A smart TV
is essentially either a television or a set top box that has Internet capabilities integrated in the device. Such a device is equipped with more advanced features and capabilities as compared to a regular television. Apps can be downloaded and accessed on a smart TV and services such as Netflix, YouTube and several others can easily be accessed. Smart TVs can be viewed as an extension of a smart phone or tablet, given the fact that they are capable of most of the features that a smartphone can carry out. This is one of the major factors driving the growth of the smart TV market. With the commercialization and success that 3D TVs have witnessed in the recent past, it won’t be long before smart TVs also receive the same response from the consumers. The increasing use of the Internet and a rapidly growing number of Internet users is adding to the growth of this market.
One of the major factors hindering the growth of this market is the high cost of the TVs. This factor is expected to have a medium to high impact on the market till the end of the forecast period considered in this report. Lack of awareness, especially in underdeveloped and developing nations is another factor affecting the growth of this market. The Smart TV market can be segmented as
- on the basis of product
- Camera, Keypad, Software, Wireless LAN Adapter and Others
- In terms of applications
- Home Entertainment, Office Use, Education and Others
Currently the developed regions such as North America and Europe are key markets for smart TVs. However, with further technological advances and lowering of prices, it is expected that APAC and South America could prove to be high growth markets in the near future.
- By Geography
- North America, South America, APAC, Europe, Middle East and Africa
The smart TV market
is extremely competitive in nature with major players investing heavily in research and development efforts to be able to bring the latest and best technology first to the market. Some of the leading players are adopting partnerships and alliances. Mergers and acquisitions are also key strategies to gain a competitive footing in the market. Following are just a few of the companies that are operating in the Smart TV market
- Samsung Electronics Co. Ltd.,
- Sony Corporation
- Panasonic Corporation
- Google, Inc.
- Apple, Inc.