Global Connected TV Market Size By Technology, By Platform, By Content Type, By Geographic Scope And Forecast

Connected TV Market Size And Forecast

Connected TV Market size was valued at USD 106.84 Billion in 2023 and is projected to reach USD 416.85 Billion by 2030, growing at a CAGR of 21.5% during the forecast period 2024-2030.

Global Connected TV Market Drivers

The market drivers for the Connected TV Market can be influenced by various factors. These may include

• Growing Demand for Streaming ServicesOne of the main factors contributing to the rise of Connected TV has been the growing acclaim of streaming services like Netflix, Hulu, Amazon Prime Video, and others. Customers are favoring on-demand, internet-based programming over traditional cable or satellite TV more and more.
• Adoption of Smart TVsThe market for Connected TVs has expanded due to the widespread use of smart TVs, which have built-in internet connectivity and compatibility for a variety of streaming apps. The ease with which internet-enabled functions may be accessed straight on television sets draws in customers.
• Progress in Display TechnologiesThe whole viewing experience has been improved by the constant progress in display technologies, such as 4K and HDR. As consumers look for high-quality content delivery, these enhancements add to the allure of connected televisions.
• Extension of High-Speed InternetThe success of Connected TV has been greatly attributed to the availability and uptake of high-speed internet connections. The smoothness and accessibility of streaming increases as more homes have access to dependable, fast internet.
• Mobile Device IntegrationOne factor driving the market’s expansion has been the smooth casting or mirroring of material from smartphones or tablets to TV screens by users of connected TVs. This function improves connectivity and user convenience.
• Possibilities for AdvertisingCompanies are realizing more and more that the Connected TV platform may be used to target advertisements. Advertisers are increasing their investment in the Connected TV advertising market due to the opportunity to deliver interactive and tailored commercials to a targeted audience.
• Material Variety and Original ProgrammingA large audience has been drawn to Connected TV services by the availability of a wide variety of material, including original programming from streaming platforms. Original shows and exclusive content are now major selling points for streaming platforms.
• Global Reach of Streaming ServicesConnected TV has become a truly global market as a result of the global reach of streaming services. The manufacturers of devices as well as content suppliers now have more opportunities thanks to this increase.
• COVID-19 Pandemic AccelerationAs more people stayed at home and looked to streaming services for entertainment, the COVID-19 pandemic, which started in 2019, further accelerated the adoption of connected television.

Global Connected TV Market Restraints

Several factors can act as restraints or challenges for the Connected TV Market. These may include

• Limitations in Internet connectivityStreaming content on Connected TVs may not work as well in areas with spotty or inadequate high-speed internet connectivity. Slow internet connections can cause delays, poorer video quality, and an unsatisfactory watching experience.
• Interoperability ChallengesOne potential obstacle is the absence of uniformity and interoperability across various Connected TV systems. When connecting devices, software, or services from multiple manufacturers, users could run into compatibility problems. This might hinder the ecosystem’s ability to integrate seamlessly.
• Traditional TVAlthough Connected TV has grown, traditional cable and satellite TV services are still available and remain competitors. Certain people might find the well-known format of traditional TV more appealing, and in some areas or demographics, the switch to connected TV might happen more slowly.
• Content Licensing and AvailabilityCertain content may not always be accessible on Connected TV platforms due to geographical limitations and content licensing agreements. Users who anticipate a broad range of content but discover restrictions because of licensing problems or geo-blocking may find this unpleasant.
• Production Costs for Original, High-Quality materialStreaming services that invest in original, high-quality material must pay hefty production fees. Some streaming services may find it difficult to finance the creation and upkeep of a substantial content library, even when unique content has the potential to draw in new users.
• Customer Opposition to ChangeSome customers could be reluctant to accept new technologies, such as connected television. One of the things that can prevent Connected TV from becoming widely used is people’s traditional TV-watching habits and resistance to moving to internet-based services.
• Regulatory ChallengesBusinesses in the Connected TV area may face difficulties as a result of changing regulatory environments, notably with regard to data protection and privacy. Adapting business practices to comply with diverse rules in different locations may be necessary.
• Device ComplexitySome consumers may find it difficult to navigate the growing complexity of connected TV devices, such as streaming boxes and smart TVs. For wide adoption, a user-friendly interface and simple setup are essential, and makers must make sure the devices are usable by people with different levels of technical expertise.

Global Connected TV Market Segmentation Analysis

The Global Connected TV Market is Segmented on the basis of Technology, Platform, Content Type, and Geography.

Connected TV Market, By Technology

• Smart TVsThese are television sets with built-in internet connectivity, allowing users to access streaming services, apps, and other online content directly on their TV screens.
• Streaming DevicesThis includes standalone devices such as streaming sticks, set-top boxes, and gaming consoles that can be connected to traditional TVs to enable internet-based content streaming.

Connected TV Market, By Platform

• OTT (Over-the-Top) ServicesThese are streaming services that deliver content directly over the internet, bypassing traditional cable or satellite providers. Examples include Netflix, Hulu, Amazon Prime Video, and Disney+.
• TV Everywhere (TVE)Refers to the ability for cable or satellite subscribers to access their subscription content on multiple devices, including Connected TVs, through authenticated apps.

Connected TV Market, By Content Type

• Video on Demand (VOD)Services that allow users to select and watch video content at their convenience, including movies, TV shows, and other on-demand content.
• Live StreamingPlatforms that offer live streaming of events, sports, news, and other real-time content.
• User-Generated Content (UGC)Platforms that host and stream user-generated videos, such as YouTube.

Connected TV Market, By Geography

• North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
• EuropeAnalysis of the Connected TV Market in European countries.
• Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
• Middle East and AfricaExamining market dynamics in the Middle East and African regions.
• Latin AmericaCovering market trends and developments in countries across Latin America.

Key Players

The major players in the Connected TV Market are

• Samsung Corporation
• LG Electronics
• Hisense
• TCL
• Sony Corporation

Report Scope

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