Connected TV Market Expected to Thrive with a Notable CAGR of 6.7% Over 2023-2030, Predicts MarkWide Research

In a recent report by MarkWide Research, titled “Connected TV Market,” the global market for connected televisions is poised for substantial growth, projecting a notable Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period from 2023 to 2030. The increasing adoption of streaming services and smart TV technology is driving the growth of this market.

Overview of the Connected TV Market:

Connected TVs, also known as smart TVs, offer internet connectivity and access to a wide range of streaming content and applications.

Market Dynamics:

The Connected TV Market is experiencing significant growth due to several key factors:

1. Streaming Services: The popularity of streaming platforms like Netflix, Amazon Prime Video, and Disney+ fuels the demand for connected TVs.
2. Smart Technology: Smart TVs offer enhanced user experiences with features like voice control and integrated apps.
3. Internet Connectivity: High-speed internet access enables seamless streaming and content browsing.
4. Content Diversity: Access to a vast library of content attracts consumers to connected TVs.

Market Segmentation:

The report by MarkWide Research segments the connected TV market based on screen size, resolution, platform, and region.

Screen Size:

1. Small & Medium Screen TVs: These TVs are popular for bedrooms and smaller living spaces.
2. Large Screen TVs: Large-screen TVs provide immersive viewing experiences for home theaters.

Resolution:

1. Full HD: Full HD TVs offer high-definition viewing with 1080p resolution.
2. 4K & Above: 4K and higher-resolution TVs provide ultra-high-definition picture quality.

Platform:

1. Android TV: TVs running on the Android TV platform offer access to Google Play Store and a wide range of apps.
2. Roku TV: Roku-based TVs provide a user-friendly interface and access to numerous streaming channels.

Regional Analysis:

The market spans regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America, with its strong demand for streaming services, is expected to lead the market growth.

Competitive Landscape:

Key players in the connected TV market include Samsung Electronics Co., Ltd., LG Electronics Inc., Sony Corporation, and TCL Corporation, among others. These companies continue to innovate and offer advanced smart TV solutions.

Future Outlook:

The connected TV market is set to thrive as consumers seek integrated entertainment solutions and streaming services continue to expand their content libraries.