The global smart TV market is expected to reach $292.55 billion by 2025, according to a new report by Grand View Research (www.grandviewresearch.com). The introduction of 4K resolution-equipped televisions, coupled with the shifting preference toward OLED and QLED displays, is expected to emerge as a major trend in the smart TV industry, adds the research group.
Streaming devices such as the Apple TV, Amazon Fire TV, and Google Chromecast are changing the consumers’ viewing experience, says Grand View Research. Several manufacturers are teaming up with OTT content and device providers to provide built-in features with no further requirement of a set-top box. For instance, TCL Corporation has teamed up with Roku and introduced a 4K HDR Roku TV. The China-based vendor is using the Roku platform for its television product line. Additionally, Hitachi, Ltd., Hisense Co. Ltd, and Sharp Corporation have also teamed up with Roku, Inc. to provide such features.
Key players have developed their proprietary operating systems or have partnered with open source providers in order to offer a plethora of apps to their customers, says Grand View Research. For instance, Google Inc.’s Android OS is widely used in televisions manufactured by Sony Corporation, LG Electronics, Inc., TCL Corporation, and Koninklijke Philips N.V.
Several regional players are focusing on expanding their presence globally to gain market share. The industry is witnessing intense rivalry among premium segment as players have exhibited keenness towards introducing and promoting Ultra High Definition (UHD) screens.
The growing popularity of smart homes has supplemented market growth as smart TVs help in enhancing the content viewing experience, notes Grand View Research. As the home entertainment sector is paving its way in smart homes, the market is expected to witness increased demand over the next nine years. Large screen televisions are expected to capture substantial share fueled by rising consumer aspirations and affordable price points. Moreover, people are replacing their existing traditional televisions in the wake of availability of new high-tech and affordable solutions.