What Is The Overview Of The Global Connected Television (TV) Market?
Connected television (TV) refers to televisions connected to the internet, allowing users to access a wide range of digital content beyond traditional broadcast or cable channels. These TVs typically utilize internet connectivity to stream video content from various online platforms.
Connected Television (TV) Global Market Report 2024 provides data on the global connected television (tv) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Connected Television (TV) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Connected Television (TV) Market Expected To Grow In Size And Annual Rates?
The connected television (TV) market size has seen rapid expansion, growing from $13.67 billion in 2023 to $15.53 billion in 2024 at a CAGR of 13.6%. This growth in the historic period is driven by an expanding middle-class population, improvements in internet infrastructure, the popularity surge of streaming services, the adoption of smart TVs, and the rise of over-the-top (OTT) content platforms. Looking ahead, the market is forecasted to grow to $26.12 billion in 2028 with a CAGR of 13.9%, fueled by the integration of voice assistants, increasing demand for personalized viewing experiences, investments in ad-supported streaming services, the desire for versatile media access, and the rapid industrialization and housing development. Major trends in the forecast period include advancements in display technologies, the demand for multi-device media access through smart technologies, the utilization of AI and machine learning in enhancing connected TV experiences, the application of blockchain in content distribution, and the adoption of cloud-based services for connected TVs.
What Main Forces Are Fueling Expansion In The Connected Television (TV) Market?
The rising demand for over-the-top (OTT) content is expected to propel the growth of the connected TV market going forward. Over-the-top (OTT) content refers to audio, video, and other media content delivered directly to users, bypassing traditional distribution channels such as cable or satellite television providers. The demand for over-the-top (OTT) content is increasing due to consumer demand for flexibility and convenience, the proliferation of smart devices and high-speed internet, and the expansion of streaming platforms. Connected TV provides an integrated platform for accessing a wide range of streaming services and content without additional devices or subscriptions. For instance, in August 2021, according to a report by the Office of Communications (Ofcom), a UK-based government regulator, UK homes having subscriptions to video-on-demand (SVoD) services such as Netflix and Disney+ increased from 60% in 2021 to 67% in 2022. Therefore, the rising demand for an enhanced viewing experience of over-the-top (OTT) content is driving the growth of the connected television (TV) market. The market size for connected TVs is projected to reach $U billion in 2023, $V billion in 2024, and $W billion by 2028.
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What Are The Primary Segments In The Global Connected Television (TV) Market?
The connected television (tv) market covered in this report is segmented –
1) By Screen Type: Curved, Flat
2) By Platform Type: Android, Roku, Other Platforms
3) By Screen Size: Less Than 30 Inches, 30 Inches To 50 Inches, 50 Inches To 70 Inches, Above 70 Inches
4) By Distribution Channel: Company Owned Websites, Specialty Stores, Online Retailers, Other Channels
5) By End Use: Residential, Commercial
Which Key Trends Are Driving Changes In The Connected Television (TV) Market?
Major companies in the connected television (TV) market are developing AI-integrated features, such as the Neo QLED 8K TV series, to gain a competitive edge. The Neo QLED 8K TV series features 8K resolution, Quantum Matrix Technology Pro, and the Neural Quantum Processor 8K for extreme contrast and color. For example, in April 2022, Samsung, a South Korea-based electronics company, launched the Neo QLED 8K TV series with advanced features such as Mini LED backlighting technology, AI-powered upscaling, and integrated smart home control. The Neural Quantum Processor 8K with Real Depth Enhancer uses AI-based deep learning to identify and improve objects, generating three-dimensional depth. It offers consumers unparalleled picture quality, advanced upscaling capabilities, and seamless integration with smart home devices.
What Is The Leading Region In The Connected Television (TV) Market?
Asia-Pacific was the largest region in the connected television (TV) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected television (TV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
