The audio visual hardware global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Audio Visual Hardware Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The audio visual hardware market size has grown strongly in recent years. It will grow from $282.52 billion in 2023 to $309.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to rising home entertainment systems, the proliferation of personal computing, the growth of the internet and streaming services, increasing demand for corporate and educational audio visual (AV) solutions, and the widespread adoption of mobile devices.
The audio visual hardware market size is expected to see strong growth in the next few years. It will grow to $450.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to the growing demand for virtual and augmented reality applications, the expansion of 5G networks, the increasing popularity of smart home systems, the rising adoption of e-sports and online gaming, and the growing trend of remote work and virtual collaboration. Major trends in the forecast period include the integration of AI for enhanced user experiences, the expansion of smart home and IoT-connected devices, advancements in wireless audio and video solutions, the trend toward seamless integration with smart home ecosystems, and the demand for high-performance gaming and e-sports equipment.
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Scope Of Audio Visual Hardware Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Audio Visual Hardware Market Overview
Market Drivers –
The increasing e-sports and online gaming are expected to propel the growth of the audio-visual hardware market going forward. E-sports and online gaming are competitive video games played individually or in teams, with matches often broadcast to audiences. The increase in e-sports and online gaming is due to better internet connectivity, the popularity of streaming platforms, and a growing interest in competitive gaming. Audio-visual hardware enhances the gaming experience by providing high-resolution visuals, immersive sound, and seamless connectivity, crucial for competitive play and audience engagement. For instance, in May 2024, according to Ukie’s 2023 Consumer Market Valuation Report published by Electrical Networks UK (ENUK), a UK-based organization, revenues from UK gaming events and venues surged by 140% year-on-year, reaching $12.9 million (£10.3 million) in 2023, up from $5.5 million (£4.35 million) in 2022. Therefore, increasing e-sports and online gaming is expected to drive growth in the audio-visual hardware market.
Market Trends –
Major companies operating in the audio-visual hardware market are focusing on developing technologically advanced solutions, such as all-in-one audio-visual devices, to meet the growing demand for integrated systems that offer streamlined user experiences. All-in-one audio-visual devices are integrated systems that combine speakers, cameras, microphones and displays into a single unit, simplifying setup and enhancing the user experience in environments like conference rooms and home theaters. For instance, in April 2024, Axis Communications, a Sweden-based manufacturer of network cameras, launched the AXIS Q9307-LV Dome Camera, an innovative all-in-one audio-visual device that enhances remote monitoring and communication. This multifunctional camera features 5 MP video, two-way audio, and preinstalled analytics for detecting coughing fits and stressed voices. It prioritizes privacy with the AXIS Live Privacy Shield and boasts a vandal-resistant design suitable for regular disinfecting. The AXIS Q9307-LV is a cost-effective solution that reduces installation and licensing expenses, making it ideal for applications such as tele sitting in healthcare and loitering detection in retail environments.
The audio visual hardware market covered in this report is segmented –
1) By Type: Equipment, Digital Signal Management (DSM), Cables And Connectors
2) By Distribution Channel: Direct Sales, Distributor
3) By Application: Professional, Consumer
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Regional Insights –
North America was the largest region in the audio visual hardware market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the audio visual hardware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the audio visual hardware market are Samsung Electronics, Sony Corporation, LG Electronics, Panasonic Corporation, Wesco International, Aviom Inc., Amphenol Corp., Harman Professional Solutions, Bose Corporation, Belden Inc., Crestron Electronics, Barco NV, Black Box, BenQ Corporation, Solotech Inc., Blackmagic Design, Kramer Electronics, Electrosonic, Ford Audio-Video LLC, Extron Electronics, Switchcraft Inc., Sennheiser, Avidex Industries LLC
Table of Contents
1. Executive Summary
2. Audio Visual Hardware Market Report Structure
3. Audio Visual Hardware Market Trends And Strategies
4. Audio Visual Hardware Market – Macro Economic Scenario
5. Audio Visual Hardware Market Size And Growth
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27. Audio Visual Hardware Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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