According to Technavio, the global smart TV market is expected to post a CAGR of more than 21% during the period 2019-2023.
Rapid advances in smart TV software and display resolutions have enabled vendors to offer application-loaded smart TVs that emphasize video quality. Owing to the rising popularity of 4K HDTVs, OLED, and QLED displays, several streaming services and cable platforms are increasingly offering content that is filmed and broadcast at high resolution. Also, those technologies significantly reduce the thickness and overall weight of TVs with large display screens. Therefore, innovations in terms of design and features are expected to drive the demand for smart TV among consumers. Also, the advances in related hardware and software technology are expected to continue driving the growth of the global smart TV market during the forecast period.
As per Technavio, the growing influence of digital media on smart TV advertising and marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period.
Digital media has rapidly grown in prominence as a critical communication and marketing channel for vendors in the global smart TV market. Several smart TV manufacturers are increasingly investing in social media campaigns in developed markets, such as the United States and the UK, for product promotions and wider marketing outreach. For instance, vendors, such as Samsung, use digital tools and algorithms, such as A1, sentiment analysis, and predictive alerts to analyze positive, neutral, and negative trends in social media regarding their smart TV offerings. Therefore, the rising influence of digital media on smart TV advertising and marketing is expected to aid market growth during the forecast period.
"Owing to a surge in the popularity of OTT content, smart TV manufacturers are increasingly incorporating pre-installed OTT applications in their products, providing consumers with options to download or update OTT applications. These smart TVs enable users to stream content directly without the help of any external gadgets and allow users to sign in with their accounts to synchronize their data preferences across devices, thereby driving the adoption of smart TVs among consumers." said a senior analyst at Technavio.
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the number of OTT content subscriptions and availability of a diverse range of technologically advanced smart TVs in the region.