As more established and rising companies introduce TV sets with 8K and 4K resolutions, the demand for connected TVs is anticipated to rise.
The market for connected TVs market is expected to reach a value of $12.6 billion in 2022 and $16.2 billion in 2032. In the forecast period from 2022 to 2032, it is anticipated to demonstrate growth at a CAGR of 13.7%. The demand for connected TVs is expected to increase in the near future as more established and emerging firms release TV sets with 8K and 4K resolutions.
The television industry is undergoing a significant transformation on a global scale. Around the past few years, linked TVs have become more popular all over the world. In essence, it is a TV with an internet connection. Through a type of remote control, connected TVs enable users to access all kinds of non-linear web content. Through Wi-Fi connectivity, connected TVs enable users to access social networking sites like Google, Facebook, and others and provide a feature for recording TV shows.
As a result of their effectiveness and efficiency, linked TVs now offer a variety of functions and are more readily available. With the advancement of technology, these TVs are now just as ideal for web browsing, internet, and video as personal PCs.
Apart from this, connected TV’s supports in Ethernet, USB, Wi-Fi, Bluetooth, and flash memory cards from digital cameras and HDMI and other video-audio connections. The global connected TV’s market shipments and revenue have showcased substantial growth in 2014 and is projected to escalate at a rapid pace during the period 2015-2025.
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Global Connected TV’s: Market Segmentation
The Global connected TV’s market is segmented on the basis of applications such as internet access, entertainment, and for the purpose of education. Besides this, the global connected TV’s market is also divided on the basis of capabilities which includes internet surfing, live videos, TV broadcasting, program recording, video on demand and others. It has been observed that one of the major trends arriving in the global connected TV’s market is the rising acceptance of connected TV’s in advertising which aids advertisers in flourishing their customer base. Thus with the advent of connected TV’s advertisers can grasp the attention of viewers by placing striking advertisement such as multi-screen advertisements.
Global Connected TV’s Market: Growth Drivers
Higher spending on electronic items by consumers is one of the major growth drivers of the global connected TV’s market which is anticipated to bolster the market till 2025. The rising number of technologically developed devices accessible in the market is anticipated to foster the demand for devices that provides multi-functional capabilities to customers and is likely to enhance the adoption of connected TV’s. The huge investments in the advancement in technology by the manufacturers as well as the rising significance of internet in day to day activities will fortify the global connected TV’s market during the forecast period.
Global Connected TV’s Market: Regional Outlook
Geographically, the Global Connected TV’s market can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. Due to maturity of the market and large number of technology savvy people, North America and Europe captured the significant share in the global connected TV’s market in 2014. Gradually connected TV’s are gaining popularity in Asia region with the rising awareness and change in preferences of Asian consumers. In the next 10 years till 2025, Asian region will capture the major share in the global connected TV’s market.
Global Connected TV’s Market: Players
Some of the key vendors identified across the value chain of global connected TV’s market include LG Electronics, Samsung Electronics, Sony Corporation and Panasonic. It has been noticed that Samsung shipped the highest number of connected TV’s during the quarter 1, 2015. Moreover, Sony still has the major connected TV’s in terms of device installed followed by Microsoft and Samsung. There are other prominent vendors dominated the global connected TV’s market which include Haier, Intel, Onida, Toshiba, Microsoft, Apple, Videocon, and others.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 12, 2023
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