The smart TV market is expected to register a CAGR of 16.52%. during the forecast period of (2020 - 2025). Set with unified internet capabilities, smart TVs offer numerous advanced computing abilities and connectivity. The current capabilities of smart TVs let consumers search, chat, browse, share, update, and download. Smart TVs are expected to face the emphasis of experience design over the next five years.
- Video on demand (VOD) is one of the dynamic features offered by Internet Protocol TV. VoD provides users with a menu of available videos from which to choose. The video data is transmitted via Real-Time Streaming Protocol. VOD has gained a huge amount of popularity in the recent past. This has resulted in the increased adoption rates of Smart TVs.
- The Smart TVs market has experienced a notable interest from the smartphone manufacturers recently. Leading smartphone brands such as Xiaomi, Micromax, and OnePlus are set to disrupt the smart television space, which has so far been dominated by electronics giants Sony and Samsung.
- In some of the developing countries, internet penetration rates have been low in comparison to the developed economies. This has adversely affected the adoption rates of Smart TVs in the developed nations.
Scope of the Report
Smart TVs have transformed the television industry, by offering a broad spectrum of innovative features through internet-connected services, which were not available with traditional CRT televisions. Smart TVs have Wi-Fi capability or an ethernet port that allow the user to stay connected to the internet.
Key Market Trends
4K UHD TV is Expected to Account for a Major Portion of the Market Demand
- The 4K UHD segment is expected to witness notable growth over the forecast period. The drop in the prices of these TVs is drawing customers, and triggering demand across emerging economies. The growth can be associated with innovative features, such as high resolution and high picture quality, with Dolby Digital sound, that provide theater experiences on larger screen sizes.
- Currently, Ultra-High Definition is now effectively the standard resolution for TVs larger than 40 inches. In Consumer Electronics Show (CES) 2018, the industry witnessed a glimpse of the next step to 8K, as a proof-of-concept of the higher resolution.
- The adoption of innovative technologies, such as Quantum dot LEDs (QLEDs), across the Ultra-high-definition (UHD) in 4K TVs is expected to fuel the segment demand over the forecast period. Televisions belonging to this range have high penetration rates when compared to the others.
Asia-Pacific is Expected to Witness Significant Growth
- Asia-Pacific is the dominating market for smart TVs and is expected to continue its dominance over the forecast period, owing to increasing demand for smart TVs by end-users, and the emerging economies of India, China, and South Korea. The increasing net disposable income of consumers has been a significant factor for continued demand in the region.
- The growth is also attributed to the rising popularity of OTT VOD platforms, such as Amazon Prime Video, Netflix, HOOQ, and others, across this region. The availability of supporting content for these devices, such as HD videos, HD set-top boxes, and games, has further acted as a catalyst in demand generation.
- The presence of the Chinese players has been critical in the competitive pricing of products in these markets, many of which have entered into partnerships with e-commerce platforms to offer their products. Third-party service providers have helped in assuring that consumers opt for these products, helping the market indirectly.
The smart TV market consists of several players. In terms of market share, none of the players currently dominate the market. This industry is being viewed as a lucrative investment opportunity due to the huge consumer interest gained recently. The companies are investing in future technologies in order to gain substantial expertise which would enable them to achieve sustainable competitive advantage.
- September 2018 - Samsung Electronics Co. Ltd opened a new AI research center in New York City, to strengthen its AI capabilities. Samsung has announced plans to expand its advanced AI research capabilities, to employ about 1,000 specialists by 2020. This will be Samsung's sixth AI center around the world, and it will work in partnership with Samsung's other AI research facilities.
- September 2017 - Samsung Electronics launched an AI lab in Montreal, Canada. The AI Lab will be used to strengthen collaborative research with world-leading scholars in the AI field.
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