Global Smart TV market is defined as a television set with integrated internet capabilities or set top box for television that provides advanced connectivity. Smart TV sets are inbuilt with advanced features and functions such as user-generated content, interactive services, internet applications, HTTP live streaming, navigation control and so on. Growing connectivity across the globe and rise of service providers such as Netflix and Amazon prime are driving the market growth. The global smart TV market is anticipated to grow with the CAGR of 21.3% during the forecasted period 2018-2023. The growth of the market is attributed to the increasing spending of consumer on consumer electronics and growing demand of web enabled TVs. In addition, technological advancement and innovation in smart 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 3.43billion in 2016. Almost, 47% of the total population is connected, up from 30% 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 advancement such as introduction to 8K technology and introduction of higher internet bandwidth in the developing economies in the future such as 4G, 5G & LTE are further expected to create opportunities for the market players.
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The market is segmented on the basis of resolution, technology, platform, and application. By resolution, the market is divided into HD, Full HD, 4K and 8K technology. 8K technology is currently under development and is expected to show a huge growth rate in the near future. By technology, the market is segmented on the basis of LCD, LED, OLED and QLED. OLED is expected to show a significant market growth during forecasted period due to numerous research and advancement in the segment. By platform, the market is divided as Android TV & Google TV, ROKU TV, Fire TV (AMAZON), Web OS, TIZEN OS and other. Android is the widely accepted TV platform and thus is expected to have a considerable market share during 2018-2023. By application, the market is segmented as domestic and commercial. Domestic segment will have the major market share however, in large TV sizes commercial segment have the significant market share.
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The global smart TV market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. North America, Asia Pacific, Europe and Rest of the World are the major regions in the market. Asia Pacific is estimated to be the leading region in the smart 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 during the forecasted period for high end TV such as 4K & 8K TVs whereas APAC will show a considerable growth for HD and full HD television. High purchasing power of individual in the region are estimated to be the major factors that are driving the growth of the market.
Key market players in the global smart TV market are Apple, Boxee, Google, Haier, LG, Panasonic, Philips, Samsung, Sharp, Sony Corporation, TCL, Toshiba, Videocon and so on. These companies are focusing on product innovations, expansions, M&A, finding new market or innovate in their core competency in order to expand individual market share. The report also includes detailed market overview, strategic recommendations, key company analysis, key findings, analyst insights, predictive analysis, patent analysis, pipeline analysis, market determinants, market segmentation and company profiling of the market.
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