Connected TV Market Size and Trend Analysis including Segments (Device type, Operation system, Screen size, Resolution, Sales channel, End-user, Region), Key Players, Competitive Landscape and Forecast, 2024-2030

The Connected TV Market Industry was valued at 15.42 Billion USD for the year 2023 and is expected to grow at a CAGR of 13.3 % to become a 36.95 Billion USD market by the year 2030.
Overview
The Connected TV Industry was valued at 15.42 Billion USD for the year 2023 and is expected to grow at a CAGR of 13.3 % to become a 36.95 Billion USD market by the year 2030.

Connected TVs are television sets with additional capabilities beyond that of regular broadcast television. They allow users to access a wide range of online content and streaming services directly from the TV screen through internet connectivity. Due to their inherent enhanced capabilities connected TVs are more desired amongst customers. They let users watch movies, access on-demand material, use apps, and even surf the web.

The rapid expansion of CTV can be linked to the rising need for flexible and tailored content consumption. The adoption of CTVs has been driven by streaming services like Netflix, Hulu and Amazon Prime Video. These platforms offer a broad variety of options for on-demand entertainment, and CTVs let users access these services on more accessible, bigger displays.

Connected TVs have also opened up new avenues for advertising. Advertisers provide personalised advertising to CTV viewers by leveraging user data and enhanced targeting capabilities. As a result, advertising spending on CTV platforms has soared.

CTV is a highly competitive market, with major technology firms such as Apple, Google, Amazon, and Roku providing their own CTV devices or operating systems. To stay relevant and compete in this expanding market, traditional TV makers are incorporating smart TV features into their traditional devices. Streaming providers' original content has been a driving force in the CTV market. The availability of exclusive shows and films has enticed viewers and led to the increasing popularity of CTVs. To attract people that prefer streaming content, established broadcasters and media businesses are expanding into the CTV arena.

Smart TVs, set-top boxes, and streaming sticks are all examples of CTVs. The Connected TV industry has changed the way people watch content by providing more options and ease. Its expansion is being driven by the increased availability of streaming services, technical developments, and changing customer demands for on-demand and personalised entertainment experiences.
Research Methodology
The research used primary and secondary data to thoroughly examine and validate all possible market factors. The market size for top-level markets and sub-segments is normalized and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast.

The bottom-up approach and multiple data triangulation methodologies are used to estimate the market size and forecasts. The percentage splits, market shares and breakdowns of the segments are derived based on weights assigned to each of the segments on their utilization rate and average sale price. The country-wise analysis of the overall market and its sub-segments are based on the percentage adoption or utilization of the given market Size in the respective region or country. Major players in the market are identified through secondary research based on indicators that include market revenue, price, services offered, advancements, mergers and acquisitions, and joint.

Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive market engineering and calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation.To know about the Research Methodology :- Request Free Sample Report
Connected TV Market Dynamics
Market Drivers:

The growing global internet usage has led to the growth of the connected TV market as it enables seamless streaming of online content. Consumers are increasingly demanding personalized content that is tailored to their interests. Connected TVs can deliver this personalized content by using data collected from the user's viewing habits. Connected TVs are increasingly being used for gaming. This is due to the fact that they offer a large screen and high-quality graphics. The availability of high-speed internet is increasing in many parts of the world. This is making it possible for more people to stream content on their connected TVs.

Challenges:

The connected TV market is highly fragmented with multiple operating systems and streaming services, leading to compatibility issues and a fragmented user experience. As connected TVs collect user data and offer interactive features, there is a need to address privacy and security concerns to protect user information from potential threats to data privacy. The lack of industry-wide standards can hinder interoperability among various devices and platforms, making it challenging for consumers to seamlessly switch between different connected TV services. Securing content licensing and distribution rights can be complex and expensive, especially for new entrants in the market, which may limit the availability of certain content on connected TV platforms.

Restraints:

In regions with limited internet infrastructure, including areas with slow internet speeds or inadequate broadband coverage, the full potential of connected TVs may not be realized. Connected TVs are more expensive compared to traditional TVs which acts as a barrier to the adoption of Connected TVs. The resistance to change also acts as a barrier to the growth of the of connected tv market. The impact of all such restraints are studied in detail in the report.

Opportunities:

Connected TVs offer new opportunities for targeted advertising and monetization through personalized content recommendations, interactive ad formats, and partnerships between streaming services and brands. Connected TVs can serve as central hubs for smart home devices, creating opportunities for integration with voice assistants, home automation, and IoT applications. The connected TV market presents significant opportunities for international expansion as streaming services and content providers aim to reach global audiences and tap into new markets.

Trends:

Streaming platforms are investing heavily in original content production and securing exclusive deals with content creators to differentiate themselves and attract subscribers. Connected TVs are incorporating voice assistants such as Amazon Alexa and Google Assistant to provide hands-free control and enhance user convenience. Live streaming of sports events, concerts, and other real-time content is gaining popularity on connected TV platforms, offering a more immersive viewing experience.
Connected TV Market Segmentation
Connected TV Market by Device Type

Smart TVs:

The large-screen televisions with built-in internet connectivity and smart features dominate the CTV market. They offer a complete CTV experience and cater to consumers who prioritize convenience and an all-in-one entertainment solution. Smaller-sized smart TVs are gaining popularity, particularly in bedrooms or smaller living spaces. They provide internet connectivity and CTV capabilities at a more affordable price point, appealing to cost-conscious consumers without compromising on features. Affordable smart TVs target price-sensitive consumers who want basic CTV functionality without the premium features found in higher-end models. These TVs make CTV accessible to a wider audience, especially in emerging markets or for secondary TV setups. Smart TVs are the cornerstone of the CTV market, with full-size models dominating sales. Mid-size and budget options are experiencing growth, expanding the reach of CTV to a wider range of consumers.

Set-top Boxes:

These external devices, such as Apple TV, Roku, and Nvidia Shield, connect to regular TVs and provide internet connectivity and CTV functionality. They offer a wide range of streaming apps, customization options, and advanced features. Standalone set-top boxes provide flexibility to consumers who want CTV capabilities without replacing their existing TV. Standalone set-top boxes continue to be popular among consumers who prefer the freedom to choose their preferred TV model while enjoying the benefits of CTV. They offer a comprehensive CTV experience with a wide app selection and advanced features, appealing to tech-savvy users.

Streaming Sticks:

These small devices, such as Amazon Fire TV Stick, Google Chromecast, and Roku Streaming Stick, directly plug into the HDMI port of a TV, providing internet connectivity and CTV capabilities. They offer a compact and affordable solution for turning regular TVs into smart TVs. HDMI streaming sticks have gained significant market share due to their affordability, ease of use, and portability. They appeal to price-conscious consumers seeking a simple and straightforward way to access CTV features without investing in a new TV.

Gaming Consoles:

Dedicated Gaming Consoles: Gaming consoles like PlayStation, Xbox, and Nintendo Switch not only offer gaming capabilities but also provide CTV features, allowing users to stream content and access online services. These consoles target gaming enthusiasts who value both gaming and CTV entertainment in a single device. Gaming consoles have a dedicated consumer base that appreciates the versatility of these devices. While gaming remains their primary focus, the inclusion of CTV functionality expands the appeal to a broader audience seeking a multifunctional entertainment centre.

Media Streaming Devices:

Full-Featured Media Streaming Devices: The high-quality CTV capabilities and enhanced streaming performance are the focus of devices like Roku Ultra, Amazon Fire TV Cube, and Nvidia Shield TV. They serve customers who want cutting-edge capabilities, sophisticated customization choices, and outstanding audio-visual experiences. Full-featured media streaming devices target consumers who prioritize premium streaming performance and advanced features. They are favoured by tech enthusiasts, cinephiles, and individuals seeking the best possible CTV experience with high-resolution streaming, gaming capabilities, and extensive app support.

Connected TV Market by Operating System

Roku OS: Smart TVs that run on the Roku operating system, providing a user-friendly interface, a vast selection of streaming apps, and robust customization options. Roku OS is known for its simplicity and wide content library. Roku OS has established itself as a leading CTV operating system due to its simplicity and content variety.

Android TV: Operating on Android OS these smart TVs offer seamless integration with Google services, access to the Google Play Store, and support for a wide range of apps and games. Due to the compatibility and ecosystem of Android devices, existing Android users are drawn to tvs operating on Android OS.

webOS: LG smart TVs run on the webOS operating system. webOS provides a simple user interface, easy navigation, and features like the Magic Remote which proves to provide a better user interface.
Tizen: Smart TVs equipped with the Tizen operating system offer a user-friendly interface, access to well-liked streaming services, and compatibility with other Samsung products and services.
Smart TVs running the Fire TV operating system provide a large range of streaming applications and games as well as voice control via Alexa and seamless integration with Amazon services.
Connected TV Market by Region
North America:

North America is the biggest market for connected Tv globally. The population of the region that has a strong appetite for original streaming content drives the market share. The connected TV market in North America is expanding because of the rising popularity of these streaming services. Key players in this region include Samsung, Sony and LG.

Europe:

The second-largest market for connected TVs is Europe. There are many streaming services available in the Region, including Disney+, Amazon Prime Video, and Netflix. The connected TV market in Europe is expanding due to the rising popularity of these streaming services. Key players include Philips, LG and Samsung.

Asia Pacific: China's CTV market is one of the biggest and quickly developing, powered by a sizable population and an expanding middle class. Local competitors including Xiaomi, TCL, Hisense, Skyworth, and Huawei dominate the market. Smart TVs and streaming gadgets are clearly preferred by Chinese customers, who also place a great emphasis on local content and video platforms. The mature CTV market in Japan is marked by a high rate of smart TV and streaming device adoption. Tech-savvy Japanese consumers are keen on obtaining streaming services and internet material. Sony Smart TVs, Panasonic Smart TVs, LG Smart TVs, Amazon Fire TV, and Google Chromecast are important market participants.

Latin America: With a propensity for smart TVs and streaming gadgets, Brazil's CTV market is expanding. The increasing desire for on-demand streaming of original content is the driver for the growth of the Brazilian market for connected TVs. Samsung Smart TVs, LG Smart TVs, Sony Android TVs, and Google Chromecast are important market players in the Brazilian market. The inclination for smart TVs and streaming devices has significantly increased the size of the CTV market in Mexico. The demand for internet content and streaming services among Mexican consumers is rising. LG Smart TVs, Samsung Smart TVs, Sony Android TVs, Amazon Fire TVs, and Roku are important market participants.

Middle East and Africa: The UAE's CTV market is expanding and is distinguished by a predilection for smart TVs and streaming devices. Customers in the UAE are becoming more interested in using various streaming services and on-demand entertainment. The CTV market in South Africa is expanding, with a concentration on smart TVs and streaming gadgets. The demand for streaming services and online content among South African consumers is rising. Samsung Smart TVs, LG Smart TVs, Sony Android TVs, Amazon Fire TV, and Apple TV are important market participants.
Connected TV Market Competitive Analysis
The CTV market is highly competitive, driven by the increasing demand for streaming services and the shift towards digital original content consumption. The major competitors in the connected TV market work hard to provide clients with cutting-edge capabilities, intuitive user interfaces, a variety of content possibilities, and smooth integration with well-liked streaming services. Players are vying for market share in a fiercely competitive environment by differentiating themselves through strategic alliances, customer-focused experiences, and distinctive selling propositions.

The market leaders in this market include:

Roku: Roku is a leading player in the CTV market, known for its extensive content library, user-friendly interface, and compatibility across multiple devices. They have established partnerships with major streaming platforms, offering a versatile streaming experience to consumers.

Amazon Fire TV: Amazon Fire TV provides a robust ecosystem for streaming devices and smart TVs. Their strong content ecosystem, integration with Amazon Prime Video, and voice control through Alexa give them a competitive advantage.

Google Chromecast: Google Chromecast offers a simple and affordable streaming solution, allowing users to cast content from their smartphones or computers to the TV. Its compatibility with various devices and integration with Google services make it a popular choice.
Apple TV: Apple TV offers a premium streaming experience with high-quality video and audio output. It integrates well with the Apple ecosystem, features Siri voice control, and supports AirPlay for seamless device connectivity.

Traditional TV Manufacturers: Established TV manufacturers like Samsung, LG, and Sony also have a significant presence in the CTV market. They offer smart TVs with built-in streaming capabilities, leveraging their brand reputation and distribution networks.

Local Players: In addition to the major global players, regional and local players in different markets have a notable presence. They often cater to specific market needs and preferences, leveraging their understanding of the local consumer landscape.
Connected TV Market Scope: Inquire before buying



Connected TV Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 15.42 Bn.


Forecast Period 2024 to 2030 CAGR:
13.3%
Market Size in 2030:
US $ 36.95 Bn.


 Segments Covered:
by Device Type
Smart TVs
Set-top Boxes
Streaming Sticks
Gaming Consoles
Media Streaming Devices


by Operating System
Roku OS
Android TV
webOS
Tizen
Fire TV OS


by Screen size
Less than 30 inches
30 inches to 50 inches
50 inches to 70 inches
Above 70 inches


by Screen technology
LED
OLED
QLED


by Resolution Type
4K
8K
1080p


by Sales Channel
Online retailer
Offline retailers
Hypermarkets and Supermarkets
Direct sales


by End-User
Residential
Commercial



Connected TV Market, Key players
The report has covered the profiles of the below-Connected TV Market companies from a strategic perspective. These key Connected TV Manufacturers have been selected based on certain criteria.

1.Roku (California, United States)
2.Amazon Fire TV (Washington United States)
3.Google Chromecast (California, United States)
4. Apple TV (California, United States)
5. Samsung Smart TVs (South Korea)
6.LG Smart TVs (Seoul, South Korea)
7. Sony Android TVs (Tokyo, Japan)
8. Xiaomi (China)
9.TCL (Guangdong, China)
10.Hisense (Shandong, China)
11.Skyworth (Guangdong, China)
12. Huawei (Guangdong, China)
13. NVIDIA Shield TV (California, United States)
14.Vizio Smart TVs (United States)
15. Panasonic Smart TVs (Osaka, Japan)
16.Philips Android TVs (Amsterdam, Netherlands)
17.Sharp Smart TVs (Sakai, Osaka, Japan)
18.Roku TV (California, United States)
19.Amazon Fire TV Edition (Washinton, United States)
20.Google TV (California, United States)
21.Android-based smart TVs (Various manufacturers worldwide)
22. Sony PlayStation consoles (Tokyo, Japan)
23.Microsoft Xbox consoles (Washington, United States)
24. AT&T TV (California, United States)
25.Comcast Xfinity X1 and Flex (Philadelphia, Pennsylvania, United States)

1) Can I watch live TV on Connected TV?
Ans: Yes, many Connected TVs and streaming devices offer live TV streaming options through various apps and services, providing access to live television channels.

2) Do I need a subscription to use Connected TV?
Ans: While some streaming services and premium content may require subscriptions, there are also free streaming apps and platforms available on Connected TVs that offer a range of content without the need for a subscription.

3) Can I connect my mobile device to a Connected TV?
Ans: Yes, many Connected TVs and streaming devices support screen mirroring or casting features that allow you to connect your mobile device and mirror its screen or stream content directly to the TV.

4) What internet speed is required for a smooth streaming experience?
Ans: A stable internet connection with a minimum speed of 5 Mbps is generally recommended for streaming HD content on Connected TVs, although higher speeds may be required for 4K streaming or multiple device connections.

5) Are there parental control options available on Connected TVs?
Ans: Yes, most Connected TVs and streaming devices offer parental control features that allow you to restrict certain content based on ratings or set up PIN codes to control access to specific content, ensuring a safer viewing experience for children