The experience economy leads the growth of the audiovisual sector

The IOTA study 2024, carried out by Avixa, highlights that the global revenues of the audiovisual integration industry will reach 422.000 millions of dollars in 2029. The experience economy, with technological solutions for live events and venues, It is the main driving force of this industry.

The industry of integration of audiovisual experiences will increase its overall revenue and go from 306.400 millions of dollars obtained in 2023 to reach a figure of 325.000 million dollars at the close of 2024.

Although this is a growth rate of 6,1%, is less than 6,9% from the previous year, as anticipated in the report Industry Outlook and Trends Analysis 2024 (IOTA) carried out by Avixa (Audiovisual and Integrated Experience Association).

According to this analysis of trends and perspectives, in the next five years, The audiovisual integration market will add revenue by 98.000 million dollars, with a compound annual growth rate (CAGR) of the 5,35%, so the forecast for 2029 is from 422 billion dollars of global revenue.

A first revealing piece of information from the IOTA report indicates that while the process of transformation and technological updating of the offices continues, The sector that leads the growth of the audiovisual sector is the so-called experience economy.

The IOTA report 2024 from Avixa offers data and analysis on the size of the audiovisual integration industry from a global perspective, plus regional and vertical breakdowns. Research covers product trends, solution categories and vertical markets.

“The growth factors have varied greatly in the broad panorama of the audiovisual integration sector. Technologies to integrate solutions conference and collaboration within companies are not moving as well as the solutions demanded by the manufacturing sectors. live entertainment and events. “Companies that focus solely on the integration of collaborative audiovisual systems may not fare as well as those that focus on entertainment solutions.”, states Sean Wargo, Vice President of Market Insight at Avixa.

Market drivers

Before the pandemic, The experience economy was one of the most influential trends, and today he has regained his position. Of 2024 al 2029, Global revenues from audiovisual solutions for venues and events will grow to 57.200 million dollars, with a CAGR of 6,3%, making it the fastest growing vertical market.

Everything related to in-person entertainment is growing rapidly. This includes the capture and production of content and transmissions via streaming., also known as broadcast AV.

The future of corporate office It's still a safe business.. Being the largest vertical market for the audiovisual integration industry, The fate of the offices also represented a source of anxiety during the pandemic. However, As trends evolve towards hybrid work, those concerns have diminished, opening new market possibilities and renewing confidence in this sector.

Corporate spaces will generate global revenue by 91.400 millions of dollars in 2029, driven by new construction, more opportunities in conferencing and collaboration solutions, the rise of content capture and production, as well as security solutions, surveillance and vital protection. Nevertheless, Growth in this sector is expected to slow slightly less than 5% in the next five years.

Global growth

The Asia-Pacific region continues to present solid growth in audiovisual integration, despite a decrease in 7,3% al 6,9% of 2023 a 2024, due largely to China's slowing growth rate. Within the region, India takes the lead as the fastest growing AV integration market, although China remains the one with the highest income.

In the Asia-Pacific region, live events and security solutions, surveillance and vital protection show strong growth rates of the 10, 8% and the 8,3%, respectively.

Led by North America market (Canada and USA) with an income projection of 104.000 millions of dollars in 2024, The audiovisual integration industry in the American continent is perceived as a mature market that takes advantage of innovation to sustain growth, in addition to offering a stabilizing effect on the digital infrastructure, particularly in Latin America. The region as a whole is experiencing increased revenue in audiovisual integration at venues and events, with a growth of 8,5% in North America and 10,2% in Latin America.

In the EMEA region (Europa, Middle East and Africa), the market of 86.400 million dollars is reinforced by the maturity of European markets with constant strategic investments and the promising developing markets in the Middle East, where the countries of the Cooperation Council for the Arab States of the Gulf (GCC) are experiencing notable growth. The fastest growing audiovisual integration sectors in the region are live events, shows and entertainment, and security.

Market challenges

On a global scale, The challenges of the audiovisual integration market experience the transition from supply chain problems to labor limitations, at levels similar to those before the pandemic. The wage increases show that the labor market remains very tight and that more workers are keeping their jobs at a higher cost for companies.

The impact of the artificial intelligence (IA) es notable. AI will reconfigure the audiovisual integration sector with contributions to intelligent automation in security systems, surveillance and protection; incorporating adaptable interfaces to command and control systems; and improving the experiences offered by conferencing and collaboration solutions.