Global Smart TV Market: Demand Analysis and Growth Forecast
Recently, it has been observed that the consumers are prevalently getting internet connectivity to the TV screen, which is significantly stroking the smart TV market. This resonates with the findings by IndustryARC’s market analyst that is documented in a latest research report titled “Smart TV Market: By Component (WLAN Adapter, Camera, Software, Keypad, Others); By Application (Home Entertainment, Education, Corporate Sector and Others) & By Geography (Americas, Europe, APAC, ROW, Others) – Forecast (2019 - 2025).” According to the report, in 2018, the global smart TV market size was $130 to $140 billion, and the demand is estimated to grow with a CAGR of 8% to 10% during the forecast period of 2019 to 2025. Smart TV is an integrated technological intersection of set-top boxes, which can be essentially provided with Internet TV, over-the-top content, and on-demand streaming media.
The development in technology has evolved the smart TV market, and it will make it smarter by adding Amazon Alexa and Google Assistant which would not require separate smart speaker. According to AARP’s report for 2018, 49% of the people own smart TV and another 9 million people are planning to buy one by 2020. The audience is preferring more of 46 to 55 inches smart TV, and the demand for this segment of smart TVs will increase with application superlative CAGR of 13% to 15% during the forecast period of 2019 to 2025.
Browse 50 Market Tables, 176 Figures spread through 165 slides and an in-depth TOC “Smart TV Market (2019 - 2025)”
Global Smart TV Market: Leading Segment
According to Asia Avia, the growth of the smart TV market demand in APAC has been driven due to number of people registering for smart TV, with China being the second largest in the market with 39 million customers. Moreover, India has the largest smart TV market with 155.4 million customers in 2017. These two market collectively account for 80% of the regions total pay smart TV market. Furthermore, APAC held 35% of the regional smart TV market share. With this sustained growth, APAC can continue leading the global smart TV market. Major market players of the region have started focusing on the expansion of its presence worldwide, due to which there is an immense threat for new entrants.
Global Smart TV Market: Market Trends and Drivers
The continuous development in the smart TV has been flourishing since a decade. The growth of demand in the smart TV market is unstoppable with the latest innovations that are happening frequently.
- IMAX to Become the Future of Home Television
IMAX is an enhancement to the High Dynamic Range technologies. It is made with the concept of ensuring high watermark for 4K content. IMAX had to team-up with the DTS, which has its own series of digital sound technologies. DTS is codec technology that is for home audio equipment. IMAX equipment are designed considering the highest audio and video performance standards. Sony Electronics, Sound United, Sony Pictures, and Paramount Pictures are the first one to adopt this. This technology is going to create a seismic shift in the Smart TV market as new players will bring upon indigenously developed IMAX TVs.
- Futuristic TV Screen- OLED Technology
Organic light emitting diode technology is the next generation artificial intelligence advancement viable innovation. The manufacturers are now producing roll-to-roll OLEDs, keeping in mind the flexible display and lighting of the product. This creates a scope for the plastic market as it helps in protecting it from moisture and oxygen. The bent displays and watches have already made their way in the market.
Smart TV Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global smart TV market are: Sony Corporation, LG Electronics, Inc., TCL Corporation, and Koninklijke Philips N.V., Haier Electronics Group Co., Ltd, Intex Technologies, LeEco, Panasonic Corporation, Sansui Electric Co. Ltd., Samsung Electronics, Toshiba Corporation, and Videocon Industries Limited.
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