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The latest report by IMARC Group, titled “Smart TV Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global smart TV market size reached US$ 239 Billion in 2021. A smart television, or TV, is a next-generation device equipped with the internet and Web 2.0 features. It consists of an ethernet connection and built-in Wi-Fi that eliminates the need for a separate set-top box. Smart TV contains additional hardware and connections, along with a TV operating system and graphical user interface (GUI). Through a smart TV, viewers have access to web browsing, internet radio services, social networking sites, video-on-demand and streaming platforms. It also provides the capabilities of searching, chatting, browsing, sharing, and downloading content.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart TV Market Trends:
The global smart TV market is primarily driven by the improving standards of living and easy availability of high-speed internet due to rapid urbanization across the globe. A continuous rise in the use of streaming devices and opportunities in the over-the-top (OTT) space that distributes original content via the internet is also fueling the market growth. Furthermore, smart TV offers various features, including the capability of connecting with wireless devices like smartphones, screen sharing, web browsing, improved viewing experience, enhanced color accuracy and bright color. Due to this, manufacturers are increasingly investing in the development of smart TVs. For instance, LG introduced 4K LED smart TVs that support 4K active HDR and X sound technology. Similarly, Samsung Electronics, a South-Korea-based multinational conglomerate, has launched the QLED 8K televisions, which feature artificial intelligence (AI) upscaling, pixel-less imagery and offer 16 times the resolution of Full HD televisions. Looking forward, the market is expected to exhibit a CAGR of 6.2% during the forecast period (2022-2027).
Market Summary:
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