Connected TV's Market

Connected TV’s Market Overview

The global connected TVs market size is anticipated to be valued at US$ 12.6 Billion in 2022 and US$ 16.2 Billion in 2032. It is expected to showcase growth at a CAGR of 13.7% in the forecast period from 2022 to 2032. The increasing launch of 8K and 4K resolution TV sets by well-established and new companies is set to drive the demand for connected TVs in the near future.

Connected TVs are considered to be special types of modern TV sets that enable users to watch videos with the help of high-speed internet connectivity. These aid in delivering a more immersive experience to viewers by providing unique features, such as video streaming, social networking, video-on-demand, and web browsing, along with regular TV viewing.

Much like smart home devices and smartphones, connected TVs support a wide range of apps and web platforms, as well as offer internet connectivity. The emergence of novel TV sets by both start-up and well-established companies across the globe is estimated to augur well for the market.

In February 2022, for instance, AppLovin Corporation acquired a high-growth software platform named Wurl for US$ 430 million. This acquisition would enable the company to expand its software platform capabilities into the booming connected TVs market. Thus, the participation of key players in similar mergers and acquisitions is anticipated to bolster the demand for connected TVs in the upcoming years.

Which are Some Prominent Drivers Spearheading Connected TVs Market Growth?

The rising consumer inclination towards OLED and QLED displays is a major factor that is expected to bode well for the market. Price optimization is projected to open a wide range of growth opportunities for key companies, especially in developing countries, such as China and India with the presence of a large customer base.

Besides, the easy availability of multiple streaming media devices, such as Apple TV, Amazon Fire TV, and Google Chrome cast is estimated to change the experiences and viewing patterns of people. It is set to further result in the rapid shift of manufacturers towards partnerships and collaborations with content providers and OTT device producers for developing inbuilt features in their TV sets. The elimination of set top boxes from these TV sets is also likely to propel the sales of connected TVs in the evaluation period.

What are the Challenges Faced by the Connected TVs Industry?

As connected TVs are similar to a computer or a smartphone, these can crash and freeze. Increasing concerns among customers regarding data breaches and unauthorized access to the camera or microphone owing to the internet connectivity may hamper the connected TVs market growth in the assessment period.

These TVs may not be ideal for senior citizens as having a TV set with so many potential features can be difficult to operate and understand for them. These TVs require strong Wi-Fi connection to operate. A poor Wi-Fi connection can lead to low streaming quality and disrupt other services.

Why is Asia Pacific Emerging as an Opportunistic Connected TVs Market?

Asia Pacific connected TVs market share is expected to grow at a rapid pace backed by the increasing disposable income of consumers and the rising popularity of various OTT platforms, such as HOOQ, Netflix, Amazon Prime, and Disney+Hotstar in India and China.

The presence of numerous Chinese companies in this region is set to create high competition among them. It is projected to give rise to the availability of a wide range of affordable and innovative connected TVs. Many of these companies are also engaging in collaborations with e-commerce platforms, such as Flipkart and Amazon to attract more customers.

Nikhil Kaitwade

Principal Consultant

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How is North America Contributing to the Growth of the Connected TVs Market?

North America is anticipated to remain in the second position throughout the forthcoming years in terms of the connected TVs market share. The ongoing development of engaging content by Netflix and Amazon Prime and the rapid advancements across the OTT space in the U.S. and Canada are set to push the market.

The increasing adoption of high-speed and seamless internet connections in North America is expected to propel the focus of consumers towards online content. Many people in this region are also striving to bring transformation in the display arena by moving towards HD connected TVs, as well as HD content.

Market Competition

Some of the prominent players operating in the global connected TVs market are Koninklijke Philips NV, Apple Inc., Insignia Systems Inc., Samsung Electronics Co. Ltd., Haier Group Corporation, Panasonic Corporation, Hisense Group Co. Ltd., Westinghouse Electric Corporation, VIZIO Inc., TCL Corporation, Hitachi Ltd., Sony Corporation, and LG Electronics Inc. among others.

Majority of the leading players are aiming to broaden their geographic presence and attract more customers across the globe. The market is set to create lucrative investment opportunities for key companies owing to the high consumer interest in connected TVs. Meanwhile, some of the other companies are striving to invest in advanced technologies to gain a sustainable competitive edge and substantial expertise.

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Report Scope

Key Segments Profiled in the Connected TVs Industry Survey

By Device:

• Smart TV
• Streaming Media Player

By Resolution Type:

• HDTV
• Full HD TV
• 4K UHD TV

By Inch:

• 40-50 Inch
• 30-40 Inch
• Below 30 Inch
• Above 50 Inch

By Panel Type:

• QLED
• OLED
• LED
• LCD

By Price Range:

• High
• Medium
• Low

By End Use:

• Residential
• Industrial
• Commercial
  • Entertainment Services
  • Retail
  • Healthcare
  • Corporates
  • Institutes

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa