Mark Twain was once famously quoted as saying: “The reports of my death are greatly exaggerated.” In reality, it was Twain’s cousin who was ill in London and for whom the press mistook him.
Likewise, in today’s pro AV business, anyone who thinks this industry is going away anytime soon is likely exaggerating or simply wrong. In fact, several statistics point to the industry’s continued growth led by the combination of increased sales of key hardware like video displays, video walls, projection systems and fairly robust upward swings in regional economic activity.
The global pro AV market continues to grow like dandelions on a lawn after a spring rain. Projections for the industry are forecast to reach hundreds of billions of dollars by the end of 2016.
If you’re still not convinced, here are five statistics that support the notion that pro AV sales are not slowing down but instead keeping in lockstep with a dynamic global economy that continues to introduce innovative new products to the rapidly evolving pro AV and digital signage industry:
1. The global pro AV market has grown from $75.5 billion in 2012 to $91.8 billion this year and is forecast to reach $114.2 billion in 2016; that’s larger than two-thirds of the top 200 global economies.
2. In terms of overall product sales, Asia-Pacific is now the fastest-growing and biggest region surpassing North America if you don’t take into account that North America is larger overall because of its higher services revenues. The fastest-growing product categories are displays, AV acquisition and delivery, and projectors. The slowest-growing are AV conferencing and collaboration. Still, overall growth is projected to rise by 15 percent to reach $41.6 billion this year.
3. Although most of the European Union still struggles with high unemployment, the good news is that much of Europe is past the global recession, and, by all accounts, its $17.5 billion pro AV market is positioned for growth at least over the next few years at a rate of about eight percent, with end-of-year 2016 projections putting the industry at more than $20 billion overall.
4. Global demand for HD displays fell by about four percent in 2015 versus 2014, according to a study by research firm IHS. On the other hand, demand for UHD (4K displays) grew by a whopping 173 percent during the same period. In addition, sales for newly emerging OLED displays also saw an uptick in sales in 2015.
5. At this year’s Digital Signage Expo, manufacturers upped the ante by rolling out more—not less—innovative pro AV products, including 8K video wall systems with 1.2 mm pixel pitches; ultra-high-lumen laser phosphor projectors with enhanced color technology; large ultra-bright displays capable of being deployed in high-ambient-light environments; and next-generation microphone systems capable of transforming collaborative spaces with crisp, high-end audio delivery.
These are just a few pro AV statistics that point to a forward-facing industry that displays no signs of slowing down or looking back. What forward-facing pro AV technologies are your customers asking for?