A Smart television is a television set with integrated internet capabilities, or a television set-top box that offers advanced connectivity as well as computing abilities. It is also known as a Connected TV or a Hybrid TV. A smart TV allows users to install and run advanced applications that are based on a specific platform. The main functions of a smart TV are relaying content such as photographs, movies, and music from devices attached to it using a Digital Living Network Alliance such as Windows Media Player and providing access to broadcast TV channels and internet-based services such as catch-up services and video-on-demand.
Smart TVs are getting adopted in the global market primarily by the increasing demand for web-enabled TVs from individual customers, encouraged by the number of functions and features offered by the smart TV vendors, rising internet population, increasing customer spending on consumer electronics and steady development of entertainment technologies.
According to 6Wresearch, Global smart TV market is expected to ship 198.2 million units in 2017, growing at a CAGR of 20.8% from 2012-2017. In 2011, Smart TVs accounted for 25.9% of the total TVs unit shipments and are expected to account more than 50% in 2017.
Lack of awareness is the major issue that the industry is facing presently. Even retailers are unaware of the basic features of the Smart TVs that they sell, and hence are unable to educate consumers about the benefits of Smart TVs. This issue, if not resolved can become a major hurdle for the growth of this market.
Asia Pacific region leads the Global Smart TV market, wherein, countries like China and Japan are contributing significantly towards the growth of the market. Samsung, LG, Sony, Panasonic, Sharp and others are the key players of the global smart TV market.