Sean Wargo, Senior Director Market Intelligence at AVIXA shared key market insights for the smart buildings industry, and importantly where the opportunities lie for pro AV. While every market sector appears to house a good opportunity, presently corporate is the biggest market with an annual revenue of $52 billion. But with a CAGR (compound annual growth rate) of just 5.9%, other areas with smaller revenues are showing impressive signs of growth. These markets could present some of the biggest opportunities, such as transportation, energy and utility, healthcare, and cinema.
Smart buildings span many solution areas within pro AV. Currently the biggest annual revenue drivers are conferencing and collaboration $38 billion, learning $33 billion, digital signage $31 billion, and content distribution and media $29 billion. Areas to watch out for that are showing healthy growth year on year include security and surveillance, live events, and simulation and visualisation.
The ingredient AV technologies behind these solution areas also tell an interesting story. Streaming media, storage and distribution is by far the most widely used AV technology within the smart building market right now, with an annual revenue of $68.5 billion and CAGR of 9.6%. The statistics also show great potential for video display and control technologies as demand rises; however, video projection appears to be declining (CAGR -4.9%).
Thanks to AVIXA for highlighting the scale of opportunity for our industry within smart buildings.
Watch the full AVIXA Insights session here