International. InfoComm International presented seven studies that investigated trends in various customer segments served by the AV industry.
InfoComm's seven Vertical market and end-user Insights Studies offer critical insight into corporate, education, government, retail, healthcare, hospitality, and venues (including houses of worship) markets. Each in-depth study is approximately 80 pages long and is based on research and interviews with technology end users around the world.
"These Vertical Markets studies paint an exciting picture for companies that are looking to grow their businesses and meet changing customer needs," said David Labuskes, CTS, RCDD, Executive Director and CEO of InfoComm International.
InfoComm commissioned Acclaro Growth Partners, which has worked in the past on the Partnership Global Market Definition and Strategy Study (MDSS), to conduct the international vertical market study. One of the objectives was to explore the profiles of people who buy audiovisual goods and services and the decision-making criteria they use.
According to InfoComm's 2014 MDSS, the global market for professional AV products and services grew to $91.8 billion in 2014 from $75.5 billion in 2012. It is projected to reach US$114.2 billion in 2016.
The researchers found that in certain segments, the end users interviewed were able to deliver considerable return on investment by standardizing AV technology. Standardization helped drive purchases across their organizations.
Other highlights of InfoComm's Vertical Markets study include:
Corporate: The growing influence of consumer products is changing employee expectations and AV technology in the workplace.
Education: End users in this market recognize that AV technology contributes to the delivery of greater results. AV is no longer a luxury; it has become a 'must's' in order to attract students.
Retail: Most of the growth in this segment is in the high-end retail segment, while the lower end is more cost-conscious and driven by the lower-cost trend offers displays and digital signage out of the box.
Government: As in the corporate market, government customers are investing in AV solutions for training rooms and meetings, with a particular demand for mobile video and collaboration. Government remains an influential sector of the overall Pro-AV market by influencing purchases from other customer segments.
Health: The goal of many health end users is to invest in technologies that reduce costs and improve outcomes. So far, most of the opportunity is on the side of the healthcare company, rather than specialized technology towards the patient. There is also a high demand for audiovisual technology in medical education centers.
Hospitality: AV is in high demand in the hospitality segment, driven by guest expectations. With the hotel and cruise industry growing worldwide, the implementation of AV technologies is of increasing importance for competition between brands.
Venues: Tech-savvy audiences have high expectations for their experiences in event spaces. Places large and small around the world are embracing the latest technologies to remain competitive.
Vertical market research is now available for purchase, with discounts for InfoComm members. For more information, visit infocomm.org/verticalmarkets.
