Global connected TV is anticipated to grow with the CAGR of 21.3 percent during the forecasted period 2018–2023. The growth of the market is attributed to the increasing spending of consumers on consumer electronics and growing demand of web-enabled TVs. In addition, technological advancement and innovation in connected TVs, features, and functions and rising purchasing power in emerging economies such as China and India are also estimated to drive the growth of the market.
Increasing internet penetration across the globe is estimated to be one of the major factors driving the growth of the market. The total number of internet users across the globe was estimated to be 3.43 billion in 2016. Almost, 47 percent of the total population is connected, up from the 30 percent internet penetration rate in 2010. However, there are certain factors which are hindering the market.
High cost is the major restrain to the market. High internet bandwidth requirement for web-enabled TVs is one more factor that is hindering the market. Technological advancements, such as introduction to 8K technology and introduction of higher internet bandwidth in the developing economies in the future such as 4G, 5G, and LTE are further expected to create opportunities for the market players.
By resolution, 8K technology is currently under development and is expected to show a huge growth rate in the near future. By technology, OLED is expected to show a significant market growth due to numerous research and advancement in the segment.
By platform, Android is the widely accepted TV platform and thus is expected to have a considerable market share. By application, the domestic segment will have a major market share; however for large TV sizes the commercial segment will have a significant market share.
APAC is estimated to be the leading region in the connected TV market. Increasing internet penetration and presence of the low-cost manufacturers in the region are backing the growth of the market. North America is estimated to be the fastest growing region for high-end TV such as 4K and 8K TVs, whereas APAC will show a considerable growth for HD and full HD television. High purchasing power of individuals in the region is estimated to be one of the major factors driving growth.