PUBLISHER: The Business Research Company | PRODUCT CODE: 1499815
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499815
Connected television (TV) refers to televisions connected to the internet, enabling users to access a diverse range of digital content beyond traditional broadcast or cable channels. These TVs typically utilize internet connectivity to stream video content from various online platforms.
The primary screen types of connected television (TV) include curved and flat screens. Curved televisions (TVs) feature screens that are gently curved outward, aiming to offer a more immersive viewing experience by enveloping the viewer in the content. They operate through various platforms such as Android, Roku, among others, and are available in a variety of screen sizes, including less than 30 inches, 30 to 50 inches, 50 to 70 inches, and above 70 inches. These TVs are distributed through channels such as company-owned websites, specialty stores, online retailers, among others, catering to end uses such as residential and commercial purposes.
The connected television (TV) market research report is one of a series of new reports from The Business Research Company that provides connected television (TV) market statistics, including connected television (TV) industry global market size, regional shares, competitors with a connected television (TV) market share, detailed connected television (TV) market segments, market trends and opportunities, and any further data you may need to thrive in the connected television (TV) industry. This connected television (TV) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The connected television (TV) market size has grown rapidly in recent years. It will grow from $13.67 billion in 2023 to $15.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The expansion observed during the historical period can be attributed to the rapidly expanding middle-class population, the improvement of internet infrastructure, the increasing popularity of streaming services, the growing adoption of smart TVs, and the rise of over-the-top (OTT) services.
The connected television (TV) market size is expected to see rapid growth in the next few years. It will grow to $26.12 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The projected growth in the forecast period can be attributed to the integration of voice assistants, the increasing demand for personalized viewing experiences, the growing investment in ad-supported streaming services, the rising demand for versatile media access, and the rapid industrialization and growth in house renovation. Key trends expected in the forecast period include advancements in display technology, the demand for versatile media access via smart devices, the utilization of artificial intelligence and machine learning in connected TVs, the application of blockchain technology in connected TVs, and the use of cloud-based services in connected TVs.
The surge in demand for over-the-top (OTT) content is set to drive the growth of the connected TV market in the foreseeable future. Over-the-top (OTT) content refers to audio, video, and other media delivered directly to users, bypassing traditional distribution channels like cable or satellite providers. This demand is fueled by consumer preferences for flexibility and convenience, the widespread adoption of smart devices and high-speed internet, and the proliferation of streaming platforms. Connected TV offers users an integrated platform to access a diverse array of streaming services and content without requiring additional devices or subscriptions. For example, according to a report by the Office of Communications (Ofcom) in August 2021, UK households with subscriptions to video-on-demand (SVoD) services like Netflix and Disney+ increased from 60% in 2021 to 67% in 2022. Hence, the escalating demand for an enriched viewing experience of over-the-top (OTT) content is propelling the growth of the connected television (TV) market.
Key players in the connected television (TV) market are innovating by integrating AI features into TVs, such as the Neo QLED 8K TV series, to gain a competitive advantage. The Neo QLED 8K TV series boasts features like 8K resolution, Quantum Matrix Technology Pro, and the Neural Quantum Processor 8K for exceptional contrast and color. For instance, in April 2022, Samsung introduced the Neo QLED 8K TV series, featuring advanced technologies like Mini LED backlighting, AI-powered upscaling, and integrated smart home control. The Neural Quantum Processor 8K with Real Depth Enhancer utilizes AI-based deep learning to identify and enhance objects, resulting in three-dimensional depth. This series offers consumers unmatched picture quality, advanced upscaling capabilities, and seamless integration with smart home devices.
In August 2023, AppLovin Corporation, a US-based mobile marketing platform company, acquired Wurl for $430 million. This acquisition signifies AppLovin's expansion beyond mobile devices, with a focus on introducing performance marketing to the connected TV (CTV) realm. Wurl, a US-based provider of content distribution and monetization solutions for connected TV, aligns with this strategic direction.
Major companies operating in the connected television (TV) market are Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, Hitachi Ltd., LG Electronics Inc., Panasonic Corporation, Haier Group, Xiaomi Corporation, Toshiba Corporation, Koninklijke Philips N.V., Sharp Corporation, TCL Technology Group Corporation, Westinghouse Electric Corporation, Hisense Visual Technology Co Ltd, Konka Group Co. Ltd., JVC Kenwood Corporation, Vizio Inc., OnePlus Technology (Shenzhen) Co. Ltd., Bang & Olufsen A/S, Skyworth Digital Holdings Limited, Element Electronics Corporation, Pioneer Corporation, Insignia Systems Inc., Sansui Electric Co. Ltd., Leshi Internet Information & Technology Corp. Beijing
Asia-Pacific was the largest region in the connected television (TV) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected television (TV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the connected television (TV) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The connected television (TV) market consists of revenues earned by entities by providing services such as content streaming services, advertising services, content discovery and recommendation services and interactive TV services. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected TV market also includes sales of processor, networking hardware, ethernet ports, Wi-Fi modules, and Bluetooth connectivity and audio hardware. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Connected Television (TV) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected television (TV) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected television (TV)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The connected television (TV) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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