Consumer Goods

Connected TV Market is Expected to Reach USD 32,517.2 Million by 2030

Dec 2023

Consumer Goods

As per the report published by Kings Research, the global Connected TV Market was valued at USD 13,233.7 million in 2022 and is projected to reach USD 32,517.2 million by 2030, growing at a CAGR of 12.18% from 2023 to 2030.

The work-from-home trend, accelerated by the COVID-19 pandemic, has led to a high adoption of smart TVs for work-related activities. Smart TVs with larger screens and internet connectivity are increasingly being used for video conferencing, presentations, and accessing work-related applications. This shift has provided employees with a convenient and immersive way to collaborate with their colleagues remotely. With the ability to wirelessly connect laptops or smartphones to these smart TVs, individuals can easily share their screens and conduct virtual meetings without the need for additional equipment. Furthermore, the integration of voice assistants in smart TVs has streamlined work processes. This allows users to control their devices and access information hands-free, thereby making multitasking during work hours more efficient.

Smart TVs have emerged as a significant factor propelling the expansion of the connected TV market. These televisions, which can connect to the internet and come equipped with streaming services and application ecosystems, have garnered considerable attention. The rising desire for customized content, streaming platforms, and interactive functionalities is fueling the rise of smart TVs. As more individuals embrace streaming services like Netflix and Hulu, smart TVs have become a popular choice for directly accessing these services from home. Besides, the option to install and utilize various applications on smart TVs enables users to tailor their viewing experiences and explore a diverse range of entertainment choices. Given the continual technological advancements and the expanding content repertoire, smart TVs are increasingly becoming indispensable in contemporary households.

Key Insights

  • By screen type, the flat segment is expected to register a significant revenue share of 57.87% in 2023
  • By screen size, the 30 inches to 50 inches segment is expected to register a significant revenue share of 45.97% in 2023
  • Based on region,Asia Pacific held the largest market share of 34.23% in 2023

Vidgo Teams Up with Sony for Its Inaugural CTV Live Streaming Partnership

March 2023: Sony and Vidgo, a cost-effective streaming service that caters to budget-conscious individuals seeking to enjoy live sports, formed a partnership which made Vidgo's high-quality streaming service accessible to millions of Sony smart TV users throughout the United States.

Advancements in Hardware and Software Technology to Spur Connected TV Market Expansion

Ongoing advancements in hardware and software technology are driving the growth of the connected TV market. These advancements enable manufacturers to offer improved features, better connectivity options, and enhanced user experiences. For instance, the integration of voice control technology has made it easier for users to navigate through various streaming platforms or adjust settings without the need for a remote control. Additionally, the development of smart TVs has allowed for seamless integration with other smart home devices, providing users with a more cohesive and convenient entertainment ecosystem. As technology continues to evolve, the connected TV market is anticipated to expand further, offering even more innovative features and possibilities for users to explore.

Expansion of Over-the-Top (OTT) Content to Drive Market Growth

The popularity of OTT content continues to rise, thereby creating opportunities for the connected TV market expansion. As more consumers shift toward streaming services, there is a growing demand for connected TVs that provide seamless access to a wide range of OTT platforms and content. This demand has led to an increase in competition among TV manufacturers to develop and release connected TVs with advanced features and user-friendly interfaces. Additionally, the rise of smart home technology has further fueled the growth of the connected TV market, as consumers seek to integrate their television viewing experience with other connected devices in their homes. Overall, the future of the connected TV market looks promising, with a growing demand for seamless OTT content access.

Asia Pacific to Dominate the Market with a CAGR of 9.53% Through 2030

Based on regional analysis, the global connected TV market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.  Asia Pacific dominated the market, accounting for USD 4,573.5 million in 2022.  

This notable growth can be attributed to the rapid economic growth and increasing urbanization in countries such as China, India, and Japan. These countries have witnessed a surge in disposable income and a growing middle class population, leading to a higher demand for various products and services. Additionally, the region has been proactive in adopting advanced technologies and digital solutions, thereby driving market growth.

Companies Focus On New Product Launches and Collaborations to Fulfill Consumer Demands

The global connected TV market is consolidated with key players such as LG Electronics Inc., Panasonic Corporation, Samsung Electronics, Sony Group Corporation, Xiaomi Corporation, Hisense Group, Koninklijke Philips N.V., TCL, Haier Inc., and Sansui. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership