Seeing is believing. Hearing is, too.
The audiovisual (AV) industry lies at the heart of many IT projects. AV technology determines how we connect, communicate, and experience the world around us––which explains its prominence in the service delivery space.
AV is a $258 billion industry, and according to AVIXA, it is expected to grow at a compound annual rate of 7.2% over the next five years.
Service companies with their finger on the pulse can capitalize on this growth. Here are three AV trends to keep an eye on.
1. Hybrid workplaces continue to drive AV spending
To many, hybrid work already feels like a well-established norm. But in truth, companies in virtually every industry are still devising the best way to connect office spaces and employees working from home.
In Q2 2022, boardroom/group collaboration spaces accounted for 36% of new office investments. This represents a huge opportunity for service companies with the capacity to perform AV work.
As companies continue to lure employees back into the office, they recognize the need to make hybrid work seamless and productive with updated, high-quality AV equipment. This IT investment is no longer a nice-to-have; it is a business imperative for companies looking to retain and attract talent during a labor shortage. Service companies that recognize this imperative can position themselves as go-to resources for evolving corporate needs.
2. Supply chain issues complicate things––but there are solutions
A recent survey of AV leaders found that 91% of respondents faced supply delays. While signals of improvement are cause for optimism, the fact remains that supply chain issues are still a defining problem in the AV industry and elsewhere.
Still, companies are finding inventive ways to circumvent this obstacle.
Early purchasing, finding workarounds to avoid scarce/expensive products, and increasing the involvement of technical staff in planning are proving to be the most effective ways to combat supply chain issues.
3. Touchless environments create new opportunities
COVID-19 made it necessary for businesses to build stronger and more resilient systems for sharing information. In most cases, this accelerated the transition from analog materials to digital devices and displays.
Combined with lingering anxieties around interpersonal contact, this trend encouraged the widespread implementation of touchless technology.
AV plays a significant role in this movement toward safe and user-friendly technologies. This is especially pronounced in the experience economy as it continues its post-COVID rebound. Live events, hospitality, and entertainment are creating many new opportunities for Pro AV service providers.
Want more insight on AV trends?
Technicians in the Field Nation network have completed AV projects for more than 2,500 clients across the country. Connect with our team for more information on how on-demand labor can help you navigate the changing AV landscape.