The deluge of 3D movies and high-resolution entertainment in the form of sports and travel channels has created the demand for smart TVs. According to a study by Google, interested users relied on brand names and sizes to compare prices of TVs. Most of their searches were conducted from smartphones and desktops. Manufacturers have developed high dynamic range-based TVs for consumers prioritizing on resolution. In addition, major content providers and gaming platforms have adopted the technology, compelling TV manufacturers to integrate it with their latest offerings.
Economical Prices of TVs Take Precedence
Different types of smart TVs based on resolution in the market include 4K UHD TV, HDTV, Full HD TV, and 8K TV. The 4K UHD TV segment is anticipated to exhibit a robust growth rate over the forecast period (from 2018 to 2025) due to declining prices of smart TVs. Adoption of quantum dot technology and nanotechnology by major consumer electronics manufacturers can bolster segment demand. In addition, the advent of smart homes is also expected to play a huge role to spur the segment growth. In February 2018, Xiaomi, one of the biggest TV manufacturers, decided to capitalize on the trend by launching its product (Mi TV 4) for Indian consumers through its flagship stores and ecommerce partners. Low prices of these TV sets are enticing customers in buying them.
Future of Advertising
Online content consumption has gained traction due to the presence and growing popularity of over-the-top (OTT) providers such as Netflix. Smart TV manufacturers have been mulling over the possibility of displaying interest-based advertisements based on viewing history. For instance, Samsung is planning on launching its own content channel in the near future by partnering with OTT providers to offer content in desired resolutions.
Market Overview
The global smart TV market is expected to reach at USD 292.55 billion by 2025 growing at a CAGR of 9.5% from 2018 to 2025, according to a report by Grand View Research, Inc. Consumer preference towards LED and QLED TVs is anticipated to be the major disruptor in the industry. Availability of high-speed Internet and launch of streaming devices are predicted to drive the market growth over the coming years. Increased spending on consumer electronics would also influence market demand in the forthcoming years. Key market players include Sony Corporation; LG Electronics, Inc.; Samsung Electronics Co. Ltd.; and Panasonic Corporation.
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