The AVIXA study anticipates good news for the professional audiovisual sector, as it estimates that its global revenues will increase from 261.45 billion euros in 2023 to 341.7 billion euros in 2028.
The professional audiovisual industry is poised to add about 85 billion euros in additional revenue over the next five years, bringing it to a total of 341.7 billion euros in 2028, according to the report Industry Outlook and Trends Analysis 2023 (IOTA 2023) conducted by AVIXA (Audiovisual and Integrated Experience Association). Once recovered from the effects of the pandemic, the industry is prepared for a period of healthy growth until 2028, even if year-over-year percentages decrease slowly.
The IOTA 2023 report from AVIXA offers data and analysis on the size of the professional audiovisual sector from a global perspective, along with regional and vertical breakdowns. The research covers product trends, solution categories, and vertical markets.
"The update to this year's professional audiovisual sector forecasts shows that we've returned to the growth pace that would have been considered more normal before the pandemic," states Sean Wargo, Vice President of Market Intelligence at AVIXA. "However, if you look beneath the surface, you can still see a varied landscape of opportunities. Immersive experiences in the venues and events market are one of the most interesting solutions to keep a close eye on."
The revenues of the professional audiovisual sector will increase from 261.45 billion euros in 2023 to 341.7 billion euros in 2028, representing a Compound Annual Growth Rate (CAGR) of 5.6%. The short term shows a mixture of demand growth and deflation as supply issues improve. While 2022 was slightly better than initially expected, this came at the expense of growth results for 2023, as recovery was brought forward from 2023 to 2022. In net terms, the total revenues of 2023 reflect the compensatory effects of high demand and deflation in some basic categories.
AVIXA's IOTA 2023 Report
The economies of APAC (Asia Pacific) experience higher growth each year, contributing to its position as the largest spending region in the professional audiovisual industry. The most notable aspect is the return of live events, which has revived the equipment rental and setup services market. Digital signage is expanding more rapidly in APAC, with a growth rate of 7.2% as the consumer base grows.