LONDON--(BUSINESS WIRE)--The global smart TV market is expected to post a CAGR of more than 21% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The growing popularity of 4K video and video streaming services has encouraged market vendors to introduce smart TVs that emphasize visual perfection. This has led to the increased penetration of advanced display technologies such as OLED and QLED displays. These technologies improve the color, lighting, sharpness, and contrast and significantly reduce the thickness and overall weight of the TV. In 2019, Samsung launched its QLED 8K TV with Bixby voice assistance. Similarly, LG has announced its plans to launch a series of high-end OLEDs in 2020 with AI and deep learning algorithms. The introduction of such smart TVs will drive the growth of the market during the forecast period.
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As per Technavio, the growing prominence of online sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Smart TV Market: Growing Prominence of Online Sales
The growing penetration of internet-enabled mobile devices across the world has increased the consumer preference for online shopping. This has encouraged TV manufacturers to offer their products through their own websites and other e-commerce websites. For instance, Xiaomi sells premium TV models to its customers through online retail channels in emerging economies, such as India. During the period April 2018 and October 2018, the company sold more than 500,000 Mi smart TVs in India. Therefore, the increase in online sale of smart TVs is expected to boost the growth of the global smart TV market during the forecast period.
“Influence of digital media on smart TV advertising and marketing and the rising popularity of OTT content in smart TVs will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Smart TV Market: Segmentation Analysis
This market research report segments the global smart TV market by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the smart TV market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth. This is due to the increase in the number of OTT service providers and the availability of a diverse range of technologically advanced smart TVs in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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