Smart TV Sticks Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F
Segmented By Video Support Type (Non-4K, 4K and Above), By Sales Channel (Convenience Stores, Hypermarket & Supermarket, Online Channels), By Region, Competition. The Global Smart Tv Sticks Market is projected to rise in the forecast period owing to the rising demand for OTT platforms such as Netflix, Amazon Prime Video, Disney, and Hulu, contributing to the product’s increased demand.
New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart TV Sticks Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" - https://www.reportlinker.com/p06438511/?utm_source=GNW
Moreover, the rising penetration of broadband connection in different countries, with results in faster internet surfing speed, will drive the market growth of the smart tv sticks market.
A few well-known companies have begun offering online streaming services.As a result, smart TV sticks are highly sought after globally.
Additionally, there aren’t many commercial breaks or interruptions when watching, which is turning out to be the most significant feature boosting the growth of the global market for smart TV sticks.Moreover, the increasing video quality provided by the fire tv stick is also fueling the market growth as the entertainment industry is evolving.
Most of the movies being created are of high video quality, such as 4K, 8K, etc., thus, fueling the demand for smart tv sticks in various countries. According to a report, Amazon, Inc. sold more than 150 million smart tv sticks in 2021.
The Smart TV Stick is a media streaming device that transforms the TV into a smart one.It enables users to access their preferred TV series and movies from well-known streaming services like Netflix, Hulu, HBO Max, Disney+, and Amazon Prime in one location on a famous, simple-to-use platform.
Furthermore, the Smart TV Stick supports various apps that can replace the cable if customers choose not to subscribe to cable services.By subscribing to live streaming services (such as Sling TV, Hulu + Live TV, YouTube TV, FuboTV, and others) to view your preferred TV shows, sports, news, and other live shows or on demand.
While OTT viewing has entered the mainstream in the US, other nations are starting to catch on, which is driving up demand for smart TV sticks.Since Amazon has its own e-commerce platform, its smart TV sticks have seen consistent, significant growth on a global scale.
Due to the fewer nations where other providers’ direct-to-consumer web solutions are available, growth has been slightly slower. Additionally, Google is increasing the market share of its Chromecast-branded smart TV sticks.
The increasing popularity of OTT Platforms is Aiding the Market Growth.
Smart tv sticks are witnessing robust growth owing to the rising popularity of OTT platforms. OTT platforms such as Netflix, Amazon Prime Video, Disney, Hulu, etc., contribute to the product’s increased demand. During COVID-19, most movie theaters were closed, and OTT platforms gained popularity as most movies; web series were being released on OTT platforms. Thus, the consumers who didn’t own a smart television preferred to purchase smart tv sticks as they not only transformed their standard television into a smart television but also provided higher video quality with no advertisement interruptions.
Growing Penetration of the Internet is Fueling the Market Growth
Due to rising internet penetration, network coverage in different countries contributes to the growth of the smart tv sticks market. As per the data provided by World Bank in 2020, more than 59.9% of the world’s population had an internet connection. Moreover, the internet is improving owing to the launch of 4G and 5G in various countries with low cost will further contribute to the demand for smart tv sticks in different countries. According to World Bank, in 2020, more than 90.9% of the total population in the United States had an internet connection, resulting in increased demand for devices such as smart tv sticks, set-up boxes, etc., for streaming online content.
Increasing Demand from Developing Countries Will Drive the Market Growth
The demand for smart tv sticks is rising in developing countries owing to the rising penetration of the internet and television in these countries.According to World Bank, in China, more than 70% of the total population has access to the internet, and in Australia, more than 70% of the total population has internet access.
Moreover, the rising entertainment industry in these countries is contributing to the demand for smart tv sticks. As per a report, the global movies and entertainment industry is propelling at a growth of 7.2%.
The Smart TV Sticks Market is segmented based on video support and sales channel.Based on video support type, the market is fragmented into non-4K, 4K, and above.
Based on sales channels, the market is fragmented into convenience stores, supermarkets & hypermarkets, and online channels. Along with this, the market analysis studies the regional segmentation to draw regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Amazon.com, Inc., Apple Inc., Shenzhen Rikomagic Tech, CloudWalker Streaming Technologies, Roku, Inc., ASUSTeK Computer, Sky PLC, Alphabet, Inc., Shenzhen Tomato Technology, Xiaomi Corp., are among the prominent market players in the global platform that lead the market growth of the global smart TV stick market.
In this report, the global smart tv sticks market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Global Smart TV Sticks Market, By Product Type:
o 4K and Above
• Global Smart TV Sticks Market, By Sales Channel:
o Convenience Stores
o Hypermarket & Supermarket
o Online Channels
• Global Smart TV Sticks Market, By Region:
o North America
o Middle East & Africa
o South America
Company Profiles: Detailed analysis of the major companies present in the global smart TV sticks market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06438511/?utm_source=GNW
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