adoption of smartphones with 4G and 5G services enables people to access Pro AV services. At the same time, cloud-based solutions are becoming increasingly popular in the Pro AV industry. This provides new opportunities for various services to be built around these solutions.
New standards break the previous walled garden approach, allowing smart devices to be more widely connected with cloud-based services and mobile devices. Enterprise IT infrastructure will need to scale to support ever more bandwidth-intensive Pro AV workloads.
Asia-Pacific expected to be the fastest growing market
Growing investment in the media and entertainment industry in the region is expected to drive the demand for pro-AV systems in the market studied. According to the India Brand Equity Foundation (IBEF), the value of funding received by India’s media and entertainment sector amounted to USD 877.8 billion in fiscal year 2020, an increase from 561. USD 3 billion in 2019. Such a surge in investment in the media and entertainment industry in the region is expected to fuel the growth in demand for pro-AV systems in the region.
Companies in the Asia-Pacific region have focused on developing various products and services in the market studied according to the customized products and services in the region.
For example, in October 2021, Mahajak Development Co. completed the deployment of state-of-the-art HARMAN audio solutions in the Lido connect entertainment complex to provide high quality sound and flexibility for live music, cinema screenings, performing arts and other events.
The building has undergone extensive renovations to transform into a cultural center for movie buffs, artists, music fans and shoppers. In accordance with the contract, Mahajak Development Co. equipped Lido Connect with a wide range of JBL Professional, Soundcraft, Crown, dbx audio and BSS solutions. Such initiatives by the company are expected to promote the adoption of AV systems in the region over the forecast period.
Similarly, in September 2022, Samsung India launched its The Wall All-In-One – the modular MicroLED that revolutionizes the future of display and the Flip Pro – an interactive display that takes the educational experience to the next level. .
The professional audio visual systems market is highly competitive owing to numerous small and large players providing their solutions in the domestic and international markets. The brand identity associated with companies greatly influences the market. As strong brands mean better solutions, well-established players should have the upper hand. Some of the major market players are AVI-SPL, Inc., AVI Systems Inc., Ford Audio-Video, LLC, and Solotech Inc., among others. Overall, the intensity of competitive rivalry among vendors is expected to be high and increase over the forecast period.
August 2022 – AVI-SPL has announced the opening of a new office in Bangalore, its third location in India. With over a decade of experience serving clients in India, AVI-SPL has officially established operations in the country with the incorporation of AVI-SPL India Private Limited. The Bangalore office would serve as a hub for customer development, audio visual (AV) and unified communications (UC) engineering, project management and managed services.
May 2022 – Yamaha and AVer Information Inc. have partnered in technology to create video collaboration and educational technology solutions. The partnership provides a clever way to enhance virtual networking and present visual experiences with AVer’s flagship cameras and Yamaha’s high-quality microphones.
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