Latin America. The market for professional audiovisual solutions and services in the Americas will grow to more than $112 billion in 2024, from $89 billion in 2019, according to AVIXA. The growth is reflected in the updated forecasts now available in the AVIXA Summary of the Americas 2019 AV Industry Outlook and Trends Analysis (IOTA).
Although the robust market bodes well for the region, forecasters expect the Asia-Pacific (APAC) market to outperform the Americas, reaching $90.6 billion in 2019 and $127.6 billion in 2024.
"Despite APAC's rise to the top spot as the largest region for pro-AV revenue, the Americas remain a vibrant market," said Sean Wargo, Senior Director of Market Intelligence at AVIXA. "Conferencing, collaboration and digital signage solutions dominate, thanks to continued investment from a variety of customer types. Even corporations, which may be shifting to a more cautious capital expenditure approach, continue to invest in technology to make it easier for remote employees and promote their brands. Overall, growth in professional VA may temporarily slow in the Americas, but that growth will remain stable through 2024."
According to IOTA Americas, the largest solutions segment in North America is media transmission, storage and distribution (SMSD), with $20.6 billion in revenue in 2019. The US SMSD segment amounts to $18.7 billion in 2019, while the Canadian market is nearly $2 billion. Although the North American SMSD market is more than 13 times larger than the South American market, South America is poised for faster growth. The strong SMSD numbers reflect a large investment in back-end systems to support content distribution and control.
According to global trends, the pro-AV video projection market in North America is poised for a sharp decline in the coming years, with revenues falling to $1.9 billion in 2024 from $3 billion in 2019. South America will follow suit, with revenues falling to $1.2 billion in 2024 from $2.1 billion in 2019. Pro-AV users in the region are moving away from projectors and toward larger flat panel displays due to falling display costs and less complex usage requirements.
The IOTA series of reports are produced by AVIXA together with IHS Markit. The AV Industry Trends and Outlook Analysis 2019 (IOTA) is published as a series of reports, including one global and three regional. The Americas, APAC and Global reports are now available for purchase, with discounts for AVIXA members. IOTA Europe will be available soon. For more information, visit https://avixa.org/IOTA
