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Smart TVs to see over 20% CAGR between 2019-23

The smart TV market is expected to post a CAGR over 21% through to 2023, a new report has found.

According to a study by research and advisory firm Technavio, the market is set to see continued growth due to rapid advances in technologies. Specifically cited are the advances in smart TV software and display resolution, along with the reduced thickness and overall weight of TVs with large display screens.

The report goes on to say that the growing influence of digital media on smart TV advertising and marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyses other important trends and market drivers that will affect market growth over 2019-2023.

It points out that many smart TV manufacturers are increasingly investing in social media campaigns in developed markets, such as the US and the UK, for product promotions and wider marketing outreach. One example it gives is that vendors, such as Samsung, use digital tools and algorithms, such as A1, sentiment analysis, and predictive alerts to analyse positive, neutral, and negative trends in social media regarding their smart TV offerings.

A senior analyst at the research company said: “Owing to a surge in the popularity of OTT content, smart TV manufacturers are increasingly incorporating pre-installed OTT applications in their products. This provides consumers with the option to download or update OTT applications. These smart TVs enable users to stream content directly without the help of any external gadgets. They allow users to sign in with their accounts to synchronize their data preferences across devices. These features are expected to drive the adoption of smart TVs among consumers.”

In terms of regions, the APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the number of OTT content subscriptions and the availability of a diverse range of technologically advanced smart TVs in the region.