The market for connected TVs is expected to reach a value of $12.6 billion in 2022 and $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 companies release TV sets with 8K and 4K resolutions.
The television industry is undergoing a significant restructuring on a global scale. Over the past few years, connected 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, connected TVs now have a variety of features and are more readily available. These TVs are increasingly suitable for web browsing, as well as internet and video browsing, thanks to advancements in technology.
In addition to this, connected TVs support HDMI and other video-audio connections as well as Ethernet, USB, Wi-Fi, Bluetooth, and flash memory cards from digital cameras. Shipments and revenue from the globally connected TV market have shown significant growth in 2014, and they are expected to grow quickly between 2015 and 2025.
Global Connected TVs: Market Segmentation
The globally connected TV market is divided into segments based on the functions they serve, including entertainment, internet access, and educational purposes. In addition, the market for connected TVs worldwide is segmented based on features like internet browsing, live streaming, TV broadcasting, program recording, video on demand, and others. The growing acceptance of connected TVs in advertising, which helps advertisers expand their clientele, has been noted as one of the major trends impacting the globally connected TV market. Therefore, with the introduction of connected TV, advertisers can capture viewers’ attention by displaying eye-catching advertisements like 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 globally 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 provides multi-functional capabilities to customers and is 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 globally connected TV market during the forecast period.
Global Connected TV’s 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 globally connected TV market in 2014. Gradually connected TVs are gaining popularity in the Asia regions 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 globally connected TV market.
Global Connected TV Market: Players
Some of the key vendors identified across the value chain of the globally connected TV market include LG Electronics, Samsung Electronics, Sony Corporation, and Panasonic. It has been noticed that Samsung shipped the highest number of connected TVs during quarter 1, 2015. Moreover, Sony still has the major connected TVs in terms of devices installed followed by Microsoft and Samsung. Other prominent vendors dominate the globally connected TV market which includes Haier, Intel, Onida, Toshiba, Microsoft, Apple, Videocon, and others.
The Report covers an exhaustive analysis on:
- Connected TV’s Market Segments
- Connected TV’s Market Dynamics
- Historical Actual Market Size, 2012 – 2015 for Global Connected TV Market
- Connected TV’s Market Size & Forecast 2016 to 2025
- Supply & Demand Value Chain
- Connected TV’s Market Current Trends/Issues/Challenges
- Competition & Companies involved in Global Connected TV Market
- Value Chain
- Global Connected TV’s Market Drivers and Restraints