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Connected TV Market to become a 36.95 Billion USD market by the year 2030.
Connected TV Market
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Key Market Drivers
Increased Demand for Streaming Services
With the rapid growth of platforms like NETFLIX, HULU, AMAZON Prime Video, and Disney +, the adoption of CTVs (connected televisions) has been significantly accelerated. As consumers favour on-demand content than cable TV, CTVs become the new venue for entertainment.
Technological Advancements
Smart TVs now come with all new smart capabilities, voice controls, and AI capabilities that help them learn your viewing habits. With the inclusion of 4K & 8K resolution, OLED displays, and higher refresh rates, the 10th generation of CTVs are also enhancing user experience, thereby attracting more consumers across the globe.
Market Segmentation Analysis
The Connected TV segment by end use includes personalized, shows, movies, and sports segments; and by sales channel comprises third-party sales and direct operating system sales channels.
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By Device Type:
Smart TVs - Have an inbuilt Internet connection and can stream content without an external device.
STBs: Provide internet access on dumb TV sets, STBs can stream content directly on the TV using built-in processors and GPU.
Streaming Sticks And Dongles- Small and portable, like a Chromecast, Amazon Fire Stick and Roku that can turn your regular TV to a smart TV.
By Operating System:
Android TV - Come with seamless integration with Google services & a wider app ecosystem.
Roku Operating System: Affordable option known for its simplicity.
Fire TV OS - Amazon's in-house OS, featuring Alexa and Prime Video integration
Apple tvOS - Only for Apple's streaming devices, enjoying a premium user experience.
Higher Resolutions: 4K and 8K Displays: The rise of streaming platforms catering to ever higher resolutions have made ultra-high definitions screens less of a curiosity and more of a demand.
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By Sales Channel:
Online - E-commerce sites like Amazon, Best Buy, and Walmart continue to drive high sales volume due to discounts and home delivery options.
Brick & Mortar Retail: Unlike trends in traditional offline retail, physical electronics stores are still drawing consumers who want to sample before they buy.
Country-Level Analysis
United States
The U.S. continues to be a key market, thanks to well-penetrated internet and over-the-top service presence. People are switching from conventional cable TV to streaming-based entertainment at a high speed. This trend is augmented by the increasing use of ad-based streaming services.
Germany
As more content is consumed online and government initiatives increase broadband, the CTV market in Germany is growing. Demand is being driven by homegrown streaming services and smart TV adoption.
China
China - Smart TV Top Player in Both Manufacturing and Consumption It is entirely the market of local brands like xiaomi, TCL, Hisense. That is extending further impetus in consumer electronics with tie-ins to the government's desire for 5G and AI-driven technology.
United Kingdom
With streaming services continuing to gain traction worldwide, the UK market is expanding rapidly. Market growth is driven by the availability of inexpensive smart TVs and the growing popularity of cord-cutting.
Competitive Landscape
Samsung Electronics - World top smart TV manufacturer embarking on AI-based innovations including advanced display technology
LG Electronics - OLED & WebOS smart TVs
Sony Corporation - Dedicates itself to delivering quality picture and sound with Android TVs.
JAIPUR: TCL Technology - The Company that is taking Smart TV Premium to the heart of the families around the Globe by offering them at a great value price of 4K and 8K Seamless viewing experience.
Vizio Inc. - Budget-friendly CTVs with streaming capabilities built in.
Amazon (Fire TV) - All of the bigger names in streaming devices wrap Alexa-powered features into their boxes.
Roku Inc - The leader in the streaming platform & set-top box space with an ever growing user base
M & A: Organizations are purchasing the smaller gamers to pay attention on their product portfolio and amplify the market access.
Conclusion
The global Connected TV market is expected to witness tremendous growth owing to increase in demand for Connected TV among consumers, technological advancements, and changing landscape of advertisements. The industry will continue to grow as firms fund custodial innovations powered by AI and venture into rising markets. Although data privacy and dependency on the internet can be a challenge, the development of smart features and a price that continues to be affordable will continue the buzz in this industry in the future.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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