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The global smart TV market reached a value of $143 billion in 2017. The market value is further expected to reach US$ 253 billion by 2023, exhibiting a CAGR of around 10% during 2018-2023.
Ethernet, Wifi, USB, Bluetooth and flash memory cards from digital cameras are normally supported by smart TVs. They normally also support coaxial cable, HDMI and other audio-video connections. Apart from the OS and apps, the connectors also allow on demand video services and access to pictures, music and video on connected storage devices.
Smart TV apps enable connection to websites such as Youtube, Netflix, Hulu and Vimeo along with social media sites such as Facebook and Twitter. Smart TVs can connect to various input devices wirelessly, to enhance usability and control. Wireless keyboards and mouse, smart phones and tablets can all connect to enable text entry, navigation and internet browsing from the couch.
Catalyzed by the increasing penetration of the high-speed internet, the viewership of online content has increased significantly over the last few years catalyzing the demand of smart TVs. Moreover, there has also been a significant drop in the prices of smart TVs increasing their affordability among the general population.
Other major factors driving the demand of smart TVs include rising disposable incomes, increasing adoption of 4K resolution televisions, technological advancements, etc.
