Explore the Booming Connected TV Market Set to Reach US$ 38.1 Billion by 2031, Driven by Rising Demand for Versatile Media Access Via Smart Devices: TMR Report

Wilmington, Delaware, United States, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global connected TV market is projected to flourish at a CAGR of 13.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 38.1 billion is anticipated for the market in 2031. As of 2023, the market for connected TV is expected to close at US$ 14.1 billion.

Increasing adoption of smart TVs, which come with built-in internet connectivity and app stores, and proliferation of streaming platforms like Netflix, Amazon Prime Video, Disney+, Hulu, and others has led to a surge in connected TV adoption

The increasing consumer disposable income and appending on advance home products and increasing availability of smart TVs, which come equipped with built-in internet connectivity and streaming apps, have made it easier for consumers to access CTV content without additional hardware.

Increasing technological advancements in display technology, such as 4K and 8K resolution, HDR, and OLED screens, have improved the overall viewing experience and encouraged consumers to upgrade their TVs.

In a nutshell, the Transparency Market Research Report is essential reading for start-ups, individuals in the industry, investors, researchers, consultants, business strategists, and anyone seeking to gain insight into this particular sector. Take a brief look at it: https://www.transparencymarketresearch.com/connected-tv-market.html

Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the connected TV market was valued at US$ 12.5 billion
• By screen type, the curved segment to enjoy high demand, accumulating a high revenue share during the forecast period.
• Based screen size, less than 30 inches to 50 inches segment is anticipated to dominate the industry during the forecast period
• Based on platform type, the android segment is expected to generate high revenue during the forecast period.
• Based on end-use, the home use segment is generating high revenue.
  

Connected TV Market : Key Trends and Opportunistic Frontiers

• The demand for coonectd TV increases owing to the content aggregation services by some smart Tv providers, allowing users to access content from multiple streaming platforms in one place.
• Companies in the connected TV market are focusing on meeting end-user demand for game consoles, digital media players, hotel television systems, cellphones, Blu-ray players, set-top boxes, and other network-connected interactive devices with television-type display outputs

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Connected TV Market – Regional Analysis

• North America is expected to dominate the connected TV due to rapid industrialization and growth in house renovation, and premium hotels & and restaurant development projects in the region. The United States and Canada have been at the forefront of the connected TV market's growth. High-speed internet penetration and a robust ecosystem of streaming services have driven the adoption of smart TVs and streaming devices.
• Europe is anticipated to hold the largest connect TV market share during the forecast period owing to increasing adoption of smart TVs and streaming services. The increased consumer spending, drive the market demand in the region.

Competitive Landscape

The global connected TV market is consolidated with a few large-scale vendors controlling majority share. Most of the firms are spending significantly on comprehensive research and development activities, primarily to develop advanced connected TVs. Transparency Market Research has profiled the following players in its global connected TV market report:

• Furrion, LLC
• LG Electronics Inc.
• Panasonic Corporation,
• Samsung Electronics Co., Ltd.
• Sansui Electric Co., Ltd.
• Sanyo Electric Co., Ltd.
• Sony Group Corporation
• TCL Technology
• Vizio Inc.
• Xiaomi Corporation

Key Developments in the Connected TV Market

• Samsung continued to expand its range of smart TVs with improved display technology, such as QLED and MicroLED. They enhanced their voice recognition and AI capabilities for voice-controlled smart TVs.Samsung integrated its TVs with its ecosystem of devices, including smartphones and home appliances, for seamless connectivity.
• LG introduced OLED and NanoCell TV models with advanced features like 8K resolution and enhanced AI-driven content recommendations. They emphasized gaming capabilities on their smart TVs, offering support for high-refresh-rate gaming and integration with gaming platforms.
• Sony launched Bravia XR TVs with Cognitive Processor XR for advanced upscaling and image processing. They continued to improve their smart TV platform and integrated streaming services. Sony promoted their TVs as ideal for gaming with features like HDMI 2.1 support.
• TCL expanded its range of affordable smart TVs with 4K and 8K resolution options. They integrated Roku OS into many of their TV models for access to a wide variety of streaming apps. TCL introduced Mini-LED technology in some of their premium TVs for enhanced contrast and brightness.

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Connected TV Market – Key Segments

Screen Size

• Less than 30 inches
• 30 inches to 50 inches
• 50 inches to 70 inches
• Above 70 inches

Platform Type

• Android
• Roku
• Others (Ubuntu, etc.)
  

Screen Type

• Curved
• Flat

Usage

• Indoor
• Outdoor

Resolution Type

• 8K
• 4K
• 1080 p
• Others (720 p, etc.)

Display Type

• QLED
• OLED
• LED
• Others (LCD, etc.)

End-use

• Entertainment
• Education
• Home Use
• Others (Offices, etc.)

Distribution Channel

• Online
  • E-Commerce Websites
  • Company Owned Websites
• Offline
  • Hypermarkets and Supermarkets
  • Specialty Stores
  • Factory Outlets
  • Independent Retailers
  • Other Retail Based Stores
    

Price

• Low
• Medium
• High
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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09/05/2023 10:34

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