Smart TV Market Records a CAGR of over 21% by 2024|Technavio
The key vendors identified for 2020-2024 in the smart tv market are Koninklijke Philips NV, LG Electronics Inc., and Panasonic Corp.
The smart tv market is expected to grow at a CAGR of over 21%. The growth can be mainly attirbuted to technological advances in TV resolution and the unique business strategies adopted by vendors to capitalize on the fast-growing market segments.
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Based on the COVID-19 impact analysis done in the report, the smart tv market is expected to experience a Negative impact throughout the forecast period. According to the report, market growth is likely to Increase as compared to 2020. The pandemic-focused report highlights the impact of various factors such as lockdowns, supply chain disruptions, demand destruction, and change in customer behavior during 2020.
Organizations across the globe are gradually flattening their recessionary curve by leveraging technology with the continuing spread of the novel coronavirus pandemic. Major businesses will go through response, recovery, and renew phases.
The recovery process involves various phases including:-
- Existing business model recognition
- Building Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Assessing the Impact on Critical IT infrastructure and Software System
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Smart TV Market 2020-2024: Segmentation
Smart tv market is segmented as below:
- Distribution Channel
- Offline
- Online
- Geographic Landscape
- APAC
- Europe
- MEA
- North America
- South America
The smart tv market is driven by technological advances in TV resolution. In addition, other factors such as growing influence of digital media on smart TV advertising are expected to trigger the smart tv market toward witnessing a CAGR of over over21% during the forecast period.
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