InfoComm Report Sees Growth as Construction Market Rallies
InfoComm International expects an increase in end user spending on AV driven by an increase global construction spending, which is up 2.8% in 2016.
The AV trade association made the suggestion in its 2016 Environment Scan Report that analyses economic, political, social and technological trends from third-party sources including government publications and research reports.
James Chu, director of market research at InfoComm International, said: "To understand the direction in which the AV industry is heading, we must look outside ourselves at factors that impact us.
"This report explores the global environment we work in - its current state and potential future - and what that means for AV professionals. This resource will provide foresight for AV businesses building their strategies for the coming years."
InfoComm has released five highlights from the report:
Economics and Business: Growth in global construction spending will accelerate slightly in 2016, up to 2.8 percent, supported in part by an improvement in global economic growth. This may drive end-user spending on AV technology.
Political Environments: Trade agreements are created to generate mutual benefits among countries involved. But sometimes, such agreements present advantages and disadvantages that could impact one or more countries involved. When entering new international markets, AV firms should examine trade agreements because they could offer benefits or disincentives to doing business in that country.
AV Industry: Cisco estimates that less than 10 percent of the conference rooms in the world are connected via video. This leaves a lot of runway to upgrade the remaining 90 plus percent of conference rooms as customers embrace video and collaboration technology.
Social and Cultural Trends: Millennials now represent a majority of the U.S. workforce, and their expectations of an "always-on" experience are driving the adoption of AV technology. High performers of the future won't merely consume more technology; they will create new corporate cultures that use technology to enable people to adapt and learn, create new solutions, drive change and disrupt the status quo.
Technology and Innovations: Gartner predicts that the number of connected devices being used by municipalities will surpass 2 billion in 2017 and almost reach 10 billion by 2020. This may have implications for that way certain AV systems are designed and secured.