Audiovisual Systems (Global Market)

Chronicle

2023: Global global sales of audiovisual systems rose 5% over the year, to $154.56 billion

At the end of 2023, the global market for professional audiovisual systems reached $154.56 billion. For comparison, a year earlier, costs in this area were estimated at $146.95 billion. Thus, an increase of about 5% was recorded, as stated in the Market Research Future review, published at the end of September 2024.

One of the drivers of the industry in question, the authors of the study call the increasing demand for high-quality audiovisual experiences in various fields. Integrating cutting-edge technologies such as virtual (VR) and augmented (AR) reality improves the user experience and creates more immersive and engaging environments. The development of the market is also facilitated by technological advances, in particular, the introduction of artificial intelligence and machine learning. These tools improve the functionality and efficiency of audiovisual systems, making them more attractive to users. In addition, there has been an increase in sales of such equipment in developing regions, where urbanization is increasing and disposable income of citizens is increasing.

By component type, the industry is segmented into displays, projectors, cameras, microphones, speakers, amplifiers, mixers and controllers. Displays provide the largest revenue, due to the demand for high-resolution panels in various areas, such as video conferencing, digital signage and home entertainment. Projectors are another significant segment: costs here in 2023 amounted to $12.5 billion. The demand for projectors is due to the growing popularity of home cinemas and the use of such devices in educational institutions and at corporate events. Technologically, LED panels are in greatest demand due to their advantages, including high brightness, low power consumption and long service life. At the same time, OLED technology strengthens its position - thanks to excellent image quality.

Key buyers of professional audiovisual systems are corporate customers, government entities, educational institutions, health care providers, hospitality and leisure businesses, and retail companies. Among them, corporate buyers took the largest share in 2023. Geographically, North America dominates: an advanced entertainment and media industry in the region, combined with the presence of major players, contributes to significant growth. This is followed by Europe, driven by the increasing adoption of audiovisual systems in the corporate and educational sectors. Strong demand is also seen in the Asia-Pacific region.

Harman International, Sennheiser, Plantronics, Shure, Bose, NEC, Panasonic, Roland, Sony, AMX, Yamaha, Extron Electronics, AVID Technology and Crestron Electronics are named among the leading players in the industry. In general, as noted, the field of professional audiovisual systems is characterized by constant innovations and technological achievements. At the same time, suppliers are focused on providing improved user experience, enhanced functionality and cost optimization.

Market Research Future analysts believe that in the future, the CAGR in the market under consideration will be 5.18%. Thus, by 2032, costs on a global scale, according to the presented estimates, could reach $243.54 billion.^[1]

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