SMART TV MARKET ANALYSIS

Smart Tv Market Size and Trends

Global smart TV market is estimated to be valued at USD 421.03 Bn in 2024 and is expected to reach USD 876.42 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11% from 2024 to 2031.

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Smart TVs provide advanced features like internet connectivity, access to streaming apps and content, and voice assistants. Rising preference for connected devices and increasing internet penetration can boost demand for smart TVs globally.

Market Driver - Increasing Demand for Converged Media and Entertainment

Evolving entertainment needs and preferences of consumers can drive the smart TV market growth. Traditional television  is no longer enough to satiate the appetite of modern audiences who seek an immersive and engaging experience. These people want to access all forms of media through a single screen and smart TVs have emerged as the ideal platform to provide a converged experience.

Nowadays, viewers are used to consuming different types of content such as live TV shows, movies, web videos, music, games, photos and more across multiple devices. Juggling among different gadgets is inconvenient and interrupts the viewing experience. Smart TVs eliminate this hassle by integrating all media in one elegant package. Users can browse live TV channels, stream movies and shows online from various OTT platforms, play games, connect with mobile devices and social networks, all from the comfort of their living room.

On-demand and personalized content consumption has also become a priority for people. Smart TV software along with app stores provide endless options to watch or download content anytime, anywhere without any schedule restrictions. Compelling features such personalized recommendations, playlists and cloud recording services further enhance the fun element. Viewers can now binge-watch their favorites with ease.

The proliferation of premium over-the-top (OTT) streaming platforms during pandemic has widened entertainment options. Many people shift to online streaming altogether to cut cord from expensive cable packages. Smart TV emerges as a single gateway to access increasingly popular streaming giants Netflix, Amazon Prime Video, Disney Hotstar and more on large television screens. Seamless content discovery and integrated payment platforms boosts demand for such connected devices.

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Growing Penetration of High-Speed Internet

Ubiquitous high-speed connectivity across regions can drive the smart TV market growth. Fast and reliable internet penetration delivers on the promise of television experience beyond traditional broadcasts. It empowers smart features and unlocks true potential of online content viewing.

Globally, fiber and 5G networks are extending high bandwidth coverage to both urban and remote areas. Majority of developed economies now have access to speeds well above basic requirements for HD video streaming. Even developing regions are making rapid progress towards universal 4G/LTE coverage and rural fiberization.

As internet speeds improve at affordable costs, streaming high definition and even 4k videos on large screens become a reality. Smart TVs leverage this high-speed road through apps and built-in Wi-Fi or Ethernet to deliver entertainment satisfying modern tastes. Advanced connectivity also enables smooth gaming experience on television.

Rising internet speeds boost adoption of smart functionality to maximize home network usage. Users are more willing to pay premium for large screens that leverage the power of online world. This prompts television manufacturers to innovate smart platforms matching network advancements. Better specifications attract early technology adopters, further mainstreaming the category.

High-speed internet rollout addresses a major barrier holding back app-based features of television. As connectivity penetrates deeper worldwide, there will be huge demand for products optimized for the digital environment and online viewing.