Connected TV Market Poised for Robust Growth, Persistence Market Research Forecasts US$20.1 Bn by 2031

The connected TV (CTV) market is witnessing a dramatic transformation, evolving into a cornerstone of digital entertainment and home automation. With the market expected to surge from US$9.1 Bn in 2024 to US$20.1 Bn by 2031, representing a compound annual growth rate (CAGR) of 12%, the sector is gaining prominence not just in the entertainment space but as an integrated digital lifestyle solution.

As reported by Persistence Market Research, this growth is being fueled by increasing consumer demand for on-demand content, seamless integration with IoT devices, and advanced viewing experiences. The 30 to 50-inch screen segment currently leads the market, catering to mid-sized households. Regionally, Asia Pacific is the fastest-growing market due to rapid digital adoption and the popularity of local and global OTT platforms.

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Key Highlights from the Report

➤ The global connected TV market is set to more than double in value by 2031.
➤ Cord-cutting and the rise of OTT platforms are transforming viewer behavior.
➤ Smart home integration is making CTVs a central hub for digital interaction.
➤ 30 to 50-inch screen sizes are the most popular globally.
➤ Asia Pacific leads growth due to a surge in digital infrastructure and content consumption.
➤ Technological innovation in display resolution and sound systems is boosting consumer demand.

Market Segmentation

The connected TV market is segmented across several parameters to understand its multifaceted growth. Screen size plays a crucial role, with 30 to 50-inch TVs dominating due to their balance between affordability and immersive experience. Larger screen TVs above 50 inches are gaining traction in premium households, while TVs under 30 inches cater to budget-conscious consumers or secondary rooms like kitchens and bedrooms.

Segmentation by end-use includes entertainment, education, and home use. Entertainment leads, as users seek richer content experiences. Platform types like Android and Roku account for a significant share due to user-friendly interfaces and wide app compatibility. Meanwhile, online distribution channels such as e-commerce and company websites have outpaced offline retail due to convenience and broader selection.

✅ Regional Insights

Asia Pacific continues to be the most lucrative region for connected TV growth. Countries like India and China are leading adoption, driven by cheaper internet rates, increasing disposable income, and a growing appetite for digital entertainment. The availability of regional OTT platforms further boosts localized content consumption.

North America, while a mature market, remains highly significant. With a tech-savvy population, high broadband penetration, and a strong presence of OTT platforms like Hulu and Netflix, CTV usage has surpassed traditional TV viewership. Smart home integration is also more advanced in this region, enhancing CTV utility.

✅ Market Drivers

1. Rising Consumer Demand for On-Demand Content
As consumers move away from scheduled cable broadcasts, the demand for on-demand access to diverse content is rising. Connected TVs meet this need through integrated platforms such as Netflix, Disney+, and YouTube, allowing users to access movies, live sports, and shows anytime.

2. Technological Innovations in Display and Audio
High-resolution formats like 4K and 8K, along with technologies like HDR and Dolby Atmos, are enhancing the viewing experience. These features elevate CTVs beyond traditional TVs, making them a central part of home entertainment systems.

3. Growth of Smart Home Ecosystems
CTV adoption is rising alongside the smart home trend. Integration with voice assistants such as Alexa, Siri, and Google Assistant allows seamless control of devices, making connected TVs a command center for the modern digital home.

✅ Market Restraints

1. Data Privacy and Security Concerns
The increasing connectivity of TVs exposes users to cybersecurity threats. Data breaches, unauthorized tracking, and compromised user data erode consumer trust. Regulatory compliance with standards like GDPR imposes operational costs and complicates innovation.

2. Content Fragmentation and Subscription Fatigue
With content scattered across various platforms-each requiring a separate subscription-users experience subscription fatigue. Fragmented access discourages users from fully adopting CTVs, particularly in regions with diverse language and content needs.

3. High Initial Costs in Developing Economies
While prices are decreasing, high-end smart TVs remain out of reach for many in emerging markets. Combined with inconsistent internet quality, this creates a barrier to adoption in rural or economically weaker regions.

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✅ Market Opportunities

1. Interactive and Immersive Content
The integration of AR and VR technologies provides a next-gen experience. From interactive sports broadcasts to immersive virtual reality storytelling, CTVs have the potential to revolutionize content engagement.

2. Integration with E-Commerce Platforms
CTV-enabled shoppable content could transform advertising and product placement. Imagine purchasing products directly from a show, creating new revenue streams for both brands and streaming platforms.

3. Educational and Professional Applications
With remote learning and hybrid work models on the rise, connected TVs are finding utility beyond entertainment. Educational content streaming, webinars, and corporate broadcasts present untapped growth verticals.

✅ Reasons to Buy the Report

✔ Gain deep insights into the fastest-growing and most profitable segments in the CTV market.
✔ Understand regional trends and uncover opportunities in emerging economies like India and Southeast Asia.
✔ Analyze the competitive landscape with detailed profiles of top industry players.
✔ Leverage forecast data to align strategic decisions with future market growth.
✔ Access actionable recommendations for investment, partnerships, and product development.

Company Insights

✦ Samsung Electronics
✦ LG Electronics
✦ Sony Corporation
✦ Vizio Inc.
✦ TCL Corporation
✦ Panasonic Corporation
✦ Hisense Group
✦ Xiaomi Corporation
✦ Foxxum GmbH
✦ Haier Group Corporation

Recent Developments

✦ April 2023: Xiaomi India launched the X Pro series of 4K Smart TVs in three sizes, focusing on advanced color, brightness, and visual detail enhancements.

✦ May 2023: Foxxum expanded its content offerings with a revamped kicker sports app, bringing users the latest sports news across football, ice hockey, and more.

Final Thoughts

The global connected TV market is not just reshaping the entertainment industry-it is redefining the way people interact with content and their home environments. As smart homes become more prevalent and digital entertainment evolves, connected TVs are well-positioned to become a staple of modern living.

With technological advancements, immersive features, and growing consumer expectations, stakeholders across hardware, software, and content creation must innovate continuously to stay competitive. The insights from Persistence Market Research underline that the connected TV market is on a robust growth trajectory, fueled by innovation, consumer demand, and smart ecosystem integration.

For businesses and investors, the time to enter or expand in this market is now. The path ahead is rich with opportunities, from AI-powered recommendation engines to hybrid CTV-eCommerce integrations. In a world increasingly reliant on smart technology, connected TVs are more than a screen-they are a gateway to a smarter lifestyle.

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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.