Adoption of smart TV to rise continuously, at 16.30% till 2030
Smart TV adoption has been aided by the rising popularity of content on Over-The-Top (OTT) platforms. To meet viewer demand, a number of TV content producers are releasing new programming in a variety of genres. These content producers are working together to establish an exclusive alliance with various OTT platforms. Leading streaming services like Amazon Prime, Netflix, and Disney Hotstar have created specific applications for smart TVs to offer their streaming services, continuing this trend.
Advanced features that make the user experience more alluring, such voice command, screen mirroring/sharing, and video calling, among others, are also credited with increasing product demand. Governments all throughout the world enforced harsh lockdown restrictions during the COVID-19 outbreak, mandating people to remain indoors. People have been compelled to turn towards indoor entertainment.
As movie theatres shuttered, movie makers likewise followed the trend and released films via OTT channels. New movies might be purchased or rented by viewers, who could then watch them on their smart TVs in the privacy and comfort of their own homes.
Market Research Future projects that the global market for smart televisions will reach USD 512.4 billion by 2030, growing at a CAGR of 16.30% from 2022 to 2030.
Internet video streaming significantly increased as a result, which in turn increased product demand. The smart TV also comes with an Operating System (OS), a piece of software that enables users to interact with the TV's functions, including downloading apps, streaming videos, and buying content.
To compete with the widely used operating systems, manufacturers are releasing their own versions. For instance, Samsung Electronics Co. Ltd. created the Tizen OS to make it easier for their customers to access streaming applications. The LG OS is available, and it enables special features like voice commands and magic remotes.
Growing consumption of OTT to boost market growth
The continual usage of streaming devices, increase in internet penetration, change in consumer preferences, high revenue creation, rise in disposable income, and modernization of the current world are the main drivers of the growth of the smart TV market in India. The population is being compelled by all of this to choose smart TV industry trends.
The numerous industry participants who collaborate and make purchases with the major players in order to increase portfolios and swap work obligation are additional variables. These are some of the elements that are anticipated to support market expansion. on the market for smart TVs.
These are a few of the elements fueling the significant growth of the smart TV market. The increased demand for smart TVs, which has prepared the way for prosperous chances, is one of these aspects that typically presents opportunities. These profitable options allow content providers to go farther into the over-the-top (OTT) arena, enabling them to disseminate the original material over longer distances online.
For the convenience of the users, additional features are also incorporated to the latest versions. Due to these possibilities, creative content can now be distributed over greater distances online. the partnerships with makers of streaming media players that aid in broadening their product offerings and improving their awareness.
The availability of Android mobile devices with an operating system that has made it simple for users to access major OTT platforms is one of the issues affecting the smart TV market that are slowing down industry growth. As a result, Netflix, Hulu, and YouTube are accessible with ease. As a result, purchasing a smart TV becomes somewhat less necessary. Additionally, since the Covid-19 outbreak began, the government's stringent lockdowns have substantially decreased the number of visitors.
However, people prefer to purchase electronic devices from a real showroom, which has hurt the electronics business. These are a few of the elements that to some extent restrain the worldwide smart TV market's expansion.
Given that smart televisions support a number of well-known video platforms that provide on-demand content, the trend of video-on-demand (VoD) is likely to propel industry expansion. For instance, the ESPN+ smart TV app provides content and streaming for sports on demand. Customers can also use compatible applications, such as kid-friendly instructional ones, and access the internet while using smart televisions. Voice input, a remote cursor, and other interactive elements of educational apps are supported by smart televisions.
The growth is explained by the simplicity of making these screen shapes. Flat-screen smart TVs are more popular with consumers since they are simpler to place on walls.
Due to their cheaper price than curved smart TVs, flat-screen smart TVs are in high demand. Additionally, compared to curved screen designs, flat-panel televisions have a wider viewing angle and are less reflective. During the forecast period, the curved screen category is also anticipated to have significant expansion. This is because big screens provide a more immersive viewing experience. In order to give viewers a more immersive experience, curved smart TVs with large screen sizes are common in the top price range.
Additionally, producers are bringing in fresh business by creating products at reasonable pricing. Based on features and quality, top manufacturers create a range of smart television sets, from entry-level to high-end. High-end smart televisions are made with premium display panels and components, which dramatically raises the cost of the final product. On the other side, inexpensive smart TVs promote industry expansion by lowering the barrier to entry for new customers and enabling a wider market to acquire the product.
Asia Pacific to hold maximum market share
The highest market share for smart TVs is in Asia-Pacific. Asia Pacific countries would contribute more than 38% of market growth in 2020. because developing nations like India are increasingly adopting smart televisions. Additionally, the growing popularity of 4K display technology among customers has influenced them to prefer sleeker designs and greater picture quality.
This increases the amount of money that is made in the Asia-Pacific region. The expansion of the regional market is being significantly fueled by the rising product appeal in quickly expanding nations like India. China currently retains a sizable portion of the Asia Pacific market, helped by the entry of new competitors like Hisense Co., Ltd. and TCL Corporation, who have increased market competition among the big players.
However, during the projected period, the Europe area is anticipated to increase at the fastest rate. The demand for smart TVs has increased as a result of contemporary innovations in content creation. For instance, viewers of the Netflix series You vs. Wild can decide what the protagonist does next. Additionally, the region's product demand is being boosted by consumers' shifting preferences for streaming online content due to the expansion of high-speed internet broadband connections.
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