Press release
Connected Television (TV) Global Market to Grow $26.12 Billion at a Surprising CAGR of 13.9% By 2028 | Apple Inc., Sony Corporation, Hitachi Ltd., LG Electronics Inc.
Connected Television (TV) Market
Connected Television (TV) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $26.12 billion In 2028 At A CAGR Of 13.9% :
The connected television (TV) market size has grown rapidly in recent years. It will grow from $13.67 billion in 2023 to $15.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to rapidly expanding middle-class population, improving internet infrastructure, increasing popularity of streaming services, growing adoption of smart TVs, rise of over-the-top (OTT) services.
The connected television (TV) market size is expected to see rapid growth in the next few years. It will grow to $26.12 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to integration of voice assistants, increasing demand for personalized viewing experiences, growing investment in Ad-supported streaming services, growing demand for versatile media access, rapid industrialization and growth in house renovation. Major trends in the forecast period include advancements in display technology, demand for versatile media access via smart devices, use of artificial intelligence and machine learning in connected TVs , use of blockchain technology in Connected TVs, use of cloud-based services in connected TVs.
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Connected Television (TV) Market Major Segments
The connected television (tv) market covered in this report is segmented -
1) By Screen Type: Curved, Flat
2) By Platform Type: Android, Roku, Other Platforms
3) By Screen Size: Less Than 30 Inches, 30 Inches To 50 Inches, 50 Inches To 70 Inches, Above 70 Inches
4) By Distribution Channel: Company Owned Websites, Specialty Stores, Online Retailers, Other Channels
5) By End Use: Residential, Commercial
Key Driver - Enhanced Viewing Experience Of OTT Content Drives Connected TV Market Growth
The rising demand for over-the-top (OTT) content is expected to propel the growth of the connected TV market going forward. Over-the-top (OTT) content refers to audio, video, and other media content delivered directly to users, bypassing traditional distribution channels such as cable or satellite television providers. The demand for over-the-top (OTT) content is increasing due to consumer demand for flexibility and convenience, the proliferation of smart devices and high-speed internet, and the expansion of streaming platforms. Connected TV provides an integrated platform for accessing a wide range of streaming services and content without additional devices or subscriptions. For instance, in August 2021, according to a report by the Office of Communications (Ofcom), a UK-based government regulator, UK homes having subscriptions to video-on-demand (SVoD) services such as Netflix and Disney+ increased from 60% in 2021 to 67% in 2022. Therefore, the rising demand for an enhanced viewing experience of over-the-top (OTT) content is driving the growth of the connected television (TV) market.
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Prominent Trend - Technologically Advanced Products Driving Growth Of Connected TV Market
Major companies operating in the connected television (TV) market are developing AI-integrated features TV, such as the Neo QLED 8K TV series, to gain a competitive edge in the market. The Neo QLED 8K TV series features 8K resolution, Quantum Matrix Technology Pro, and the Neural Quantum Processor 8K for extreme contrast and color. For instance, in April 2022, Samsung, a South Korea-based electronic company, launched Samsung's Neo QLED 8K TV series, which has advanced features such as Mini LED backlighting technology, AI-powered upscaling, and integrated smart home control. The Neural Quantum Processor 8K with Real Depth Enhancer uses AI-based deep learning to identify and improve objects to generate three-dimensional depth. It provides consumers unparalleled picture quality, advanced upscaling capabilities, and seamless integration with smart home devices.
Connected Television (TV) Market Players
Major companies operating in the connected television (TV) market report are Apple Inc.; Samsung Electronics Co. Ltd.; Sony Corporation; Hitachi Ltd.; LG Electronics Inc.; Panasonic Corporation; Haier Group; Xiaomi Corporation; Toshiba Corporation; Koninklijke Philips N.V.; Sharp Corporation; TCL Technology Group Corporation; Westinghouse Electric Corporation; Hisense Visual Technology Co Ltd; Konka Group Co. Ltd.; JVC Kenwood Corporation; Vizio Inc.; OnePlus Technology (Shenzhen) Co. Ltd.; Bang & Olufsen A/S; Skyworth Digital Holdings Limited; Element Electronics Corporation; Pioneer Corporation; Insignia Systems Inc.; Sansui Electric Co. Ltd.; Leshi Internet Information & Technology Corp. Beijing
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the connected television (TV) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected television (TV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Connected Television (TV) Market Report Structure
3. Connected Television (TV) Market Trends And Strategies
4. Connected Television (TV) Market - Macro Economic Scenario
5. Connected Television (TV) Market Size And Growth
…..
27. Connected Television (TV) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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