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

Introduction to the Connected TV Market

The global Connected TV (CTV) market is witnessing robust growth, reflecting a seismic shift in consumer media consumption behavior. As digital content streaming replaces traditional cable subscriptions, connected TVs are becoming the nucleus of home entertainment. These smart TVs, embedded with internet connectivity and advanced user interfaces, empower users to stream content from platforms like Netflix, Amazon Prime, and YouTube directly. According to Persistence Market Research, the market is expected to increase from US$9.1 Bn in 2024 to US$20.1 Bn by 2031, expanding at a CAGR of 12%.

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The largest market share is held by 30 to 50-inch TVs, appreciated for their balance between immersive experience and spatial compatibility. Regionally, Asia Pacific is poised to dominate the market, led by countries such as China and India, thanks to booming internet penetration, expanding OTT content ecosystems, and increasing affordability of smart TVs.

✦ Key Highlights from the Report

✦ The connected TV market is expected to grow from US$9.1 Bn in 2024 to US$20.1 Bn by 2031.
✦ Cord-cutters and cord-nevers are significantly driving market expansion.
✦ Smart TVs are becoming central to smart home ecosystems with IoT integration.
✦ The market is growing faster than traditional TV viewership across key demographics.
✦ Features like HDR, Dolby Atmos, and 4K resolution are enhancing consumer appeal.
✦ High-speed broadband penetration is enabling seamless HD and 4K streaming.

📺 Market Segmentation by Product and End-User

The Connected TV market can be segmented by product type, display size, and end-user application. By product type, smart TVs dominate the market, followed by media streaming devices like Roku, Fire TV, and gaming consoles with integrated TV services. Among display sizes, 30 to 50-inch TVs command a leading share due to their affordability, ease of installation, and immersive viewing experience.

In terms of end-user segmentation, residential consumers constitute the largest market share, driven by on-demand content consumption and smart home integration. Commercial segments, such as hospitality and retail, are also increasingly adopting connected TVs to enhance customer experience and brand engagement.

🌍 Regional Insights into Connected TV Adoption

The Asia Pacific region leads global growth in the Connected TV market. Countries like China, India, and South Korea are seeing exponential smart TV adoption driven by improving digital infrastructure, low-cost internet, and the popularity of regional OTT platforms.

North America continues to be a mature market with high penetration rates of smart TVs and strong consumer spending. The United States is leading this trend with a well-developed ecosystem of streaming services and tech-savvy users. Meanwhile, Europe is showing steady growth, with markets like Germany and the UK experiencing rising cord-cutting behavior and increased broadband subscriptions.

🚀 Market Drivers

One of the primary drivers of the Connected TV market is the surging demand for digital entertainment. Consumers are increasingly turning to CTVs for flexible, on-demand access to diverse genres of content. The integration of personalized content recommendations, powered by AI algorithms, is further enhancing user engagement and retention.

Technological innovation, such as the deployment of 4K and 8K resolution, HDR, voice command capabilities, and seamless app integration, is elevating the user experience. Furthermore, the growth of high-speed fiber-optic and 5G networks supports uninterrupted high-definition streaming, enabling the proliferation of CTV usage across both urban and semi-urban settings.

⚠️ Market Restraints

Despite its promising outlook, the Connected TV market faces certain hurdles. Data privacy and cybersecurity concerns are prominent among consumers, especially with reports of data breaches and unauthorized surveillance via smart devices. These concerns may deter users from fully embracing CTV technologies.

Another major restraint is content fragmentation. The proliferation of streaming platforms, each offering exclusive content, forces consumers to subscribe to multiple services. This not only increases the cost burden but also leads to user fatigue, hindering seamless content access and potentially slowing market growth.

🌟 Market Opportunities

Looking ahead, the Connected TV market holds substantial untapped potential in interactive and immersive content experiences. Technologies like Augmented Reality (AR) and Virtual Reality (VR) are expected to redefine user engagement, offering features such as real-time sports stats overlays and immersive narrative experiences.

There is also a growing opportunity for integrated e-commerce experiences. Brands can leverage CTVs for shoppable content, enabling viewers to purchase products featured in shows or ads directly via their TVs. This evolution opens up novel revenue streams for content providers, manufacturers, and advertisers alike.

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# Frequently Asked Questions (FAQs)

How big is the Connected TV market in 2024?
Who are the key players in the global Connected TV market?
What is the projected growth rate of the Connected TV market until 2031?
What is the market forecast for Connected TVs by 2031?
Which region is estimated to dominate the industry through the forecast period?

🏢 Company Insights

• Samsung Electronics Co. Ltd.
• LG Electronics Inc.
• Sony Corporation
• Panasonic Corporation
• Hisense Group
• TCL Technology
• Apple Inc.
• Amazon.com, Inc.
• Roku, Inc.
• Foxxum GmbH

Recent Developments:

• April 2023: Xiaomi India launched the X Pro Series with 43", 50", and 55" 4K smart TVs featuring improved visuals and enhanced smart functionality.• May 2023: Foxxum updated its kicker sports app for Connected TVs, enriching the sports content ecosystem with real-time updates and multi-sport coverage.

Conclusion

The Connected TV market is rapidly evolving, shaped by the convergence of internet connectivity, digital content proliferation, and consumer demand for flexible viewing experiences. As the global market grows at a CAGR of 12%, reaching US$20.1 Bn by 2031, industry players are focusing on delivering value through technological innovations, immersive experiences, and smart integrations. With emerging opportunities in AR/VR and interactive e-commerce, the CTV landscape is primed for dynamic transformations in the coming years. Consumers, investors, and businesses alike should closely monitor this space as it becomes an integral component of the digital home ecosystem.

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.