The global smart TV market will more than double over the next decade to nearly $300 billion, according to a new study by Grand View Research.
In 2016, Grand View estimated, the global market size for smart TVs totalled $135 billion. By 2025, that number should near $293 billion, up 116 percent.
Growth is expected to be particularly robust in the Asia-Pacific region, which is projected to dominate the overall market for smart TVs with a robust expected CAGR above 10 percent throughout the period. New players in China also are expected to contribute to regional growth in the market.
Smart TV functions are increasingly becoming a “checklist item” for shoppers (i.e., a function that’s expected to be included), unless the consumer already has one or more external streaming devices such as Roku, Apple TV, ChromeCast or Fire TV. Those functions make it far easier for consumers to tap Over-the-Top Internet services and programming, including streaming channels such as Netflix, Amazon Prime and Hulu as well as other capabilities beyond traditional pay-TV bundles of programming.
That array of external devices each contain their own operating system, while various makers of Smart TVs have used several kinds of operating systems.
And more recently, streaming-device makers are beginning to license their software for use in Smart TVs, as Roku did with Chinese manufacturer TCL, who together created a 4K HDR TV. Roku has deals with several other Smart TV makers also.
Now UHD screens using technologies such as QLED (favored by Samsung among others) and OLED are becoming increasingly popular, and prices are plunging as the 2017 Christmas season approaches. Cheaper prices and consumer aspirations, particularly in younger markets, are opening up desire for larger and larger screens. The 46-inch to 55-inch range is expected to dominate the market, along with Dolby Digital sound capabilities.
Also driving Smart TV adoption is the rising use of other smart home devices, part of the so-called Internet of Things. With digital assistants from makers such as Amazon, Google and, soon, Apple, as well as a wide array of Internet-enabled devices such as locks, lights, thermostats and more,