Smart TV Market Size to grow by USD 69.33 billion between 2023-2027
Technavio, a leading provider of market research reports, has released its latest study on Smart TV Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 69.33 billion, at a CAGR of 10.81% during the forecast period. In the dynamic and expanding smart TV market, digital media has emerged as a crucial communication and marketing platform for vendors. Notably, leading smart TV manufacturers are amplifying their presence in developed markets, such as the US and the UK, through strategic social media campaigns. These digital channels offer valuable data insights and precise attribution, enabling vendors to engage with a broader customer base. For instance, LG's Smart TV Advertising, a unique service available exclusively in the MENA region, leverages device-level data and consent-based user information to optimize the consumer viewing experience.
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In the Asia Pacific (APAC) region, China and India emerged as significant consumers in the smart TV market during the year 2022. The increasing consumer propensity to invest in advanced technology products, particularly in emerging economies like India and Southeast Asian countries, including Thailand, Vietnam, and Hong Kong, has fueled the expanding demand for high-end smart TVs in APAC. Factors such as the surge in Over-The-Top (OTT) content subscriptions and the availability of technologically sophisticated smart TV models have further bolstered the growth of this market. According to PwC's Global Entertainment and Media Outlook 2019-2023, the OTT content market in India is projected to expand from USD638 million in 2018 to USD1.2 billion by 2023, underscoring the potential for continued growth in the smart TV sector in the region.
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