The connected TV’s market is expected to reach a value of $12.6 billion in 2022 and US$ 16.2 Billion in 2032. It is anticipated to demonstrate growth at a CAGR of 13.7% from 2022 to 2032. The demand for connected TVs is expected to increase shortly as more established and emerging firms release TV sets with 8K and 4K resolutions.
The television sector all across the world is facing a deep restructuring. Connected TVs have gained traction over the past few years all over the world. It is a TV set that links to the internet. Connected TVs allow the consumer to access all forms of non-linear web content through a form of remote control. The connected TVs allow users to access social networking sites such as Google, Facebook, and others through Wi-Fi connectivity and offer a facility to record TV programs.
Due to effectiveness and efficiency, connected TVs have gained various features and have become affordable. With the technology change, these TVs are becoming as suitable as personal computers when it comes to web browsing as well as internet and video browsing.
Apart from this, connected TVs support Ethernet, USB, Wi-Fi, Bluetooth, and flash memory cards from digital cameras and HDMI and other video-audio connections. The global connected TV market shipments and revenue have showcased substantial growth in 2014 and are projected to escalate at a rapid pace during the period 2015–2025.
Global Connected TV’s: Market Segmentation:
The Global connected TV market is segmented based on applications such as internet access, entertainment, and for the purpose of education. Besides this, the global connected TV market is also divided based on capabilities which include 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 market is the rising acceptance of connected TVs in advertising which aids advertisers in flourishing their customer base. Thus with the advent of connected TV advertisers can grasp the attention of viewers by placing striking advertisements such as multi-screen advertisements.
Global Connected TV Market: Growth Drivers:
Higher spending on electronic items by consumers is one of the major growth drivers of the global connected TV 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 provide multi-functional capabilities to customers and are likely to enhance the adoption of connected TVs. The huge investments in the advancement in technology by the manufacturers as well as the rising significance of the internet in day-to-day activities will fortify the global connected TV market during the forecast period.
Global Connected TVs Market: Regional Outlook:
Geographically, the Global Connected TV market can be divided into major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, the Middle East, and Africa. Due to the maturity of the market and a large number of technology-savvy people, North America and Europe captured a significant share of the global connected TV market in 2014. Gradually connected TVs are gaining popularity in the Asia region with the rising awareness and change in preferences of Asian consumers. In the next 10 years till 2025, the Asian region will capture the major share in the global connected TV market.
Leading Key Players:
Koninklijke Philips NV, Apple Inc., Insignia Systems Inc., Samsung Electronics Co. Ltd., Haier Group Corporation, Panasonic Corporation, Hisense Group Co. Ltd., Westinghouse Electric Corporation, VIZIO Inc., TCL Corporation, Hitachi Ltd.Sony Corporation, LG Electronics Inc.
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