According to the latest report by IMARC Group, titled "Smart TV Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global smart TV market size reached US$ 183.6 Billion in 2019. Smart televisions (TVs) are new generation TVs that are integrated with the internet and Web 2.0 features. They can connect to various input devices wirelessly to enhance usability and offer an interactive experience to the users. These devices are utilized to stream over-the-top (OTT) media services, such as Netflix, Hulu and Amazon Prime Video, that offer a vast online library of movies, documentaries and TV shows. Apart from this, various free media platforms, including Vimeo and YouTube, as well as social media sites, such as Twitter, Facebook and Instagram, can be accessed through these TVs. Nowadays, manufacturers are also integrating gesture and voice recognition features, like Google Assistant and Amazon Alexa, in advanced smart TV models to expand their consumer base.
Global Smart TV Market Trends:
The global market is primarily driven by improving purchasing power and living standards of consumers across the globe. Consequently, there has been a rise in the sales of smart TV sets that support a wide range of applications. They also provide various entertainment options, ranging from streaming online video content to playing games and checking social media, which, in turn, is contributing significantly to the market growth. Furthermore, manufacturers are investing in extensive research and development (R&D) activities for introducing advanced product variants. For instance, Samsung, the South Korea-based multinational corporation, launched the world’s first QLED 8K TV, which is projected to be a breakthrough innovation in the ultra-premium TV sets and home entertainment segment. On account of the aforementioned factors, the market is expected to reach a value of US$ 321.6 Billion by 2025, expanding at a CAGR of 8.8% during the forecast period (2020-2025).
Market Breakup:
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