Professional Audio-Visual (Pro AV) Market Report 2024

Where is the largest and fastest growing market for professional audio-visual (Pro AV)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The professional audio-visual (Pro AV) market size has grown rapidly in recent years. It will grow from $3.55 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed during the historic period can be attributed to several factors, the expansion of the healthcare and education sectors, the integration of IoT and AI technologies, a rising demand for unified communication and collaboration (UCC) solutions, and an increased interest in immersive experiences.

The professional audio-visual (Pro AV) market size is expected to see rapid growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth during the forecast period can be attributed to advancements in audio equipment, a rising demand for high-quality audiovisual experiences, and increased adoption in the events and entertainment industries. Key trends expected to shape this period include rapid advancements in display technologies, the proliferation of high-resolution displays, ongoing technological innovation, substantial investments in and integration of Pro AV technology, and the incorporation of artificial intelligence.

The growing adoption within the events and entertainment sectors is expected to boost the growth of the professional audiovisual (pro-AV) market. The events and entertainment industries involve various activities aimed at creating and managing audience experiences. The demand for professional audiovisual (pro-AV) services is increasing as businesses and organizations seek high-quality, immersive AV solutions to improve communication, engagement, and overall event experiences. Professional audiovisual (pro-AV) services are used in these sectors to deliver dynamic, engaging presentations and performances through advanced technology, ensuring superior sound, visuals, and production quality. For example, Live Nation Entertainment reported in February 2024 that its revenue from concerts reached $18.73 billion in 2023, up 39% from $13.49 billion in 2022. This rise in revenue underscores the growing role of pro-AV services in the events and entertainment industries.

Leading companies in the professional audiovisual (pro-AV) market are advancing display technologies, such as next-generation studio monitors, to improve sound accuracy and audio quality in professional environments. For instance, in November 2023, Yamaha Corporation, based in Japan, introduced the new HS3 and HS4 studio monitors. These models are compact and portable, featuring a class-D amplifier, room control, and high-trim functions for customizable sound. They include multiple connectivity options such as XLR, TRS, RCA, and stereo mini-jacks, and utilize Yamaha's twisted flare port technology to reduce air turbulence noise, delivering more accurate bass.

In June 2022, Ricoh Company Ltd., a technology firm from Japan, acquired Pure AV for an undisclosed amount. This acquisition is intended to expand Ricoh's range of workplace services and solutions, enhancing its offerings for meeting rooms and overall workplace productivity. Pure AV, based in the UK, specializes in professional audio and visual integration.

Major companies operating in the professional audio-visual (Pro AV) market are Samsung Electronics Co. Ltd., Sony Group Corporation, Panasonic Corporation, Toshiba Corporation, Koninklijke Philips N.V, Yamaha Corporation, Bose Corporation, Crestron Electronics Inc., Anixter Inc., AtlasIED, AVI Systems Inc., Conference Technologies Inc (CTI), Avidex Industries LLC, Kramer Electronics Limited, Biamp Systems, Ford Audio Video Systems LLC, L-Acoustics Inc., LD Systems L.P, CCS Presentation Systems LLC, Audio-Technica Corporation, Pro Audio & Video Systems Corp.

North America was the largest region in the professional audio-visual (Pro AV) market in 2023. The regions covered in the professional audio-visual (Pro AV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the professional audio-visual (Pro AV) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Professional audio-visual (Pro AV) involves the integration and application of advanced audio and visual equipment and technologies tailored for professional settings. Pro AV is marked by ongoing innovation, with emerging technologies enhancing the quality, efficiency, and user experience of audio-visual systems.

The primary categories in the professional audio-visual (Pro AV) sector are products and services. Products encompass tangible audio-visual equipment and technologies used across different applications. Distribution channels for these products include direct sales and distributors, catering to various sectors such as home use, commercial environments, education, government, hospitality, retail, and more.

The professional audio-visual (pro-AV) market research report is one of a series of new reports that provides professional audio-visual (pro-AV) market statistics, including professional audio-visual (pro-AV) industry global market size, regional shares, competitors with a professional audio-visual (pro-AV) market share, detailed professional audio-visual (pro-AV) market segments, market trends and opportunities, and any further data you may need to thrive in the professional audio-visual (pro-AV) industry. This professional audio-visual (pro-AV) market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The professional audio-visual (Pro AV) market consists of revenues earned by entities through installation services, consulting services, rental services, and software solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The professional audio-visual (Pro AV) market also consists of sales of projectors, screens, sound systems, lighting, and video conferencing systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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