Smart TV Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2014 To 2020
Similar to a smartphone, smart TV focuses on delivering over-the-top (OTT) content and incorporates web-enhanced features in the television or enhanced computing functionality in the set-top box connected. It also includes features such as apps, syncing over multiple devices and streaming. In addition to sources such as YouTube, Netflix and ESPN, smart TVs also offer access to online stores where more apps can be downloaded. With growing demand for connectivity, these products have been enjoying increasing adoption among consumers.
Growing penetration of internet services and expanding internet consumer base is expected to drive the market over the next few years. In addition, market leaders have been investing in smart TV technology in order to gain competitive advantage. The technology transition from internet TVs to smart TVs that provide convergent services is also expected to result in favorable market conditions. However, uncertainty among consumers, along with limited knowledge regarding these products is estimated to be barrier to market growth.
In addition to normal broadcasting capabilities, smart TVs must also contain feature such as online video, video on demand (VOD), social networking, recording facilities, and inherent applications in order for them to gain popularity. Companies like Google have also launched smart TV services, wherein users can connect television sets to a Google box, which helps them access internet services as well as download applications. The company introduced Google TV, which has been developed in collaboration with Sony, Intel and Logitech, and integrates the company’s Android platform. Home entertainment was the largest application segment; however, smart TVs are gaining traction in the corporate and educational space as well.
Demand is expected to be higher in developed economies of North America and Europe. Markets such as South Korea and Japan in Asia Pacific also exhibit strong growth potential. The ecosystem comprises television manufacturing companies, content developers, system integrators, etc. Companies operating in the market have been focusing on making products that are easy to use and incorporate better design. In order to gain market share, players have been implementing strategies such as mergers, acquisitions, partnerships, as well as new product development for innovation. Key industry participants include Apple Inc., Google, Intel, LG Electronics, Microsoft Corporation, Philips, Samsung, Sony, Haier, and Toshiba among others.