Audio-Visual Solutions and Devices​

Audio-Visual Solutions and Devices Global Market Outlook

• The worldwide video conferencing industry is estimated to reach $22.5 billion by 2026, increasing at a CAGR 19.7 percent between 2021 and 2026. The video conferencing market is likely to expand in the future, as organizations embrace new technologies quickly, and the APAC is expected to expand at a faster rate than other regions, due to its developing economies. By 2026, the audio-conferencing services market will reach $38.5 billion, growing at a CAGR of 12.1 percent between 2021 and 2026

• While North America is the greatest revenue market, the APAC is the largest unit shipping market, with much lower average selling prices, especially for USB cameras. The European region demonstrated the highest growth in 2020, followed by North America

Impact of COVID-19 on Audio-Visual Solutions and Devices Industry

• Beginning from the initial phase of the COVID-19, the impact in the AV industry was positive, due to a rapid shift of working culture directed towards remote working location. In addition, with the multitude of waves occurring, due to the mutated version of the virus, the demand of the AV industry would continue to be sustainable in the near future.

• Rapid digital transformation has resulted in a faster innovation engine in audio and video quality, as well as information sharing modalities, among other things

• A rising emphasis on enhancing the user experience is leading to more extensive feature sets and more incorporation of AI. In addition, concerns about background noise, video conference fatigue, meeting room safety and usage, and meeting room utilization and security are driving innovation

Audio-Visual Solutions and Devices Market: Drivers and Constraints

Industry Drivers

• The Revamped Workforce: COVID-19 facilitated the shift of the whole workforce to remote working, opening the path for video conferencing solutions and hardware items

• Office Space: The shift to a hybrid office environment and the ability to work from anywhere is providing long-term growth prospects

• Availability of Devices: The easy access of personal audio-video communication devices and all-in-one collaboration hubs by employees across industries, such as healthcare, education, retail, manufacturing, banking and financial services, has been a key driver in the space

• Analytics: The increasing integration of analytics and Artificial Intelligence, such as facial recognition, active noise cancellation, real-time closed captioning, proximity detection provides overriding utility that often supersedes the real-time interaction, which held dominancy during the pre-pandemic world

Constraints

• Privacy and Security: Organizations have significant reservations about the security and privacy of video material shared across various channels. Aside from that, corporations are also worried about copyright and Digital Rights Management (DRM) because of the possibility of abuse, as well as information leaks and data breaches. Therefore, prior to using video conferencing solutions, businesses must reorganize their plans for utilizing video conferencing services to overcome these limitations

• Number of participants: In conferencing solutions, particularly for audio conferencing solutions, the limits on the number of people that could be engaged in a single meeting is often seen as a restraint for audio-only conferencing implementation