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The smart TV sticks market size is forecast to increase by USD 635.08 million at a CAGR of 8.06% between 2023 and 2028. Market acceleration stems from several factors, notably the burgeoning smart home ecosystem, the heightened advantages offered by such sticks, and the increasing preference for Over-The-Top (OTT) platforms over traditional cable TV providers. With the proliferation of connected devices and home automation solutions, the smart home ecosystem is witnessing rapid expansion, offering consumers greater convenience and control over their living spaces. Additionally, smart sticks provide enhanced features and functionalities, such as access to a wide range of streaming services and apps, transforming conventional into smart entertainment hubs. Moreover, OTT platforms offer flexibility, on-demand content, and personalized viewing experiences, attracting consumers away from traditional cable TV subscriptions. As these trends continue to gain momentum, the market is poised for accelerated growth, driven by the increasing adoption of smart technologies and shifting consumer preferences towards digital entertainment solutions. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
The market is experiencing significant growth due to consumer preferences for seamless streaming of entertainment access. Compact devices like Smart TV sticks enable users to transform their Standard TVs into Smart TVs, providing multiple apps and voice control features. The availability of cost-effective solutions has made it an attractive option for viewers seeking online information and media content. Live sporting events and online streaming channels are major drivers in the market. Leading brands continue to innovate and improve their offerings to meet the demands of the ever-evolving digital landscape. The Internet plays a crucial role in the functionality of Smart TV Sticks, allowing users to access web information and various apps for an enhanced viewing experience.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The non-4k segment is estimated to witness significant growth during the forecast period. The market for smart TV sticks is thriving, with a significant number of users opting for non-4K models due to their lower cost and compatibility with standard television sets. These devices offer high-definition content, including High Dynamic Range (HDR), making them a popular choice among viewers. Their versatility allows users to access online information, apps, and media content on their big displays, including live sporting events, music, series, and movies. Technological developments have led to an increase in the availability of live streaming services, bundling options, and over-the-top (OTT) viewing, giving users more entertainment options than traditional cable services.
Similarly, smart TV sticks can be expanded for more storage, enabling users to save web series and other video content for offline viewing. Mobile devices can be connected to smart TV sticks, allowing users to mirror their screens and access internet usage directly on their TVs. The wide range of apps available on these devices ensures that users have access to a vast array of media content, making them an essential addition to American homes. Despite the rise of smart TVs, smart TV sticks offer a more affordable alternative for those who do not wish to invest in a new television set. They provide powerful speakers and enable users to access web information, advertisement interruptions notwithstanding, making them an attractive option for consumers. MMR study research indicates that smart TV penetration is on the rise, and smart TV sticks are expected to play a significant role in this trend.
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The non-4K segment was valued at USD 510.86 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Smart TV sticks have gained significant popularity in North American markets due to the high availability and demand for high-definition and 4K content. With the maturity and technological advancements in the entertainment sector, users can easily access media content from mobile devices or the internet on their standard or smart televisions. The versatility of smart TV sticks allows viewers to enjoy live sporting events, music, series, and movies without the interruptions of advertisements. Technological developments have led to powerful speakers and big displays, making American homes a hub for OTT viewing and entertainment options. companies offer bundling options to hold their market share, providing access to live streaming services, cable services, and a wide range of apps.
Additionally, the MMR study research indicates that the increasing penetration of smart TVs and the shift towards OTT viewing are driving the growth of the market. Users can now enjoy web information and media content from various streaming platforms with the convenience of broadband connections and internet usage.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing smart home ecosystem is the key driver of the market. The market for CTV-focused streaming gadgets, such as smart TV sticks, is expanding as they integrate with the entertainment industry and offer resolutions up to 8K. Active users are increasingly relying on these devices for access to shows and online content via streaming channels.
Also, leading brands are capitalizing on this trend, making these gadgets widely available in convenience stores, specialty stores, hypermarkets, and supermarkets. With the fast-paced lifestyle of internet users, the convenience of controlling both TV and smart home settings simultaneously is a significant advantage. Smart TV sticks offer this functionality, making them essential components of the modern entertainment experience.
The rise of AI-powered content recommendations is the upcoming trend in the market. In the market, AI-driven recommendation engines play a significant role in enhancing user experience. These engines analyze user preferences, viewing history, and behavior patterns to suggest personalized content, including shows and movies in resolutions like 4K and 8K. The entertainment industry benefits from this CTV-focused technology, which promotes content diversity and variety among active users.
Moreover, leading brands in the streaming gadget sector leverage machine learning algorithms to analyze vast amounts of data, suggesting relevant content based on user habits. This convenience extends to various retail channels, including convenience stores, specialty stores, hypermarkets, and supermarkets, catering to the fast-paced lifestyle of Internet users. Online content and streaming channels become more accessible and personalized, making Regular TV seem outdated.
The rising use of mobile electronic devices is a key challenge affecting the market growth. The global market for Smart TV Sticks is anticipated to face challenges due to the rising popularity of portable electronic devices, such as smartphones, tablets, and laptops, with high-resolution displays, including 4K and 8K. These devices have become essential in both developed and developing regions, including APAC, MEA, and South America, driven by economic growth, increasing literacy rates, and rising purchasing power.
As a result, the demand for traditional TVs may decrease, negatively impacting the growth of the market. This trend is particularly noticeable among active users of streaming gadgets, who prefer the convenience of CTV-focused devices for accessing shows and online content from leading brands through streaming devices. Internet users, in particular, are embracing a fast-paced lifestyle, opting for online streaming channels instead of regular TV.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Actions Microelectronics Co. Ltd.: The company offers smart TV sticks such as EZCast Dongle, which is used for android, iOS, Windows, Mac, and Chrome OS.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Smart TV Stick market is witnessing significant growth due to the increasing demand for portable and cost-effective streaming devices. These devices offer convenience and access to a wide range of streaming services, making them a popular choice among consumers. The market is driven by the continuous advancements in technology, leading to the development of more efficient and feature-rich Smart TV Sticks. Manufacturers are focusing on enhancing the user experience by integrating advanced features such as voice control, improved resolution, and expanded storage capacity. The market is also witnessing intense competition, with major players constantly striving to outdo each other in terms of pricing and product offerings.
Moreover, the growing trend of cord-cutting and the increasing popularity of streaming services are further fueling the growth of the Smart TV Stick market. The market is expected to continue its upward trajectory in the coming years, with a strong focus on innovation and consumer convenience. Smart TV Sticks are compact and easy to use, making them an ideal choice for consumers who want to enjoy their favorite content on the go. The market is expected to witness growth in the coming years, with major players investing heavily in research and development to stay ahead of the competition.
In conclusion, some of the key players in the Smart TV Stick market include Amazon, Roku, Google, and Fire TV. These companies are constantly introducing new products and features to cater to the evolving needs of consumers. The market is expected to remain dynamic and competitive, with a strong focus on innovation and consumer convenience.
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.06% |
Market growth 2024-2028 |
USD 635.08 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.48 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Actions Microelectronics Co. Ltd., Airtame Inc., Alphabet Inc., Amazon.com Inc., Apple Inc., ASUSTeK Computer Inc., Bharti Airtel Ltd., CloudWalker Streaming Technologies Pvt. Ltd., Dish TV India Ltd., Geniatech Inc., Matricom, NVIDIA Corp., Shenzhen Rikomagic Tech Corp. Ltd., Shenzhen Tomato Technology Co. Ltd., Topleo Technology Ltd., Xiaomi Communications Co. Ltd., Roku Inc., and MECOOL |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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