Global Smart TV Market 2019-2023 | 21% CAGR Projection over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Oct 9, 2019--
The smart TV market size is expected to post a CAGR over 21% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global smart TV market 2019-2023. (Graphic: Business Wire)
Technological advancements are expected to boost the growth of the smart TV market. Rapid advances in smart TV software and display resolutions have enabled vendors to offer application-loaded smart TVs that emphasize visual perfection. Owing to the rising popularity of 4K HDTVs, OLED, and QLED displays, several streaming services and cable platforms are increasingly offering content that is filmed and broadcast at high resolution. Also, these technologies significantly reduce the thickness and overall weight of TVs with large display screens. Therefore, innovations in terms of design and features are expected to drive the demand for smart TV among consumers.
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As per Technavio, the growing influence of digital media on smart TV advertising and marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Smart TV Market: Growing Influence of Digital Media on Smart TV Advertising And Marketing
Digital media has rapidly grown in prominence as a critical communication and marketing channel for vendors in the global smart TV market. Several smart TV manufacturers are increasingly investing in social media campaigns in developed markets, such as the US and the UK, for product promotions and wider marketing outreach. For instance, vendors, such as Samsung, use digital tools and algorithms, such as A1, sentiment analysis, and predictive alerts to analyze positive, neutral, and negative trends in social media regarding their smart TV offerings. Therefore, the rising influence of digital media on smart TV advertising and marketing is expected to aid market growth during the forecast period.
“Owing to a surge in the popularity of OTT content, smart TV manufacturers are increasingly incorporating pre-installed OTT applications in their products. This provides consumers with the option to download or update OTT applications. These smart TVs enable users to stream content directly without the help of any external gadgets. They allow users to sign in with their accounts to synchronize their data preferences across devices. These features are expected to drive the adoption of smart TVs among consumers, ” 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 geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the number of OTT content subscriptions and the availability of a diverse range of technologically advanced smart TVs in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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