The European pro-AV market has been slumping since 2014, but there are opportunities elsewhere in the world, according to a new report from the Audiovisual and Integrated Experience Association (AVIXA).

While the residential AV market has been struggling as of late, the pro-AV market is being seen as a significant area of growth for many manufacturers. Unfortunately, that isn’t the case for the pro-AV market in Europe, even though Asia Pacific is fuelling significant growth in the industry.

The 2017 AV Industry Outlook and Trends Analysis (IOTA) global summary shows the pro AV industry generated $178 billion in 2016 and is expected to reflect an increase of about 4.7% annually through 2022 to almost $231 billion, good for an additional $52 billion through that time.

“While European revenues contracted relative to 2014 industry value, significant value creation in Asia-Pacific sustained global AV growth,” according to the executive summary of the global outlook.

The hospitality market—including hotel chains, independent hotels, casinos, cruise lines and resorts—will double from $7 billion in 2014 to $14 billion in 2022, according to the IOTA global summary. Streaming media storage and distribution, video displays, and capture and production equipment are expected to make up two-thirds of the revenue in this sector.

Pro AV sales in the health care market will also reach double-digit growth around the world through 2022.

The global summary follows the release of several regional IOTA reports, including one focused on the Americas that forecasts the region will grow from about $65 billion in 2016 to $83 billion in 2022. AVIXA released similar reports for Asia-Pacific and Europe earlier this year.

London-based IHS Markit compiled the research for the IOTA reports on behalf of AVIXA.

“The IOTA Global Summary provides a 360-degree view of the pro AV market, from product trends to vertical market analyses, on a worldwide scale,” says Sean Wargo, senior director of market intelligence for AVIXA, in a press release. “With diverse markets around the world, it’s crucial to understand the various elements influencing end users’ buying habits. This report will arm AV firms with the insight needed to build comprehensive business strategies.”

The AVIXA report ‘provides a view of the AV industry from several different levels and perspectives starting with macro trends, from worldwide technology to global events’, according to the AVIXA announcement.

“These trends translate into opportunities within thriving vertical markets, such as healthcare, hospitality and retail. Furthermore, these opportunities are reinforced by the underlying technology shifts influencing AV solutions, such as cloud services and IT systems.”

Other key findings from the IOTA global summary include cloud services becoming more common for IoT-based visualisation solutions, reducing operational cost, increasing productivity and providing futureproofing to users.

The research also shows video display and projection market segments dropping about 13 percent from 2014 to 2017. The projector market is expected to drop about $1 billion in that time, offset by a gain of $3.5 billion for displays, but “the projection and displays segments – taken together – cannot weather contraction in the market for projection screens and accessories.”

Looking ahead, however, IOTA predicts the 14 percent projected annual growth in displays sales through 2022 “will more than make up for the estimated dip in projection sales.”

IOTA predicts the global security, surveillance and life safety solutions markets to grow from $14.7 billion in 2016 to $22.9 billion in 2022.

About half of the 2016 total came from the sales of security cameras, while $15.4 billion of the 2022 projection is rooted in by 2022, capture and production equipment. Similarly, sales of digital signage solutions are poised for worldwide growth, rising more than 8 percent per year, on average, through 2022.

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