Which Key Pro AV Market Verticals Will Fuel the Growth Engine in 2024?
Several pro AV market verticals are positioned to drive meaningful recovery and growth in 2024 after sluggish momentum in the prior year. Key segments within the audiovisual industry are expected to reverse recent declines and fuel a broader market rebound. The analysis highlights which verticals present the strongest growth opportunities for AV integrators and vendors.
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Key takeaways
Select pro AV market verticals are poised to lead industry recovery in 2024 after a sluggish prior year.
Segment-level analysis helps AV integrators and vendors prioritize where to focus growth efforts.
Understanding vertical-specific demand drivers is critical for capitalizing on the 2024 rebound.
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After a somewhat disappointing 2023 in the Pro AV industry, look for several AV market verticals to lead the way to a successful 2024.
In a recent report by AVIXA, the Pro AV Sales Index (AVI-S) for December 2023 showed a promising increase, ending the year at 60.4, a figure close to the previous year. Despite this uptick, 2023 witnessed slower growth in the commercial audiovisual industry compared to 2022, with the year-on-year net index falling to 67.1 from 2022's 72.5. Notably, the industry experienced varied growth across different segments; while end users and integrators reported positive outcomes, manufacturers faced challenges due to lingering supply chain issues from the previous year. The AV Employment Index (AVI-E) remained stable, reflecting a consistent labor market in line with broader economic trends. Internationally, the gap between North America and other regions narrowed, indicating a resilient global market facing economic challenges.
Internationally, the gap between North America and other regions narrowed, indicating a resilient global market facing economic challenges.
Which AV market verticals will lead to growth in 2024, and how will different segments adapt and thrive in this evolving landscape?
In this episode of MarketScale's Experts Talk series, host Ben Thomas of Pro AV Today gets perspectives from Daniel Brown, the Editor of Digital Signage Today, Brandy Alvarado-Miranda, the Founder & Director of WAVIT, Peter Hansen, the Economist at AVIXA, and Megan Zeller, the Sr. Director of Business Development at Peerless-AV®. Their discussion centers on the performance of the Pro AV industry in 2023 and predictions for market growth in 2024, focusing on various sectors like education technology, digital out-of-home, transportation, and critical control rooms.
Key Points of Discussion:
- Growth in Different Sectors: The panel looks at the potential for significant growth in education technology, digital out-of-home, and transportation, highlighting the importance of adapting to end-user demands and technological advancements.
- Global Market Trends: Insights into the growth of Pro AV markets globally, focusing on regions like Latin America, Southeast Asia, and India, emphasizing the importance of understanding regional differences and opportunities.
- Challenges and Opportunities: The conversation touches on the challenges faced by different segments of the Pro AV industry, including supply chain issues and the need for education about professional-grade products, and explores opportunities for growth and innovation.
Daniel Brown has established himself as a leading voice in the world of digital advertising and audiovisual content. With a background in multimedia journalism and a keen eye for emerging trends, he brings a wealth of knowledge about the intersection of technology, advertising, and consumer engagement.
Brandy Alvarado-Miranda is not just the Founder and Director of WAVIT but also a trailblazer in advocating for diversity and inclusion within the AV and IT industries. Her career spans over a decade in marketing and business development, focusing on building networks and platforms that support women and underrepresented groups in technology. Brandy's work in creating collaborative spaces and her commitment to mentorship have made her a respected figure in fostering community growth and empowerment.
Peter Hansen offers a unique perspective that blends economic analysis with understanding the AV industry's dynamics. His expertise is interpreting market data and economic trends to forecast the industry's future. Peter's role with AVIXA involves analyzing current market conditions and predicting future developments, making him a crucial voice in understanding the economic underpinnings of the Pro AV sector.
Megan Zeller's role with Peerless-AV goes beyond traditional business development. Her expertise encompasses developing strategic partnerships, identifying new market opportunities, and driving innovation in AV solutions. With a deep understanding of the AV industry's technical and commercial aspects, Megan has been instrumental in steering her company toward new frontiers in AV technology and applications.
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About the author
Ben Thomas serves as Head of Pro AV at MarketScale, where he leads content and media strategy for the pro AV sector. With over 15 years of award-winning experience across large-scale events, network television, OTT platforms, and podcasting, he has guided major B2B brands including Intel, Sennheiser, Samsung, and Philips to billions of content interactions. He holds a B.A. in Mass Communications and is recognized for his expertise in podcast hosting, public speaking, marketing, and content strategy.
