LONDON--(BUSINESS WIRE)--The smart TV market is expected to grow by 293.32 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Increasing consumer demand for high-end, technologically advanced smart TVs is driving market vendors to offer innovative products that emphasize visual perfection. In addition, several streaming services and cable platforms are increasingly offering content that is filmed in high resolution. These factors are increasing the penetration of advanced display technologies such as OLED and QLED displays that ensure excellent color, lighting, sharpness, and contrast. These display technologies have also significantly reduced the thickness and overall weight of smart TVs. Many such innovations in terms of design and features are expected to continue driving the growth of the global smart TV market during the forecast period.
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As per Technavio, the rising popularity of OTT content in smart TVs 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.
Smart TV Market: Rising Popularity of OTT Content in Smart TVs
The rising popularity of OTT content is driving smart TV manufacturers to pre-install OTT applications in their products. For instance, Samsung offers smart TVs that are pre-installed OTT applications such as YouTube, Netflix, Amazon Prime Video, Spotify, and Vudu. These TVs enable users to stream uncensored, advertisement-free content that can be viewed at convenience. In addition, OTT content platforms such as Netflix and Amazon Prime are increasingly providing a diverse, original, and specialized content, which is encouraging consumers to subscribe as well as renew existing subscriptions. All these factors are positively influencing the growth of the global smart TV market.
“Growing influence of digital media on smart TV advertising and rising online purchases of smart TVs will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Smart TV Market: Segmentation Analysis
This market research report segments the smart TV market by Distribution Channel (offline and online) and Geographic Landscape (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, APAC is expected to register the highest incremental growth due to the increasing consumer demand for on-demand and pay-tv content 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
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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