Connected TV Market Overview
As per MRFR analysis, the Connected TV Market Size was estimated at 186.51 (USD Billion) in 2022. The Connected TV Market is expected to grow from 214.91 (USD Billion) in 2023 to 770.1 (USD Billion) by 2032. The Connected TV Market CAGR (growth rate) is expected to be around 15.23% during the forecast period (2024 - 2032).
Key Connected TV Market Trends Highlighted
Most Important Market Trends in the Connected TV Market Central to the convergence of traditional television and internet-based streaming, Connected TVs (CTVs) have revolutionized the entertainment landscape. Key market drivers include the proliferation of broadband internet, the rise of streaming services, and the increasing adoption of smart TVs.With advanced features like voice control, app integration, and personalized recommendations, CTVs are delivering an enhanced user experience, leading to greater engagement and viewership.
CTVs present ample opportunities for exploration and capture.
The integration of artificial intelligence (AI) and machine learning (ML) algorithms is enabling personalized content recommendations, tailored advertising, and improved user interfaces.Additionally, the growing popularity of cloud gaming and virtual reality (VR) applications is creating new revenue streams for CTV manufacturers and service providers.Recent trends indicate a shift towards hybrid viewing models, where consumers seamlessly switch between traditional TV broadcasts and streaming platforms.This trend is fostering the development of hybrid CTVs that combine conventional TV tuners with internet connectivity, allowing viewers to access both legacy and online content sources. Moreover, the increasing use of CTVs as home automation hubs and communication platforms is further expanding their utility and market potential.
Figure1: Connected TV Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected TV Market Drivers
Rising Adoption of Smart TVs
The increasing popularity of smart TVs is a major driver of the Connected TV market. Smart TVs offer a wide range of features and capabilities that traditional TVs do not, such as the ability to access streaming services, browse the internet, and play games.As more and more consumers purchase smart TVs, the demand for Connected TV services will continue to grow. According to a report by Strategy Analytics, the smart TV market is expected to reach $250 billion by 2026.
The increasing adoption of smart TVs is particularly evident in emerging markets, where consumers are increasingly able to afford these devices. Additionally, the growing popularity of over-the-top (OTT) streaming services, such as Netflix, Amazon Prime Video, and Disney+, is driving the demand for Connected TVs.These services offer a wide variety of content, including movies, TV shows, and live sports, which is why consumers purchase smart TVs.The rising adoption of smart TVs is expected to continue to be a major driver of the Connected TV market in the coming years.
Increasing Demand for Personalized Content
Consumers are increasingly demanding personalized content, and Connected TVs can deliver this type of content in a way that traditional TVs cannot. Connected TVs can track viewer preferences and recommend content that is tailored to each individual viewer.This is possible thanks to the use of data analytics and artificial intelligence (AI). As a result, Connected TVs can provide a more engaging and personalized viewing experience.According to a study by Deloitte, 80% of consumers are more likely to purchase a product or service if it is personalized to their interests. The increasing demand for personalized content is expected to continue to be a major driver of the Connected TV market in the coming years.
Growing Popularity of Voice Control
The growing popularity of voice control is another major driver of the Connected TV market. Voice control allows users to control their TVs using their voice, which makes it easier and more convenient to access content.Connected TVs can be integrated with voice-activated assistants, such as Amazon Alexa and Google Assistant. This allows users to search for content, launch apps, and control the volume of their TVs using their voice.The growing popularity of voice control is expected to continue to be a major driver of the Connected TV market in the coming years.
Connected TV Market Segment Insights
Connected TV Market Panel Type Insights
The Connected TV (CTV) market is segmented based on panel type into LCD, OLED, and QLED. Among these, LCD held the largest market share in 2023, accounting for over 60% of the CTV market revenue. This dominance is attributed to its cost-effectiveness, wide availability, and established supply chain.However, OLED and QLED are gaining popularity due to their superior picture quality and features. OLED (Organic Light-Emitting Diode) displays offer exceptional contrast ratios, deep blacks, and vibrant colors, providing an immersive viewing experience.
OLED panels are also thinner and more flexible than LCD panels, enabling innovative form factors such as foldable and rollable TVs. QLED (Quantum Dot Light-Emitting Diode) displays combine the advantages of LCD and OLED technologies, delivering high brightness, wide color gamut, and improved viewing angles.QLED panels are also less susceptible to burn-in compared to OLED panels, making them more suitable for long-term use. The increasing demand for larger screen sizes, premium viewing experiences, and smart TV features is driving the growth of the OLED and QLED segments.
In 2024, the OLED segment is projected to witness a significant growth rate of over 20%, while the QLED segment is expected to Register a CAGR of approximately 15% during the forecast period. The adoption of advanced display technologies such as 8K resolution, HDR (High Dynamic Range), and AI-powered image processing is further enhancing the market growth.Key players in the CTV market are investing heavily in research and development to improve panel technologies and introduce innovative products.
For instance, LG Display, a leading manufacturer of OLED panels, has recently announced the development of a new "EX" OLED panel with improved brightness and color accuracy. Samsung Electronics, another major player, is focusing on expanding its QLED TV lineup with larger screen sizes and enhanced features. These advancements are expected to drive the growth of the premium CTV segment and cater to the evolving demands of consumers.
Figure2: Connected TV Market, By Panel Type, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected TV Market Screen Size Insights
The Connected TV market is segmented into various screen sizes, such as '32 inches', '32-40 inches', '40-48 inches', '48-55 inches', '55-65 inches', and '>65 inches'. Among these segments, the '40-48 inches' screen size segment accounted for the largest market share in 2023, owing to the increasing popularity of mid-sized TVs for both home entertainment and gaming purposes. The '55-65 inches screen size segment is also expected to witness significant growth during the forecast period, driven by the growing demand for immersive viewing experiences and home theater setups.
On the other hand, the '32 inches' screen size segment is expected to experience a decline in market share due to the increasing affordability of larger screen sizes and the shift towards smart TVs for smaller screens.
Connected TV Market Operating System Insights
The Connected TV Market is segmented by operating systems into Android TV, Tizen OS, webOS, Fire TV OS, and Roku OS. The Android TV segment is expected to hold the largest market share in 2023, owing to its wide adoption by major TV manufacturers such as Sony, Samsung, and LG. Tizen OS is expected to be the fastest-growing segment, driven by its increasing popularity in Samsung's smart TVs. webOS is another popular operating system used by LG's smart TVs, and it is expected to maintain a significant market share.
Fire TV OS, developed by Amazon, is expected to grow steadily due to its integration with Amazon's ecosystem of devices and services. Roku OS, used by Roku's streaming devices and smart TVs, is expected to have a strong presence in the market. The Connected TV Market revenue for the Operating System segment is expected to reach USD 123.4 billion by 2028, growing at a CAGR of 12.5%.
Connected TV Market Connectivity Features Insights
The Connected TV Market is segmented by Connectivity Features into Wi-Fi, Bluetooth, Ethernet, HDMI, and USB. Among these, Wi-Fi held the largest market share in 2023, accounting for over 50% of the market revenue. The increasing adoption of smart TVs and the growing popularity of streaming services are driving the growth of the Wi-Fi segment. Bluetooth is another important connectivity feature, as it allows users to connect their smartphones, tablets, and other devices to their TVs wirelessly.
The Ethernet segment is expected to grow at a steady pace in the coming years, due to the increasing demand for high-speed internet connectivity.HDMI and USB are also widely used connectivity features, as they allow users to connect their TVs to other devices, such as gaming consoles, Blu-ray players, and external storage devices.
Connected TV Market, Smart Features Insights
The Smart Features segment is a rapidly growing segment of the Connected TV Market, with a revenue of USD 34.5 billion in 2023 and is projected to reach USD 102.1 billion by 2032, exhibiting a CAGR of 13.7% during the forecast period. The growth of this segment is attributed to the increasing demand for smart TVs with advanced features such as voice control, gesture control, content streaming, gaming, and smart home integration. Voice control and gesture control features are gaining popularity due to their convenience and ease of use.
Content streaming services such as Netflix, Amazon Prime Video, and Disney+ are driving the demand for smart TVs with built-in streaming capabilities.Gaming is another popular feature, with many smart TVs now offering dedicated gaming modes and support for popular gaming consoles. Smart home integration allows users to control their smart home devices, such as lights, thermostats, and security cameras, through their smart TVs. This integration provides a seamless and convenient way to manage the home environment.
Connected TV Market Regional Insights
The Connected TV Market is segmented into North America, Europe, APAC, South America, and MEA. The North American region held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period.The growth of the region can be attributed to the high adoption of Connected TVs by consumers, the presence of major market players, and the region's developed infrastructure. The European region is expected to witness significant growth during the forecast period due to the rising demand for Connected TVs and the increasing adoption of streaming services. The APAC region is projected to grow rapidly due to the increasing disposable income, the growing middle class, and the region's large population base.The South American and MEA regions are expected to grow steadily during the forecast period due to the increasing adoption of Connected TVs and the expanding internet penetration.
Figure3: Connected TV Market, By Regional, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected TV Market Key Players and Competitive Insights
Major players in the Connected TV Market are constantly striving to gain a competitive edge by introducing innovative features and enhancing user experience. Leading Connected TV Market players are focusing on strategic partnerships, acquisitions, and collaborations to expand their market reach and strengthen their position.The Connected TV Market is witnessing a rise in the adoption of advanced technologies such as artificial intelligence (AI), voice control, and motion detection, which are driving product development and innovation. This competitive landscape is expected to intensify further as new entrants emerge and existing players seek to maintain their market share.
Samsung Electronics, a leading player in the Connected TV Market, is known for its wide range of smart TVs and its focus on premium features. The company has a strong presence in developed markets and is expanding its reach in emerging markets. Samsung's focus on innovation and its ability to integrate its TVs with its other smart devices give it a competitive advantage. LG Electronics, another major player, is known for its OLED TVs and its emphasis on picture quality. The company has a strong presence in both developed and emerging markets and is investing in research and development to maintain its competitive edge.
TCL, a rising star in the Connected TV Market, has gained a significant market share in recent years. The company is known for its affordable smart TVs and its focus on emerging markets. TCL's strategy of offering feature-rich TVs at competitive prices has resonated with consumers, and the company is expected to continue its growth trajectory.Other notable players in the Connected TV Market include Sony, Hisense, and Vizio. These companies are focusing on specific market segments or geographical regions to gain a competitive advantage.
Key Companies in the Connected TV Market Include
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Roku
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Samsung Electronics
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LG Electronics
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Amazon
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Xiaomi Corp
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TCL
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Changhong
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OnePlus
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Apple Inc.
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Vizio
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Google LLC
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Konka Group Co. Ltd
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Hisense
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Skyworth
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Sony
Connected TV Market Developments
The Connected TV market is poised for substantial growth in the coming years, driven by increasing internet penetration, advancements in streaming technologies, and rising consumer demand for personalized content.
Recent developments in the market include the launch of new streaming services, the integration of artificial intelligence (AI) and machine learning (ML) to enhance user experience, and the growing popularity of ad-supported streaming models.
Key players in the market are investing in content creation, partnerships, and technological innovations to gain a competitive edge. The market is also witnessing a shift towards addressable advertising, which allows advertisers to target specific audiences based on their viewing habits and demographics.
Connected TV Market Segmentation Insights
Connected TV Market Panel Type Outlook
Connected TV Market Screen Size Outlook
- 32 inches
- 32-40 inches
- 40-48 inches
- 48-55 inches
- 55-65 inches
- >65 inches
Connected TV Market Operating System Outlook
- Android TV
- Tizen OS
- webOS
- Fire TV OS
- Roku OS
Connected TV Market Connectivity Features Outlook
- Wi-Fi
- Bluetooth
- Ethernet
- HDMI
- USB
Connected TV Market Smart Features Outlook
- Voice control
- Gesture control
- Content streaming
- Gaming
- Smart home integration
Connected TV Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
186.51(USD Billion) |
| Market Size 2023 |
214.91(USD Billion) |
| Market Size 2032 |
770.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
15.23% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Roku, Samsung Electronics, LG Electronics, Amazon, Xiaomi Corp, TCL, Changhong, OnePlus, Apple Inc., Vizio, Google LLC, Konka Group Co. Ltd, Hisense, Skyworth, Sony |
| Segments Covered |
Panel Type, Screen Size, Operating System, Connectivity Features, Smart Features, Regional |
| Key Market Opportunities |
1 Growing adoption of OTT services 2 Rising demand for personalized content 3 Increasing penetrations of smart TVs 4 Expansion into emerging markets 5 Integration with home automation systems |
| Key Market Dynamics |
Increasing demand for OTT content Streaming services are gaining popularity, driving demand for Connected TVs Advancements in display technology, OLED and QLED displays provide enhanced viewing experiences Growing adoption of voice assistants. Voice-controlled TVs offer convenience and accessibility. Integration with home automation systems: Connected TVs can be controlled through smart home devices. Personalized content recommendations. Algorithms improve the user experience by suggesting relevant content. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Connected TV market size is expected to reach USD 214.91 billion in 2023 and is projected to Register a CAGR of 15.23% from 2024 to 2032, reaching USD 770.1 billion by 2032.
North America is expected to hold the largest market share in 2023, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period.
Connected TVs are primarily used for streaming video content, gaming, and accessing social media platforms. They also offer a range of other applications, such as video conferencing, home automation, and e-commerce.
Major players in the Connected TV market include Samsung, LG Electronics, Sony, TCL, and Hisense. These companies offer a wide range of Connected TV models, from budget-friendly options to high-end models with advanced features.
The growth of the Connected TV market is primarily driven by the increasing popularity of streaming services, the rising adoption of smart home devices, and the growing demand for personalized and interactive content.
The Connected TV market faces challenges such as intense competition, the need for continuous innovation, and concerns over data privacy and security.
Emerging trends in the Connected TV market include the adoption of artificial intelligence (AI), the integration of voice assistants, and the development of personalized and immersive content experiences.
The COVID-19 pandemic has accelerated the adoption of Connected TVs as people spent more time at home during lockdowns and restrictions. This trend is expected to continue in the post-pandemic period.
Key opportunities for the Connected TV market include the expansion of streaming services, the development of new content formats, and the integration of new technologies such as 5G and AI.
Key challenges for the Connected TV market include the need for continuous innovation, the threat of piracy, and concerns over data privacy and security.
