Professional Audio-visual Systems Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 20

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The rapid technological advancements in the audio and display technology, rapid adoption of cloud solutions, the advent of the internet of things and smart buildings, and the rapid adoption of artificial intelligence are some of the factors that are driving the demand for audio-visual systems across multiple end-user industries.

- The impact of artificial intelligence is just beginning to be felt across industries which include everything from natural language processing and speech-to-text, to machine learning and predictive analytics. Artificial intelligence is beginning to intersect with professional AV systems, where it is finding itself most applicable in conferencing and collaborations. When deployed securely, it can help organizations in initiating meetings, making video calls, and sharing real-time data.

- The control room ecosystem is also expanding across the globe in various industries. More and more information is coming into the control rooms and more technologies are being integrated to visualize that information. The command and control room applications are expected to be one of the most lucrative ...
... segments for the market.

- In the hospitality industry consumers nowadays are looking for services beyond lodging and food. With a magnitude of information at their fingertips and media stimulations all around them, the consumers are demanding the same level of functionality and rich experience whenever they dine out or travel. This can be achieved in many ways, and the hospitality sector is expected to further drive the market to implement advanced technologies.

- Moreover, Air and rail travel industry are witnessing robust growth, as the consumers are shifting from their spending habits in things to experiences. Also, operators of transportation hubs are planning to significantly invest in technologies to ensure the travel experience is more seamless and comfortable as compared to the past.

Key Market Trends

Retail Segment is Expected to Witness Significant Growth

- The retail sector across the globe is facing stiff competition from the E-commerce platforms that are growing at a good pace. The physical stores are largely set for a renewal process that is largely based on their ability to integrate modern technologies to create experiences that a person cannot have through a web browser. This is one of the major reasons for driving the demand for the market in the retail segment.

- Moreover, surveys indicate that the younger generation of shoppers today wants a collective and engaging retail experience. The industry experts are calling this trend as the destination retail and the professional audio-visual solutions are expected to play a significant role in this trend.

- This concept of destination retail is captivating and is on a global scale. For instance, Montreal-based Float4 has worked with developers of the Meraas City Walk in Dubai primarily to incorporate massive LED screens throughout the mall area that is expected to attract customers into the mall with digital entertainment.

- Moreover, the increasing retail sales across the globe are evident that the retail industry is growing and to keep that growth in a good path, retailers are expected to implement digital technologies, thereby driving the market.

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North America is Expected to Hold a Major Share

- The North American region is witnessing a shift to private, public, and hybrid cloud deployments over the previous on-premises solutions, which is expected to drive the market over the forecast period as diverse teams need better audio-visual solutions for seamless connectivity.

- Moreover, the transportation segment is also augmenting the growth of the market. For instance, the airport's council International-North America trade group announced that the airlines and officials in major cities in the region are planning to invest USD 100 billion in renovations in the coming years which is expected to drive the demand of these solutions.

- Furthermore, there is a lot of buzzes created around the usage of voice-activated control using virtual assistants such as Alexa, Siri, Google Home, and Cortana. As only a few of the products are widely exist that are adapted, the industry is making efforts on creating a path to use these virtual assistants to control audio-visual systems. The industry is also working on developing better ways primarily to secure the data these assistants collect and use it in a better way to help control the audio-visual experiences.

- The Region also hosts Infocomm, which is the largest, and most exciting event in the North American region that is focused on the pro-av industry. The event every year witnesses over 1,000 exhibitors, with a wide variety of products, and thousands of attendees from multiple countries.

Competitive Landscape

The Professional Audio-Visual Systems Market is highly competitive owing to the presence of many small and large players in the market providing their solutions in domestic and international markets. The market appears to be moderately concentrated with the major players adopting strategies like product innovation and mergers and acquisitions among others primarily to stay ahead of the competition and expand their geographic reach. Some of the major players in the market are AVI-SPL, Inc., AVI Systems Inc., Ford Audio-Video, LLC, Solotech Inc. among others.

- Feb 2020 - AVI-SPL, a digital workplace collaboration solutions provider, announced that it has entered into a definitive agreement to merge with Whitlock, an existing portfolio company of Marlin Equity Partners, a global investment firm. The two workplace service providers will combine under AVI-SPL to offer customers end-to-end technology management and support solutions for customers globally.

- Jan 2020 - Solotech officially announced the launch of its e-commerce platform. Directly accessible via the home page of the company's website, the online store is a resource for individuals and shops looking for professional audiovisual and entertainment technologies deliverable at home.

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