Smart TVs - New Report Examines Market Forecast Till 2024
A 'Smart TV' is a technological convergence between computers and flatscreen television sets and set-top boxes which offers users the opportunity to use all features presents in computers or smartphones.
Smart TV offers various features such as internet accessibility, storage capacity, GPS system and other entertainment features like gaming. It is from a smart TV that users can have access to Video-On-Demand (VOD) platforms like Netflix, Hulu and Amazon Prime.
A new report has indicated that the global smart TV market will thrive in revenue at a compound annual growth rate (CAGR) of about 8.5% between 2017-2024. This same report shows that the global smart TV market grew to around USD 260.2 Billion last year.
Major factors that will contribute to boosting the growth of global smart TV market include changing lifestyles of the middle-class population, disposable income of consumers, and growing population among others.
Geographically, the global smart TV market is broken into five major regions which are Europe, Asia Pacific, North America, Latin America and Africa and Middle East region.
Among these segmented regions, Africa and the Asia Pacific have emerged as the dominating market of smart TV and will maintain this position over the forecast period due to the presence of fast-growing economies such as India and China and the increase in demand for smart TV by end users.
Increasing number of internet users globally and rise in demand for internet-connected multimedia devices is the primary reason for the growth of global smart TV market.
These factors have led all major players to focus more of their spendings on innovation and development of consumer electronics which will bring about an increased demand for smart TV.