According to a report published by Allied Market Research, the global event pro AV services market garnered $28.6bn in 2021, and is estimated to generate $56.9bn by 2031, manifesting a CAGR of 7.1 percent from 2022 to 2031. The report provides analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape.
The report traces the impact of the outbreak of the COVID-19 pandemic which had a negative impact on the growth of the global event pro AV services market, owing to the implementation of global lockdown, which impacted the events sector, with over 500 events either being cancelled, or permanently postponed. Events like investor presentations, international seminars, and trade exhibits were postponed, owing to social distancing norms.
On the other hand, the report outlines how the adoption of video conferencing systems by event organisers had a beneficial effect on the market’s expansion.
The report discusses segments and their sub-segments in detail with the help of tables and figures. Based on type, the entertainment segment held the highest share in 2021, accounting for around two-fifths of the global event pro AV services market, and is expected to continue its leadership status during the forecast period. However, the corporate segment is expected to register the highest CAGR of 7.6 percent from 2022 to 2031.
Based on platform type, the physical event segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global event pro AV services market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the virtual event segment is expected to manifest the highest CAGR of 7.7 percent from 2022 to 2031.
Based on category, the sound segment accounted for the highest share in 2021, holding around two-fifths of the global event pro AV services market, and is expected to continue its leadership status during the forecast period. However, the webcasting segment is estimated to grow at the highest CAGR of 8.1 percent during the forecast period.
Based on region, Europe held the largest share in 2021, contributing to more than one-third of the global event pro AV services market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 7.9 percent during the forecast period. The research also analyses regions including North America and LAMEA.
The report provides a detailed analysis of how key players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. More information is available here.
