Market Trends of Professional Audio-Visual Systems Industry
Growth in the Construction Sector Boosting the Demand for Furniture Products
- The increasing popularity of streaming services over traditional cable and satellite TV is driving the demand for professional content creation solutions. As high-quality content production attracts more viewers and subscribers, leading to increased revenue for streaming services, the demand for audio-visual systems to deliver high-quality content is increasing. Advancements in professional audio-visual technology are making it more affordable and accessible, fueling the growth of the market.
- The widespread usage of live video streaming services for educational purposes is being favorably influenced by factors like the ease with which educational video content might be accessed, the rising demand for mobile devices, and the expansion of internet accessibility.
- The growing adoption of cloud-based solutions boosts the growth of the market studied. Attracting and retaining a diverse audience while delivering consistent, high-quality video is one of the critical challenges content distributors face today. To solve this problem, recently, Salesforce and Amazon Web Services (AWS) announced an offering combining high-quality video streaming technology with viewer data and feedback analysis tools to help content distributors deliver more scalable, personalized viewer experiences.
- According to Flexera 2024 State of the Cloud Report, a large number of enterprises around the globe have already implemented or are in the process of implementing public cloud, running significant or some workloads. In addition, many enterprises are either experimenting with the features of public cloud for their businesses or plan to use the same in the forthcoming years.
- A paradigm shift across data storage owing to enormous volumes of digital content produced along with the increasing demand for creation, distribution, and conversion of video content is advancing storage demand across media and entertainment, propelling the growth of media and entertainment storage solutions. A rapid shift from physical to digital platforms and the growing popularity of 4K UHD content are significant factors driving the increasing adoption of storage media.
- Overall, the demand for professional audio-visual systems in the streaming media, storage, and distribution segment is expected to continue its upward trajectory. As the streaming industry grows, the need for professional content creation tools and efficient content management systems is expected to grow continuously during the forecast period.
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Asia-Pacific is Expected to Hold Significant Market Share
- Asia-Pacific is expected to dominate the market's share over the coming years due to the increasing advancements in the various industries across APAC countries like India and China. The region is significantly investing in professional AV systems, and various companies are increasingly establishing collaborations, which is expected to increase the market's growth.
- For instance, China, Japan, India, and Singapore are becoming prominent choices for hosting events. The region's market is experiencing growth due to factors such as higher disposable incomes, urbanization, and a growing interest in experiential events. Moreover, the market expansion is fueled by the rising demand for corporate events, trade shows, and technology conferences in countries like China and India. Furthermore, the significant investments and increasing popularity of AV systems in the media and entertainment sector regionally are expected to substantially impact the market.
- China is expected to contribute a significant portion of the region's share in the market. The increasing adoption of professional AV systems across the region's industries is expected to drive the segment's growth. The significant market share of China can be attributed to the country's flourishing venues and events, as well as its extensive entertainment sector. Furthermore, the increasing partnerships across different parts of the country fueled the market growth rate. Moreover, several companies and organizations are actively working in the region's AV industry, which is expected to drive the market forward.
- For instance, in May 2024, the successful conclusion of Beijing InfoComm China 2024 at the China National Convention Centre (CNCC) was marked by strong exhibitor participation and engaging conversations, highlighting the significant impact of the show on the industry. Serving as a conference platform, Beijing InfoComm China Summit 2024 showcased the dynamic and transformative power of Pro AV and integrated experience technology, providing a valuable masterclass. The event's primary objective is to promote growth, collaboration, and limitless innovation within the Pro AV industry.
- In Hefei, China, the 2024 Soundking Audio-Video Technology Achievements National Exhibition Tour was launched in March 2024 as a response to the appeal made by seven national ministries to foster the high-quality development of the audio-visual electronics industry. Soundking, the organizing company, extended invitations to CADAC, a prominent British mixing console brand, and KLING & FREITAG (K&F), a renowned German sound brand, to present their notable progress in the field of audio-video integration. Such developments in AV technology within the region are expected to drive the market.
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