Electronics
Smart TV Market Transformed the Televisions into Broad Spectrum of New Features with Internet Services
According to the Indian Brand Equity Foundation (IBEF), the television industry is estimated grow from a value of US $11.78 in 2018 at 12.96%. The emergent rise in smart TV as a stimulating alternative for the new generation public displays implementation is expanding the television industry. This is due to its intrinsic connection capabilities with the surrounding devices such as smartphones and tablets via Digital Living Network Alliance (DLNA) and Universal Plug and Play (UPnP). The rising demand for public displays in the world will propel the growth of the smart TV market. The smart TVs as an interaction schema through smartphones demand virtuous architecture and robust message transfer mechanisms to provide multi screen solutions for public displays.
A smart TV is a television set with a wide variety of options such as internet and interactive web 2.0 for browsing information. The functions of set-top boxes and smart TV are provided by broadcasting media additionally, these devices provide key aspects such as Over-the-Top Content (OTT), on-demand streaming media, and interactive media through the internet. Owing to the factors such as technological advancements of consumer electronics, increased purchasing power of consumers, along with improving living standards are boosting the adoptions of smart TVs in the market. Prominent features of smart TVs such as gaming, high quality, increasing penetration of high-speed internet accessibility, and picture resolutions are fueling the growth of the global smart TV market.
According to the IndustryARC recent research report, the global smart TV market size was around $130 to $140 billion in 2018 and is estimated to grow at a CAGR of around 8% to 10% during the forecast period 2019 to 2025. The IndustryARC report is titled, “Smart TV Market: By Component (WLAN Adapter, Camera, Software, Keypad, Others); By Application (Home Entertainment, Education, Corporate Sector and Others) & By Geography (Americas, Europe, APAC, ROW, Others) – Forecast (2019 -2025).”
APAC held the largest share of 35% in the global smart TV market as of 2018. APAC population has high adoption rates of pay-tv services, which makes more OTT television growth in this region. Growing consumer and advertising demand for televisions to provide household-level addressable environments for audiences will have a positive impact on the smart TV market. The digital cable, OTT televisions and online streaming platforms in the Asia Pacific are creating enriched revenues for developing new ways of measuring diverse markets to provide insights for the audience. 46-55 inches smart TVs are being sold more in the market and is estimated to grow at a CAGR of around 13% to 14% during the forecast period of 2019 to 2025.
Global Smart TV Market Companies: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the global smart TV market are: Sony Corporation, LG Electronics, Inc., TCL Corporation, and Koninklijke Philips N.V., Haier Electronics Group Co., Ltd, Intex Technologies, LeEco, Panasonic Corporation, Sansui Electric Co. Ltd., Samsung Electronics, Toshiba Corporation, and Videocon Industries Limited.
- TCL
- In 2019, TCL announced its strategic partnership with Plus Technologies which provide exclusive sales for the TV owners because of its first-class home entertainment, for the consumers. Both the companies provide offer perfect solutions and premium services for the people to upgrade their homes.
- Capitol to be the exclusive partner for TCL’s premium 65” 6-series model at Customer Electronics Design and Installation Association (CEDIA) expo 2018. The 65” 6-Series 4K UHD TCL Roku TV with Dolby Vision HDR will be featured in the Capitol’s booth #4715, which will the exclusive display at the expo.
- Samsung
- In 2019, Samsung has launched online exclusive UHD TV line-up with super-6 features such as tune station, lag-free gaming, real 4k resolution, live cast, and 60+ titles. This provides consumers with improved picture quality and delivers an unparalleled entertainment experience.
