The smart TV market will be worth more than US$250 billion in 2023: new report
A new report from the analyst group ResearchAndMarkets indicates that the smart TV market has the potential to grow steadily over the next 4 years. It could do so until it reaches an estimated value of US$253 billion. As it was worth $143 billion in 2017, this indicates a compound annual growth rate of approximately 10%. This may be good news for companies that have become associated with these products, including Samsung, Hisense, LG, Vizio and Sony.
Smart TVs are capable of combining streaming-only content with that emanating from traditional sources such as cable boxes or antennae. This, apparently, is what partly drives the market's growth, as online content viewership has increased significantly over time. Smart TV uptake is also driven by significant increases in the affordability of these prices, as well as increasing interest in 4K content and technology.
The ResearchAndMarkets report also suggests that people will have more money to spend on smart TVs in the immediate future. In addition, the quality and efficacy of these products may also improve further over time. Analysis such as this may be what is pushing new companies such as Huawei and OnePlus into the smart TV game. Hopefully, this increased competition will also benefit smart TV customers in the future.