Dublin, April 05, 2023 (GLOBE NEWSWIRE) -- The "Smart TV Sticks Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028FSegmented By Video Support Type, By Sales Channel, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
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.
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%.
Competitive Landscape
Detailed analysis of the major companies present in the global smart TV sticks market.
- Amazon.com, Inc.
- Apple Inc.
- Shenzhen Rikomagic Tech Corp., Ltd
- CloudWalker Streaming Technologies Pvt. Ltd.
- Roku, Inc.
- ASUSTeK Computer Inc.
- Sky PLC
- Alphabet, Inc.
- Shenzhen Tomato Technology Co., Ltd
- Xiaomi Corp.
Market Dynamics
Drivers
- Rising popularity of OTT platforms
- Growing internet penetration
- Increasing broadband coverage and network
Challenges
- Rising number of smartphones
- Non-availability of all channels
Market Trends & Developments
- Rising demand from developing countries
- Growing entertainment industry
- Conversion of normal television to smart television
- Increasing technological advancements
- Rising penetration of 4K and 8K
Voice of Customer Analysis (B2C Model Analysis)
- Sample Size Determination
- Respondent Demographics
- Brand Awareness
- Factors Influencing Purchase Decision
- Customer Satisfaction
- Challenges Faced After Purchase
Report Scope:
Global Smart TV Sticks Market, By Product Type:
- Non-4K
- 4K and Above
- High
Global Smart TV Sticks Market, By Sales Channel:
- Convenience Stores
- Hypermarket & Supermarket
- Online Channels
Global Smart TV Sticks Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Netherlands
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Vietnam
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/b0skr9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
