What Has Been The Evolution of the Connected Television TV Market in Recent Years?
The connected television tv market has seen considerable growth due to a variety of factors.
• The size of the connected TV market has been expanding quickly over the past few years. The market, which is expected to be worth $15.53 billion by 2024, is projected to hit $17.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.0%.
Factors driving this growth during the historic period include a speedy growth of the middle-class population, improvements in internet infrastructure, a rise in the popularity of streaming services, an increase in the usage of smart TVs and the advent of over-the-top (OTT) services.
What Is the Forecasted Market Size and Growth Rate for The Connected Television TV Market Size In The Coming Years?
The connected television tv market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the size of the connected TV market is predicted to increase considerably, reaching a projected value of $29.7 billion in 2029 at a compound annual growth rate (CAGR) of 13.8%.
This substantial growth during the forecast period can be associated with the inclusion of voice assistants, a rising demand for personalized viewing experiences, increasing investments in ad-supported streaming services, growing need for flexible media access, swift industrialization and a rise in home refurbishment. Future trends anticipated in the forecast period encompass improvements in display technology, the desire for flexible media access through smart devices, the application of artificial intelligence and machine learning in connected TVs, the use of blockchain technology in connected TVs, and the incorporation of cloud-based services in connected TVs.
What Factors Are Driving Growth In The Connected Television TV Market?
The surge in preference for over-the-top (OTT) content is predicted to fuel the expansion of the connected TV market. OTT content comprises audio, video, and other forms of media delivered to users, bypassing traditional distribution routes such as cable or satellite television providers. Factors contributing to the increasing demand for OTT content include consumers' desire for convenience and flexibility, the widespread availability of smart devices and high-speed internet, and the growth of streaming platforms. Connected TV enables users to access a comprehensive range of streaming services and content without needing additional devices or subscriptions. For example, Business of Apps, a reputable UK-based B2B media and information platform, reports that Netflix (a subscription-based streaming service offering a vast array of movies, TV shows, documentaries, and original programming) saw substantial growth in its subscriber base, which increased from 220.6 million in 2022 to 238.3 million in 2023, an approximate increase of 8.04%. Thus, the growing preference for an improved over-the-top (OTT) content viewing experience is triggering the expansion of the connected television (TV) market.
What Are The Main Segments Of 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
Subsegments:
1) By Curved: 4K Curved TVs, 8K Curved TVs, LED Curved TVs, OLED Curved TVs
2) By Flat: 4K Flat TVs, 8K Flat TVs, LED Flat TVs, OLED Flat TVs
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How Are New Trends Impacting The Size Of The Connected Television TV Market?
Leading corporations in the connected television (TV) market are striving to gain a competitive advantage by introducing AI-integrated TV features. These televisions use artificial intelligence (AI) technology to upgrade various elements of the viewer experience. For instance, Samsung, an electronics company based in South Korea, unveiled its new Neo QLED 8K TV series in April 2022. With cutting-edge features like Mini LED backlighting technology, AI-assisted upscaling, and combined smart home management, this series signifies a significant advancement in the market. The in-built Neural Quantum Processor 8K with Real Depth Enhancer harnesses the power of AI-driven deep learning to detect and upgrade objects, creating a three-dimensional depth. This gives users unmatched picture quality, advanced upscaling abilities, and effortless integration with smart home appliances.
Who Are the Key Players In The Connected Television TV Market?
Major companies operating in the connected television (TV) market report are:
• Apple Inc.
• Samsung Electronics Co. Ltd.
• Sony Corporation
• Hitachi Ltd.
• LG Electronics Inc.
• Panasonic Corporation
• Haier Group
• Xiaomi Corporation
• Toshiba Corporation
• Koninklijke Philips N.V.
• Sharp Corporation
• TCL Technology Group Corporation
• Westinghouse Electric Corporation
• Hisense Visual Technology Co Ltd
• Konka Group Co. Ltd.
• JVC Kenwood Corporation
• Vizio Inc.
• OnePlus Technology (Shenzhen) Co. Ltd.
• Bang & Olufsen A/S
• Skyworth Digital Holdings Limited
• Element Electronics Corporation
• Pioneer Corporation
• Insignia Systems Inc.
• Sansui Electric Co. Ltd.
• Leshi Internet Information & Technology Corp. Beijing
What Is The Most Dominant Region In The Connected Television TV Market?
Asia-Pacific was the largest region in the connected television (TV) market in 2024. 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.
