Smart TVs are projected to make for a US$450+ billion business by 2030
Smart TVs have skyrocketed in terms of popularity over the last few years, as they combine the advantages of instantaneous in-place access to streamed content with the option of controlling one's smart home and using one's voice assistant at the same time on the same device - in fact, it's getting hard to find a 'dumb' TV at this stage thanks to this integration of features.
Now, the market analysis group Grand View Research concludes that they will keep the smart TV market going at a CAGR of 10.9% worldwide until it reaches a valuation of US$451.26 billion by 2030.
The Asia-Pacific region was associated with most of the market's takings in 2021 (with China accounting for 49% of that revenue), and may continue to lead in geographical terms over the next 8 years.
Then again, different research shows that the North American segment is also now thought to grow in value from US$51.3 billion in 2021 to US$119.2 billion by 2027, at a CAGR of 15.09%.
8K smart TVs are growing in terms of variety and availability at this point; however, their 4K counterparts are still tipped to have the highest CAGR (~12%) by resolution, thanks to a growing demand for at-home sports and entertainment content at high resolutions; also, prices that start to fall eventually over time might help with that.
Then again, Grand View Research sees bigger and bigger screens getting more and more popular, as consumers will prefer to replicate a theater-like experience at home throughout the decade. Therefore, the ≥65-inch screen category is projected to grow at the highest CAGR by size until 2030.
The Android TV UI was found to beat other major players such as webOS, Apple TV and Tizen in terms of revenue in 2021, thanks to its access to Google's Play Store. However, Roku is thought to have the highest CAGR until 2030 due to its compatibility with Apple devices.
Therefore, smart TVs seem prime to dominate at-home entertainment for the rest of the 2020s. Then again, it will be interesting to see how emerging alternative solutions such as smart monitors and projectors cut into their market share, not to mention what kind of challengers VR/AR/MR gaming and content can prove to become.