Connected TV Market Size Set to Surpass US$20.1 Bn by 2031, Says Persistence Market Research

The global connected TV market has seen substantial growth in recent years, fueled by the increasing adoption of internet-enabled television sets and a shift from traditional broadcast TV to on-demand streaming platforms. From an estimated value of US$9.1 billion in 2024, the connected TV market is projected to reach US$20.1 billion by 2031, expanding at a robust compound annual growth rate (CAGR) of 12%. This growth is primarily driven by a combination of technological innovations, changes in consumer behavior, and the ongoing rise of over-the-top (OTT) streaming services. The increasing number of connected devices, such as smart TVs, gaming consoles, and streaming sticks, plays a key role in the transformation of the television viewing landscape.

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✅ Overview of the Market

The connected TV market refers to television sets that are equipped with internet connectivity and interactive features, enabling access to a wide variety of digital content through streaming platforms. These TVs can integrate with smart home systems and offer enhanced viewing experiences, such as 4K Ultra HD, High Dynamic Range (HDR), and voice control through virtual assistants like Amazon Alexa and Google Assistant. One of the primary growth drivers behind the rise of connected TVs is the increasing preference among consumers for streaming services over traditional cable and satellite TV. As internet speeds improve and the availability of high-speed broadband becomes widespread, the adoption of connected TVs is poised for further expansion.

Moreover, the growing trend of cord-cutting-where consumers abandon traditional cable TV subscriptions in favor of streaming services-is significantly contributing to the demand for connected TVs. OTT services like Netflix, Amazon Prime Video, Hulu, and Disney+ are central to this shift, as consumers increasingly prioritize on-demand, personalized content over linear television. By 2031, the market is expected to grow at a CAGR of 12%, with the Asia-Pacific region, particularly countries like China and India, playing a pivotal role in driving this growth. The rise of the internet of things (IoT) is also shaping the future of connected TVs, as they evolve from simple viewing devices to central hubs in smart homes.

✅ Key Highlights from the Report

➤ The market is growing rapidly, fueled by the rise of cord-cutting and the adoption of streaming services.
➤ Connected TVs are becoming central hubs in smart homes, integrated with IoT devices for enhanced control.
➤ The number of connected devices, including smart TVs, streaming sticks, and gaming consoles, is driving market expansion.
➤ Technological innovations, such as 4K resolution and Dolby Atmos sound, are enhancing the user experience.
➤ Asia-Pacific is expected to dominate the market due to the rising demand for connected devices in the region.
➤ The increased preference for on-demand content is further accelerating the adoption of connected TVs.

✅ Market Segmentation

The connected TV market can be segmented across various categories, including product type, screen size, platform, and end-user. Based on product type, the market is primarily divided into smart TVs, streaming sticks, and game consoles. Smart TVs dominate the market due to their comprehensive capabilities, offering a seamless integration of internet connectivity, streaming platforms, and smart home features. Streaming sticks and gaming consoles are also growing segments, as they cater to consumers who prefer to upgrade their existing non-smart TVs with internet-enabled features or use gaming consoles as streaming devices.

In terms of screen size, the 30 to 50-inch segment leads in market dominance. This screen size strikes a balance between affordability, quality, and room compatibility, making it a popular choice among consumers for medium-sized living rooms and apartments. Larger TVs, such as those above 50 inches, are gaining traction as well, especially in regions with a preference for home theater systems. From a platform perspective, the key players include major streaming services such as Netflix, Amazon Prime, and Hulu. Additionally, end-users of connected TVs span individual consumers, educational institutions, hotels, and commercial enterprises, with residential use remaining the largest segment.

✅ Regional Insights

The Asia-Pacific (APAC) region is set to experience the fastest growth in the connected TV market. Countries like China and India are at the forefront of this expansion, driven by a rapidly growing middle class, increased internet penetration, and widespread adoption of smart home technologies. The region is home to a large population of digital-first consumers who are increasingly opting for OTT services and connected devices like smart TVs. As internet speeds improve and digital content becomes more accessible, APAC's dominance in the market is expected to grow significantly in the coming years.

In North America, the United States remains a key market for connected TVs, with a high penetration of smart devices and strong consumer demand for streaming services. The widespread availability of broadband internet and the increasing trend of cord-cutting contribute to the region's continued growth. Europe also shows considerable promise, especially in countries like Germany and the United Kingdom, where high consumer interest in smart TVs and streaming services is evident. However, the APAC region is expected to surpass North America and Europe in terms of market share by 2031.

✅ Market Drivers

The growth of the connected TV market is primarily driven by changing consumer behavior and technological advancements. One of the key drivers is the increasing consumer viewership for movies and TV series. With internet-enabled TVs, consumers have easy access to a vast array of content from popular streaming platforms like Netflix, Amazon Prime Video, and Disney+, providing on-demand entertainment at their fingertips. The shift toward personalized content recommendations, enabled by advanced algorithms, also plays a significant role in encouraging prolonged viewing sessions and fostering greater engagement with connected TVs.

Additionally, the rise of smart home ecosystems contributes to the growth of connected TVs. These devices are increasingly becoming central hubs in households, allowing users to control lights, thermostats, and other connected devices through voice assistants like Amazon Alexa and Google Assistant. As more consumers embrace smart home technology, connected TVs are becoming integral to the overall experience, offering not just entertainment, but also home automation and control.

✅ Market Restraints

Despite the promising growth prospects, the connected TV market faces several challenges. One of the primary concerns is data privacy and security. With the integration of internet connectivity and smart home features, connected TVs can become vulnerable to data breaches and unauthorized access. Consumer trust is vital for the widespread adoption of these devices, and data security remains a pressing issue that manufacturers must address to maintain confidence in the market.

Another key restraint is content fragmentation. The increasing number of OTT platforms has led to a fragmented content landscape, with different streaming services offering exclusive content libraries. This makes it challenging for consumers to access all their desired content through a single platform, potentially deterring them from fully adopting connected TVs. Moreover, in regions with diverse cultural and linguistic preferences, content availability may be limited, further complicating the consumer experience.

✅ Market Opportunities

As the connected TV market evolves, several opportunities are emerging for manufacturers and content providers. One significant opportunity lies in the expansion of interactive and immersive experiences. Technologies such as augmented reality (AR) and virtual reality (VR) are beginning to transform the way consumers interact with content. For example, sports broadcasts can integrate AR to display live stats, while VR offers fully immersive viewing experiences that could revolutionize entertainment.

Additionally, the integration of e-commerce capabilities within connected TVs presents a unique opportunity. By leveraging data analytics, manufacturers can enable viewers to purchase products featured in TV shows or advertisements directly through their TVs, creating new revenue streams for both content providers and e-commerce platforms. This convergence of entertainment and shopping represents a significant avenue for growth in the connected TV market.

✅ Frequently Asked Questions (FAQs)

➤ How Big is the Connected TV Market?
➤ Who are the Key Players in the Global Market for Connected TVs?
➤ What is the Projected Growth Rate of the Connected TV Market?
➤ What is the Market Forecast for the Connected TV Market in 2031?
➤ Which Region is estimated to dominate the Connected TV Industry through the Forecast Period?

✅ Company Insights

✦ Samsung Electronics Co., Ltd.
✦ TCL Technology
✦ Sony Group Corporation
✦ Xiaomi Corporation
✦ Panasonic Corporation
✦ Vizio Inc.
✦ Sansui Electric Co., Ltd.
✦ Furrion, LLC
✦ Sanyo Electric Co., Ltd.

✅ Recent Industry Developments

■ Xiaomi India launched its new lineup of 4K smart TVs in April 2023, expanding its portfolio to cater to the growing demand for high-definition connected TVs.
■ Foxxum updated its kicker app for connected TVs in May 2023, bringing enhanced digital sports content to a broader audience.

In conclusion, the connected TV market is on a strong growth trajectory, driven by increasing consumer demand for on-demand content, advancements in streaming technology, and the proliferation of smart home devices. As the market expands, the region-specific dynamics and technological innovations will play a critical role in shaping its future. With key players vying for dominance and new opportunities emerging, the next decade promises to be a transformative period for the connected TV industry.

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This release was published on openPR.