Smart TV Market Trends

Growth Driver

• Rapidly flourishing customized applications for smart TVs - Every viewer has a different taste and content creators are exploring each genre to stay ahead in this competitive field and provide the best to the consumers. However, the surge in viewer’s demand for exclusive top-quality content has led to the development of specially customized applications that can run on smart TVs and meet the consumer's requirements. Disney+Hotstar is one of the leading online video streaming apps that breaks the language barrier with top content for different genres.
• Innovations in operating systems - Smart TVs have more facilities than traditional ones. These can seamlessly run on wi-fi and offer an enhanced user experience. With the help of vice control, the need to type is gradually vanishing. Manufacturers worldwide understand the strategy that offering modern-day technologies will be highly accepted and frequently demanded by consumers. According to a recent analysis, in 2020, Tizen held a share of 12% in the widely used category of smart TV.
• Rising disposable income - One of the most prominent factors driving growth in the market is the rising disposable income. As per the Press Information Bureau (PIB), the Gross National Disposable Income for the year 2022-23 in India was Rs 273.99 lakh crore at current prices.

Challenges

•  Technological advances - Day-by-day emerging new models of Smart TV in the market impact consumer’s decision to purchase a particular model as consumers may alter their decision and seek better models and prices.
• Numerous OTT Platforms – Diversification of OTT platforms has confused consumers in terms of purchasing a subscription.