Event pro-AV services market seen doubling by 2031

The global event pro-AV services market is projected to grow from $28.6 billion in 2021 to $56.9 billion by 2031, according to Allied Market Research. Europe led the market in 2021, while Asia-Pacific is expected to grow fastest as hybrid, virtual and corporate events gain traction.

Why it matters: - The event pro-AV services market is tied to how companies, governments and organizations stage live, hybrid and virtual events. - Growth in this market points to rising demand for audio, video, lighting and webcasting support across business and public gatherings. - The market’s projected expansion to $56.9 billion by 2031 signals continued spending on event production and audience engagement.

What happened: - Allied Market Research valued the global event pro-AV services market at $28.6 billion in 2021. - The firm estimated the market will reach $56.9 billion by 2031. - The report projects a 7.1% CAGR from 2022 to 2031. - Europe held more than one-third of global market share in 2021. - Asia-Pacific is projected to post the fastest CAGR at 7.9% during the forecast period. - The report covers market segments by type, platform type, category and region.

The details: - Event pro-AV services include public address systems, background music systems, video conferencing systems, data and video projection systems, and teleconferencing systems. - The entertainment segment held the largest share by type in 2021. - The market is segmented by type into corporate, entertainment, public and others. - The market is segmented by platform type into physical event, virtual event and hybrid event. - The market is segmented by category into sound, visuals, lighting, webcasting and others. - Regional coverage in the report includes North America, Europe, Asia-Pacific and LAMEA. - North America coverage includes the U.S., Canada and Mexico. - Europe coverage includes Germany, France, the UK, Italy, Spain and the rest of Europe. - Asia-Pacific coverage includes China, Japan, Australia, South Korea, India, Singapore and the rest of Asia-Pacific. - LAMEA coverage includes Brazil, Saudi Arabia, South Africa, the United Arab Emirates and the rest of LAMEA. - The report lists market players including Shepard Exposition Services, Meeting Tomorrow, EventPro Solutions, WRG, Velocis Systems, Audio Visual Dynamics, AV Concepts, DSPAV, Event Solutions, Freeman Company, Panavid, Pro AV Services, Viad Corp, Black Box, Advanced Visual Production, ProAv Limited, Digital Vision Av, Awesome Group, BI WORLDWIDE, FCM, The Event Company, Creative Group, IBTM World, Meetings and Incentives Worldwide and WyreStorm. - The report includes a sample report, a purchase enquiry and a checkout page.

Between the lines: - Corporate events, entertainment events and higher consumer spending are expected to drive demand during the forecast period. - Growth in virtual platforms and related technologies should create new opportunities for service providers. - Developed IT and telecommunications infrastructure is helping push hybrid event adoption. - Venue and arrangements are the two most expensive parts of the business, which makes logistics and production quality central to margins and event outcomes. - The report says robust infrastructure in North America and Europe is supporting the meetings, incentives, conventions and exhibitions sector. - The European Commission’s investment plan, which targets digital, transport, energy, health and education infrastructure, could also support event-related demand. - The market was hit hard in 2020 as lockdowns canceled exhibitions, in-person meetings, trade shows, conventions and seminars. - International travel declines during the pandemic also weighed on the events industry. - Virtual events grew significantly in 2021, offsetting part of the disruption.

What's next: - Europe is projected to keep the largest revenue share in 2031. - Asia-Pacific is expected to remain the fastest-growing region through 2031. - Hybrid and virtual event formats are likely to keep expanding as digital tools become more widespread. - Event service providers are positioned to benefit from continued spending on corporate meetings, incentive programs and large-scale events.

The bottom line: - The market is moving from recovery to expansion, with hybrid events, digital infrastructure and corporate demand driving the next growth phase.