Published on May 26th, 2022

The Smart TV Market Growth is expected to record a valuation of USD 609.47 Billion by 2027, Registering to Accelerate at a 16.7% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The Global Smart TV Market size was Valued at USD 151.81 Billion in 2018. Increasing demand for smart TV's, technological advancements in TV resolution from HD towards 4K and higher, and demand for web-enabled TV's are some of the factors which are driving the growth of the Smart TV Market

As per the Report of BMRC "Smart TV Market Size, Share & Trends Analysis Report By Technology Analysis (HDTV, Full HDTV, 4K UHD TV, 8K TV), By Screen Size Analysis (28 To 40 Inches, 41 To 59 Inches, Above 60 Inches), By End-User Analysis (Office Purpose, Home Entertainment, Educational Purpose) Based On Region, And Segment Forecasts, 2022 - 2028"

The global smart TV market has been expected to see a good amount of growth in the coming years as there is growing penetration in the modern world and advancements in technology are rapid. The product prices are further declining. The world is transforming into a digital one and broadcast industry is at the very forefront of that transformation. This is one of the major factors why the smart TV market is going to be a market which is going to show continuous growth in the coming years.

With a rising trend of internet usage, the connected TV manufacturers have been in competition for innovations in user interface, application development and content aggregation. Smart TVs come with operating systems and have the ability to run widgets and apps along with streaming videos and music. In addition to the unified internet capabilities, many advanced abilities are offered by smart TVs. The current capabilities of smart TVs are now allowing their users to browse, search, share, chat, download and update content.

Many manufacturers of smart TV are in future going to focus more on experience design. The trend is expected to go on for the next few years. Content availability is in abundance and ready-to-watch content in highly populated countries is a factor which is going to aggressively drive demand. The smart TVs are available for the low- and medium-income group due to price optimization and that has offered a considerable market for the consumers who are potential consumers of the smart TV. The range of viewing opportunities which are offered by the over the top or OTT content is another factor which is leading to a positive change in the consumer trends towards the smart tv market.

Platforms like Amazon Fire TV, Apple TV etc. are offering viewers exposure to newer content and driving demand for smart TV market as well. Another factor which has worked in favor of the global smart TV market has been the tying up of these digital identity companies with the OTT device providers and content creators as they offer different features without a set-top box being required.

Recently, the CIA or the Central Intelligence Agency has developed major security vulnerabilities which target the smart TVs as they were accused of stealing information which they would collect during registration and use that information to help people who were creating ads digitally. The FBI has made a recommendation of placing black tapes over the unused cameras which may be used for data collection and making the use of smart TV more transparent. This comes as a blip in the smart TV market growth report as it would contract the market significantly as there will be major issues that the customers will feel related to privacy.

The smart TV market recent trend shows that the market benefitted from the COVID 19 pandemic. COVID-19 pandemic proved to have a drastic impact on the routines and lifestyles of all consumers. While the impact was negative for most industries, the video streaming platforms saw a huge boom as the consumption went on to unprecedented levels. Amazon Prime Video and Netflix both saw a spike in the viewership of online content. Now that the viewership has come, the platforms are trying their best to retain the viewership by coming up with continuous content Moreover, travel restrictions are being eased out in different parts of the world, and businesses are returning to normal. The changing market dynamics and shifting consumer behavior toward digital content are expected to boost the market's growth.

Original News: https://www.prnewswire.com/news-releases/smart-tv-market-size-to-hit-usd-609-47-billion-by--2027--says-brandessence-market-research-301555622.html