smart tv market
Technology

Global Smart TV Market: Improvements such as HDR and object-based audio is expected to drive the global smart TV market over the next five years

Global Smart TV Market: A smart TV is any TV that has built-in Internet connectivity, allowing it to access a range of web based services. Smart TVs are available as stand-alone products but regular televisions can also be made “smart” through set-top boxes that enable advanced functions. Smart TVs allow users to access their TV entertainment experience by using various apps which are similar to their mobile phone apps. Users are also able to install, and run various advance applications which are based on specific platforms in smart Tv’s.

Primary factors driving growth of the global smart TV market include increasing demand for smart TV’s, technological advancements in TV resolution from HD towards 4K and higher, and demand for web-enabled TV’s. In addition, improved technologies such as HDR, and object-based audio will encourage consumers to upgrade, and replace regular TVs with smart TVs, increasing usage of the internet, high disposable income, and development of entertainment technologies are major factors driving growth of the global smart TV market.

However, fear regarding new technology, uncertainty, and doubt of customers pertaining to smart TV’s are key factors restraining growth of the global smart TV market. In addition, relatively high cost of smart TVs, constant need of system updates, and difficult user interface are other major factors expected to restrain growth of the global smart TV market over the forecast period.

The global smart TV market report has been segmented on the basis of accessories, type, technology, applications, and region. On the basis of region, the global smart TV market covered, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Asia Pacific is a dominant player in the global smart TV market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This dominance is attributed to increasing demand for smart TV’s, and presence of leading smart TV manufacturers in the region. North America market accounts for the second largest revenue share contribution to the global smart TV market followed by markets in Latin America, and Middle East & Africa respectively. The market in Middle East is projected to have the fastest growth in terms of revenue, owing to rapid urbanisation, rising demand for smart televisions, and technological advancements in the region.

The key players in the global smart TVs market include LG Electronics, Apple Inc., Sony, Google, Haier Group, Intel Corporation, LG Electronics Inc., Toshiba, Microsoft Corporation, Nyxio Technologies Corp, Hisense.