InfoComm International has officially released its Industry Outlook and Trends Analysis of the 2017 AV industry, and it’s something all AV companies should take note of. In order to stay on top of the continuously evolving industry, understanding what’s impacting the industry and what changes are taking shape is vital to making informed business decisions.
Understanding the Industry Outlook and Trends Analysis (IOTA) report is one simple way to stay informed on product performances, market trends, and the economic outlook for AV companies around the globe. Not only will this help companies make better business decisions, but it will also help safeguard the future of AV business success.
To help you stay informed on AV industry trends, here is everything you need to know from InfoComm’s 2017 IOTA report:
One of the most exciting findings from the report involves the economic outlook for the AV industry, as outlooks show the future of AV is strong. In 2016, the Americas generated approximately $65 billion, and it’s anticipated that, by 2022, the region will grow to reach over $83 million in value. Considering the moderate contraction of 2015, this outlook looks undeniably exciting.
In terms of the U.S., the country still comes in as the world’s largest AV market. In 2016, the industry was worth $53 billion and it’s also expected to grow. Projections show the industry will steadily grow by four percent each year, all the way through to 2022.
What does this mean for AV companies? The industry is growing! Healthcare, hospitality, retail, education, and business markets are all investing in AV solutions that better their businesses and make their worlds more convenient. From LED display screens to digital signage, there are a number of products that are increasing in popularity and generating higher demand.
Most AV professionals had a feeling streaming media wasn’t just a fad—and they were right! In fact, media streaming, storage, and distribution systems generated over $17 billion in 2016 alone. As the cherry on top, these systems now account for over 26 percent of the entire AV market in the Americas. That’s one industry trend all AV companies need to be aware of.
On top of streaming media, a handful of other AV solutions are about to take over the AV industry, with steady growth in a number of product categories. Command and control, conferencing and collaboration, security and surveillance, digital signage, simulation and visualization, and live events are expected to grow from $33 billion in 2017 to over $40 billion by the end of 2022.
What does this mean for AV companies? It means companies are beginning to care more about their security measures and how they communicate through conferencing devices, and exploring new techniques for digital signage. Live events are becoming more popular than ever before, inviting in the opportunity for a number of different AV technologies such as LED displays, projectors, and live-streaming equipment.
Staying on Top
Understanding the trends and outlooks highlighted in the IOTA report is essential for AV companies when it comes to knowing what to expect in the upcoming years, where the industry is headed, and how they can prepare. Without this knowledge, companies run the risk of making poor businesses decisions and lacking in preparedness as these trends start to take shape.
Don’t ignore the trends—read the full report online today to see what you can expect in the forever-evolving AV industry.