“The global smart TV market is expected to witness commendable growth due to the increasing penetration of internet services and increasing spending capacity of the consumers on consumer electronics. The smart TV industry is projected to witness significant growth, especially in developing economies such as Asia-Pacific and LAMEA, owing to the presence of a large number of manufacturers.”
According to a recent report published by Market Decipher, titled, “Smart TV Market Revenue, Sales Volume & Trend Forecast Report, 2019-2026" the global Smart TV market is projected to reach $ 298 billion by 2026, growing at a CAGR of XX.X% from 2019 to 2026.
The smart TV is equipped with highly advanced and integrated internet facilities. It provides effective navigation control, many interactive services, and user-generated content. Rapid urbanization and technological advancement have accelerated the smart TV market growth greatly. Also, the introduction of 8k technology and high bandwidth internets such as 4G, 5G, and LTE is further expected to create new opportunities for the smart TV market. Smart TVs are a vital part of the home. Thus, owing to the increasing investment in advanced home technologies, the smart TV market is anticipated to flourish across the globe in the coming years.
At present, the scenario of the smart TV market includes high adoption of artificial intelligence. For instance, a new smart TV equipped with artificial intelligence was launched by LG Corporation in 2018. However, the factors such as the requirement of high internet bandwidth and high cost of the smart TV may pose challenges in the market growth. Despite these challenges, the strict initiatives taken by the government globally will lead result in the introduction of new players in this industry. This, in turn, will result in the intense competition among industry players, which may lead to a decline in the cost of Smart TV in the coming years, which ultimately drives the smart TV market growth. Also, the rise in the disposable income of the consumers is expected to contribute substantially to the overall revenue of the market.
Geographically, the smart TV market trends have been analyzed across Europe, Asia-Pacific, North America, and LAMEA. The North American Smart TV market has its practices. For instance, increasing investment in the Internet of Things for smart homes technology in this region will contribute significantly to the smart TV market growth. In this region, the US is one of the leading market revenue-generating countries which offers many lucrative opportunities for the smart TV market players. In 2018, the overall revenue on smart hone devices was recorded to be more than 45 million. Further, it is anticipated to continue to grow at a steady CAGR of 21.6% during the forecast period.
Based on the resolution, the 4K HD segment has generated the highest revenue in 2018 followed by the HD segment. The commendable growth of this segment is attributed to the increasing demand for 4K HD TV in the residential sector. Further, based on the size the 32- which is estimated to be the fasted growing segment among the other industries mentioned in the report.
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