Smart TV Market Size And Forecast
Smart TV Market size was valued at valued at USD 323.31 Billion in 2020 and is projected to reach USD 970.22 Billion by 2028, growing at a CAGR of 17.01% from 2021 to 2028.
Improving living standards, easy availability of high-speed internet, especially in developed countries, and the rising disposable income of the consumers is the major growth driver for the Smart TV Market. The Global Smart TV Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Smart TV Market Definition
Smart TV, also known as connected TV is a digital television with integrated internet and interactive features. Smart TV is a mixture of computer and social TV that allows users to use all the features of computers or smartphones on TV. In addition to this, smart TVs have additional hardware and connections along with a TV operating system & a graphical user interface (GUI). Smart TVs come with both an ethernet connection and built-in Wi-Fi which eliminates the need for a separate set-top box. It offers functionality such as web browsing, video-on-demand and video streaming from services such as YouTube & Netflix, internet radio via services such as Pandora, social networking from sites such as Twitter & Facebook, apps, games and more.
Smart TVs are focused towards online interactive media, Internet TV, over-the-top content, as well as on demand streaming media, and home networking access, and comparatively less focused on the traditional broadcasting media offered by traditional television sets and set-top boxes. Smart TVs enable viewers to search and view photos movies, videos, as well as Web content, local cable TV channel, on a satellite TV channel, or on a local storage drive. While content providers are engaged in digitizing data, Smart TVs have progressed to a point of conjunction of broadband & broadcasting technologies management, on-board entertainment, among others. An increased consumer demand is observed for latest surround sound technologies such as Dolby Digital and DTS to accompany their superior visual experience.
Get | Download Sample Report @ https://www.verifiedmarketresearch.com/download-sample?rid=39774&utm_source=Free&utm_medium=004
While traditional smart TVs relied heavily on device manufacturers to include various apps and features, Android TVs completely shifted the control and power to the developer community and users. By providing specific extensions as part of the L project, Google, and Android in particular, seemed to hint at a greater presence in the smart TV market. Android TVs creative vision revolved particularly around providing cinematic experience, casual consumption, and simplicity to the viewer. Television manufacturers are open to integrate TV into the Android ecosystems.
Global Smart TV Market Overview
Improving living standards, easy availability of high-speed internet, especially in developed countries, and the rising disposable income of the consumers is the major growth driver for the Smart TV Market. In addition to this, the high investment of key players for the development of advanced smart TV’s and a substantial drop in the price of smart TV have triggered the demand for smart TV’s. For instance, in July 2020, LG has introduced a pair of new 4 K LED smart TVs in India with support for 4K active HDR and X sound technology. Furthermore, smartphone compatibility, screen sharing, web browsing & convenience, better viewing experience, enhanced color accuracy, and bright colors are the features that are expected to support the growth of the market. However, high-cost associate with the smart TV’s and risk of data privacy & security are the elements which might hamper the market growth. Smart TV, one of the newest innovations in television and smart home appliance industry, has exhibited a strong growth across the globe. Most television manufacturers have been inclined towards expanding their product portfolios with smart TVs, resulting in considerable price reduction of entry level smart TVs. Easy availability of internet worldwide along with continuous development of the internet of things technology is fueling the market demand over the period.
Furthermore, increased consumer spending along with adoption of extravagant lifestyle in developing countries such as China, India, Mexico and Brazil among others is anticipated to fuel the market growth in the aforementioned countries. India was estimated to be the third largest market for smart home devices in the world. Smart speakers and smart lighting systems are among the most commonly used smart home devices, in households. Amazon and Philips were the most popular brands for these two categories respectively. The use of Android operating system by various smart TV manufacturers has enabled easy access to OTT platforms such as Hulu, Amazon, Netflix, and YouTube among others. Additionally, the Google platform also offers access to major Android-based applications, such as Twitter, Facebook, among others. Furthermore, Android TVs also has voice commands features, allowing the user to operate TVs eliminating the use of typing feature. For instance, the Sony One-Flick remote has an inbuilt mic which maps the voice commands of the user to search for their favorite channels and shows. Along with the applications, Android also offers in-built games, music, and movies.
The COVID-19 pandemic outbreak has resulted into strict lockdowns imposed by various government authorities. This has restricted the movement of vehicle as well as people, which in turn has augmented the demand for online video streaming and use of OTT platforms ultimately leading to increased demand for smart TVs. Stringent lockdowns and suspension of manufacturing processes by companies and trade suspensions by various countries has severely impacted the consumer electronics industry resulting in a substantial production slowdown. This is anticipated to temporarily affect the Smart TVs market growth.
Global Smart TV Market Segmentation Analysis
The Global Smart TV Market is Segmented on the basis of Screen Size, Technology, Application, And Geography.
Ask For Report Details @ https://www.verifiedmarketresearch.com/product/smart-tv-market/?utm_source=Free&utm_medium=004
Smart TV Market, By Screen Size
• Below 32 inches
• 32 to 40 inches
• 40 to 47 inches
• 48 to 55 inches
• Above 55 inches
Global Smart TV Market is segmented into Below 32 inches, 32 to 40 inches, 40 to 47 inches, 48 to 55 inches and Above 55 inches on the basis of screen size. The 46 to 55 inches category holds a significant market share in Smart TV market for 2020. Deteriorating prices coupled with integration of 4K technology enabled with attractive features are encouraging consumers to purchase TVs with larger screen sizes. Increasing demand for larger TV screens is expected to contribute towards segment growth over the forecast period. Furthermore, The price decline due to relatively low import duty on TV panels, higher penetration levels and the introduction of small entry-size models are key growth drivers in the segment.
Smart TV Market, By Technology
• OLED
• QLED
• LED
• Plasma
• Others
Global Smart TV Market is segmented into OLED, QLED, LED, Plasma and Others on the basis of technology. OLED technology (Organic Light Emitting Diodes) used in TVs enhance display brightness as well as are more efficient, flexible. thinner, and exhibit higher contrast and faster refresh rates than either LCD. Hence OLEDs have high quality picture displays. Furthermore, OLED TV technology requires no backlight and permits each pixel to create its own light. Thus, resulting in light uniformity that’s nearly perfect from edge to edge. The aforementioned features contribute towards the increased popularity of OLED Smart TVs among consumers, thus positively impacting the segment growth.
Smart TV Market, By Application
• Residential
• Commercial
Global Smart TV Market is segmented into Residential and Commercial on the basis of Application. Residential segment is anticipated to hold a signification share in Smart TV market. Sony Corporation, LG electronics, Samsung are among the prominent players offering Smart TVs for residential use. A residential television warranty, though, is very limited if the television is placed in a commercial role. Residential televisions are expected to display moving images constantly, while commercial displays often cycle through a series of fixed images and layouts, or maintain a single layout for days, weeks or months on end.
Smart TV Market, By Geographic Scope
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of Geography, the Global Smart TV Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific accounted for the major revenue share owing to the increased adoption of next-gen emerging technologies. Rapidly flourishing developing economies along with increased consumer spending is contributing towards market growth in the region. Presence of industry giants such as, Sony corporation, Panasonic, LG and Toshiba Corporation among others is further fueling the market growth in the region. India’s TV shipments grew 10 percent driven by increased OTT content consumption and consequently due to a growth in average time spent. This is expected to drive the Smart TV market demand in the country over the forecast period.
Key Players
The “Global Smart TV Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Samsung, Haier Electronics Group Co., Ltd., LG Electronics, Inc. Panasonic Corporation, Koninklijke Philips N.V., Sony Corporation and Toshiba Corporation among others.
For More Information @ https://www.verifiedmarketresearch.com/download-sample?rid=39774&utm_source=Free&utm_medium=004
About us –
Verified Market Research is a leading Global Research and Consulting firm that has been providing advanced analytical research solutions, custom consulting and in-depth data analysis for 10+ years to individuals and companies alike that are looking for accurate, reliable and up to date research data and technical consulting. VMR offers insights into strategic and growth analyses, Data necessary to achieve corporate goals and help make critical revenue decisions.
Our research studies help our clients make superior data-driven decisions, understand market forecasts, capitalize on future opportunities and optimize efficiency by working as their partner to deliver accurate and valuable information. The industries we cover span over a large spectrum including Technology, Chemicals, Manufacturing, Energy, Food and Beverages, Automotive, Robotics, Packaging, Construction, Mining & Gas. Etc.
We, at Verified Market Research assist in understanding holistic market indicating factors and most current and future market trends. Our analysts, with their high expertise in data gathering and governance, utilize industry techniques to collate and examine data at all stages. They are trained to combine modern data collection techniques, superior research methodology, subject expertise and years of collective experience to produce informative and accurate research.
Having serviced over 5000+ clients, we have provided reliable market research services to more than 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony and Hitachi. We have co-consulted with some of the world’s leading consulting firms like McKinsey & Company, Boston Consulting Group, Bain and Company for custom research and consulting projects for businesses worldwide.
Contact us:
Mr. Edwyne Fernandes
Verified Market Research
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll-Free: +1 (800)-782-1768
Website:-https://www.verifiedmarketresearch.com/
Email: sales@verifiedmarketresearch.com
Try Our New Dashboard :-https://www.verifiedmarketresearch.com/dashboard/?utm_source=Free&utm_medium=004
