Connect with us

Technology

Smart TV Market size is set to grow by USD 69.33 billion from 2023-2027, Technological advances in TV resolution to boost the market growth, Technavio

Published

4 months ago

on

NEW YORK, July 17, 2024 /PRNewswire/ — The global smart tv market size is estimated to grow by USD 69.33 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 10.81% during the forecast period. Technological advances in TV resolution is driving market growth, with a trend towards growing influence of digital media on smart tv advertising and marketing. However, security and privacy concerns related to smart TV poses a challenge. Key market players include Apple Inc., BBK Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, MIRC Electronics Ltd., Panasonic Holdings Corp., Roku Inc., Samsung Electronics Co. Ltd., Sharp Corp., Skyworth Group Ltd, Sony Group Corp., TCL Electronics Holdings Ltd, TOSHIBA CORP, Videocon Industries Ltd., VIZIO Holding Corp, Westinghouse Electric Corp., and Xiaomi Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2023-2027

Base Year

2022

Historic Data

2017 – 2021

Segment Covered

Distribution Channel (Offline and Online), Type (Below 32 Inches, 32 to 45 Inches, 46 to 55 Inches, 56 to 65 Inches, and Above 65 Inches), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

Apple Inc., BBK Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense International Co. Ltd. , Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, MIRC Electronics Ltd., Panasonic Holdings Corp., Roku Inc., Samsung Electronics Co. Ltd., Sharp Corp., Skyworth Group Ltd, Sony Group Corp., TCL Electronics Holdings Ltd, TOSHIBA CORP, Videocon Industries Ltd., VIZIO Holding Corp, Westinghouse Electric Corp., and Xiaomi Inc.

 

Key Market Trends Fueling Growth

The smart TV market has witnessed significant growth in the use of digital media for advertising and marketing. Vendors, such as LG, invest in social media campaigns in developed markets for product promotions and wider reach. Digital media provides deep data insights and specific attribution to a larger customer base. In the MENA region, LG Smart TV advertising uses device-level insights and user data for improved viewing experiences and effective, non-intrusive advertising. Micro-influencers, with followings of 2,000-50,000, focus on niches and have considerable influence on streaming services and micro-blogging platforms. Samsung, among others, uses digital tools, like AI, sentiment analysis, and predictive alerts, to analyze social media trends regarding their smart TV offerings. The influence of digital media on smart TV advertising and marketing is expected to boost market growth. 

The Smart TV market is experiencing significant growth, driven by the increasing popularity of Over-the-top (OTT) services and content creators. OTT platforms and streaming services are revolutionizing TV viewing, offering consumers access to a vast content library at affordable prices. Smart TVs, with their operating systems, voice command, screen mirroring/sharing, and video calling features, are becoming the preferred choice for consumers. Movie producers and movie theaters are also jumping on the bandwagon, recognizing the potential of internet video streaming. The market is widening, with entry-level smart TVs offering high-definition picture quality and immersive viewing experience at affordable prices. High-end smart TVs boast of larger screen sizes, 8K TV segment, Dolby Atmos sound, and high-dynamic range (HDR) for a theater-like experience. Display panels, parts, and prices are becoming more competitive, making it an attractive entry barrier for new players. Consumers are looking for detailed image resolution, screen size-to-price value, and EMIs to enjoy their favorite content. Home theaters, viewing angle, and Dolby Atmos sound are key considerations for those seeking a cinematic experience. With the rise of affordable products and the increasing importance of internet bandwidth, the market is set to grow further. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

Smart TVs, with their internet connectivity and pre-installed social media applications, present significant privacy and security challenges for vendors in the global market. In 2017, Vizio paid a USD2.2 million settlement for collecting and selling user data without consent, raising concerns about privacy breaches. Malware attacks are another risk, as external devices connected to smart TVs can be susceptible to unauthorized access and file modification. A recent report revealed that Netflix receives user data from all smart TV companies and streaming services without notification. These issues may hinder the adoption of smart TVs due to privacy and security concerns.The smart TV market faces several challenges. High-end smart TVs with advanced features like 8K resolution, Dolby Atmos sound, and high-dynamic range (HDR) demand high prices, limiting wider market penetration. Entry barriers include expensive display panels, parts, and internet bandwidth requirements. The 8K TV segment and theater-like viewing experience with Dolby Atmos sound and HDR are driving consumer demand. However, the price difference between large-screen television sets and home theaters is a concern for buyers with limited spending capacity. New market entrants face installation costs, screen shape considerations, and the need for a content library with immersive viewing experiences. Consummers seek detailed image resolution, full HD, and EMIs for affordable monthly payments. The screen size-to-price value ratio and existing content streaming platforms also impact market dynamics. Overall, providing a premium feel with theater-like viewing experiences at affordable prices is crucial for success in the smart TV market.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This smart tv market report extensively covers market segmentation by

Distribution Channel1.1 Offline1.2 OnlineType 2.1 Below 32 Inches2.2 32 to 45 Inches2.3 46 to 55 Inches2.4 56 to 65 Inches2.5 Above 65 InchesGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Offline- The Smart TV market encompasses both online and offline distribution channels. Offline sales include consumer electronics stores, hypermarkets, supermarkets, and specialty retailers. Despite the growth of online sales, offline channels remain dominant due to consumer preference for in-store experience. Rapid internet penetration and the rise of OTT streaming services in the US, India, and China have fueled demand for high-end smart TVs. Vendors like Apple, LG, Philips, and Samsung follow uniform pricing policies, reducing price disparities between channels. Offline retailers such as SPAR International, Walmart, Target, and ALDI stock smart TVs, while vendors like LG, Samsung, and Toshiba have extensive global distribution networks. Consumers continue to rely on offline stores for product demos and personalized shopping experiences. Moderate growth is expected for the offline segment during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017 – 2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global television market continues to expand driven by technological advancements and rising consumer demand for enhanced viewing experiences. Key trends include the shift towards smart TVs, integration of streaming services, and increasing adoption of OLED and QLED technologies for superior picture quality. The global 4K TV market is witnessing robust growth with higher resolutions becoming the new standard. Consumers are increasingly opting for 4K TVs due to their sharper image quality and immersive viewing experience. Market growth is also fueled by declining prices, broader content availability in 4K resolution, and advancements in display technologies like HDR (High Dynamic Range).

Research Analysis

The Smart TV market is experiencing significant growth with the increasing popularity of Over-the-top (OTT) services and streaming platforms. Consumers are now able to access a vast array of TV content from creators directly on their Smart TVs, enhancing their viewing experience. Smart TVs offer features such as voice command, screen mirroring/sharing, and video calling, making them a versatile addition to modern homes. Movie producers and movie theaters are also embracing this technology, providing high-dynamic range (HDR) content for a theater-like viewing experience. The screen size-to-price value ratio of large-screen television sets is becoming increasingly attractive, making them an affordable luxury for many buyers. High-definition picture quality, screen size dynamics, and Dolby Atmos sound are just a few of the features that make Smart TVs a desirable purchase for consumers. Price differences and discount offers are also driving sales, making it an exciting time for those in the market for a new television set. With full HD and high-definition picture quality, consumers can enjoy their favorite content with stunning clarity and detail. The ability to easily connect and share content from other devices, as well as make video calls, adds to the convenience and functionality of Smart TVs.

Market Research Overview

The Smart TV market is witnessing significant growth with the rise of Over-the-top (OTT) services and TV content creators. OTT platforms and streaming services are revolutionizing the way we consume content on our Smart TVs. Smart TVs, with their internet video streaming capabilities, offer an immersive viewing experience with high-definition picture quality and Dolby Atmos sound. Affordable entry-level smart TVs with screen sizes ranging from small to big are making this technology accessible to a wider market. Key features of Smart TVs include voice command, screen mirroring/sharing, and video calling. Movie producers and movie theaters are also embracing this technology, offering consumers theater-like viewing experiences. High-end smart TVs boast of 8K resolution, Dolby Atmos sound, and high-dynamic range (HDR), providing a detailed image resolution of 33 million pixels. The market is becoming more competitive with new market entrants, price differences, and discount offers. Consumers with varying spending capacities can choose from a wide range of products, including affordable entry-level TVs and premium high-end TVs. The market also offers educational applications, home theaters, and large-screen television sets with added depth experience. Factors like product price, display panels, parts, and internet bandwidth are important considerations for consumers. Installation, mounting, and cost are also essential factors, especially for larger screen sizes. Overall, the Smart TV market offers consumers a premium feel and a wider market with lower entry barriers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineTypeBelow 32 Inches32 To 45 Inches46 To 55 Inches56 To 65 InchesAbove 65 InchesGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/smart-tv-market-size-is-set-to-grow-by-usd-69-33-billion-from-2023-2027–technological-advances-in-tv-resolution-to-boost-the-market-growth-technavio-302198369.html

SOURCE Technavio

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million

Published

53 minutes ago

on

November 16, 2024

By

Revenue grew by 23.8% compared to previous yearGross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23Adjusted EBITDA rose 29.5% to SAR 210.2 million

JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.

Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.

The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.

Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.

SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.

Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:

“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.

Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.

We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.

Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”

View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html

Continue Reading

Technology

Carbon Mapper Achieves First Tanager-1 Methane Mitigation Success

Published

53 minutes ago

on

November 16, 2024

By

BAKU, Azerbaijan, Nov. 16, 2024 /PRNewswire/ — Carbon Mapper released over 300 methane and CO2 plume detections today— its first tranche of emissions data based on observations from the Tanager-1 satellite which was launched in August. Tanager-1 is built and operated by Planet Labs PBC and made possible by the Carbon Mapper Coalition, a philanthropically backed public-private partnership including Planet Labs and NASA’s Jet Propulsion Laboratory among others. This data offers granularity on sources of super-emitters around the world, driving direct actions to cut methane and carbon dioxide as proven by an early mitigation success story.

Tackling methane is a global priority. This mitigation success shows how remote sensing tech can be a game changer.

On Oct. 9, Tanager-1 detected a large plume of methane which Carbon Mapper determined was stemming from a gathering pipeline in the Texas Permian Basin. The team reported the leak to a state agency and the U.S. government, who subsequently notified the facility operator. The operator quickly responded and voluntarily conducted repairs, leading to meaningful emissions reduction. Follow up observations from Tanager-1 detected no plume, confirming the leak was successfully fixed.

Carbon Mapper’s preliminary emissions estimate of this leak is approximately 7,000 kilograms of methane per hour. Each hour it was emitting equaled the same CO2 emissions as driving 47 gas-powered cars for a year.

This first verified methane mitigation action adds to existing evidence that when decision makers are empowered with data on the exact sources of emissions, they can effectively prioritize actions that cut waste and eliminate methane. This mitigation is consistent with pilot airborne surveys Carbon Mapper has conducted in several U.S. states including California and Colorado. Through these pilots, Carbon Mapper has found that nearly half of super-emitting events flagged for state agencies and operators were previously unknown, and once identified, were voluntarily mitigated.

“Tackling methane quickly is a crucial global priority. This early mitigation success story shows that remote sensing technologies with unique capabilities like Tanager-1 can be a gamechanger in driving down emissions in the near-term,” said Carbon Mapper CEO Riley Duren.

To scale these local mitigation successes globally, Carbon Mapper is making new data from Tanager-1 publicly available on its data portal. These include detections of methane and CO2 in 34 countries across the oil and gas, waste, and agriculture sectors. This work is supported by the High Tide Foundation, Grantham Foundation for the Protection of the Environment, Bloomberg Philanthropies, Children’s Investment Fund Foundation, AKO Foundation, and Zegar Family Foundation, among others.

In the coming months, Carbon Mapper will continue to scale up observations and make methane and CO2 data routinely accessible to help decision makers fill gaps in their understanding of the exact sources of emissions and empower mitigation action at the source. These routine detections will be made publicly available for non-commercial use 30 days after collection. Together, with complementary satellite programs, like the Environmental Defense Fund’s MethaneSAT, Carbon Mapper will provide transparent data at different levels of granularity and ensure that the information gets into the right hands to catalyze faster and more effective emissions reductions.

Special Note to Reporters:
More information, including plume images and key data from Tanager-1, can be found in our press package here. 

About Carbon Mapper
Carbon Mapper is a nonprofit organization based in Pasadena, CA, with the mission to drive greenhouse gas emissions reductions by making methane and carbon dioxide data accessible and actionable. It focuses on filling gaps in the emerging ecosystem of methane and CO2 monitoring systems by delivering data at facility scale that is precise, timely, and accessible to empower decision making and direct mitigation action. The organization leads a public-private coalition that is developing and deploying a constellation of satellites capable of detecting, quantifying, and verifying methane emissions worldwide. Data from these satellites will offer the next major step in scaling up the organization’s robust data portal featuring thousands of direct observations of global methane and CO2 super-emitters. Learn more at carbonmapper.org, view data at data.carbonmapper.org, and follow us on X @carbonmapper.

View original content to download multimedia:https://www.prnewswire.com/news-releases/carbon-mapper-achieves-first-tanager-1-methane-mitigation-success-302307601.html

SOURCE Carbon Mapper Inc.

Continue Reading

Technology

The Centennial Celebration of Sun Yat-sen University Held in Guangzhou

Published

53 minutes ago

on

November 16, 2024

By

GUANGZHOU, China, Nov. 16, 2024 /PRNewswire/ — The Sun Yat-sen University (SYSU) held the Celebration Conference for the 100th Anniversary of SYSU and Innovation-Driven Development Forum  in the university on the morning of November 12. Over 5,500 people from governments, universities, institutions and organizations across the country as well as the SYSU alumni, faculty and student representatives attended the event.

 

In his opening remarks, Gao Song, president of Sun Yat-sen University and a member of the Chinese Academy of Sciences, mentioned the glorious century-long history of the university.

“Sun Yat-sen University was established in a time of national crisis and went through the periods from revolution to building of the People’s Republic of China. Based in Guangdong Province, the frontline of China’s reform and opening-up, SYSU has achieved a remarkable development in the new era of socialism with Chinese characteristics,” Gao said.

SYSU will expand opening up at a high level to deepen international exchange and cooperation, and build a global partnership network of universities. The university will continue to contribute its efforts to promoting mutual learning between civilizations, tackling global challenges, advancing science and technology, reaching sustainable socio-economic development, as well as improving the wellbeing of humanity, Gao added.

Lynn Pasquerella, president of the Association of American Colleges and Universities, extended congratulations to Sun Yat-sen University and spoke highly of the achievements the university has made over the past century. She said the university’s innovative research is impressive, in particular with the frontier research in bioinformatics and cancer treatment. SYSU also takes a leading position in social science research in China. She pointed out that these accomplishments can be attributed to the unremitting efforts of the university to benefit China and the rest of the world with knowledge.

The centennial celebration conference was followed by the Innovation-Driven Development Forum. Professor Jean-Marie Lehn, the Nobel Laureate in Chemistry in 1987 and also known as the “father of supramolecular chemistry”, who is now a member of the French Academy of Sciences and an international member of the Chinese Academy of Sciences, together with other distinguished experts in sectors of image and video AI and search, cloud computing, and distributed systems as well as outstanding representatives of SYSU alumni attended the forum. They discussed the role of education, science and technology, and talents in Chinese modernization.

https://youtu.be/7y2hMQpT_kE?si=MxGOIxpSkfYn2f00

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-centennial-celebration-of-sun-yat-sen-university-held-in-guangzhou-302307603.html

SOURCE Sun Yat-sen University (SYSU)

Continue Reading

Trending