Smart TV Sticks Market – Overview
The growth of the global smart TV sticks market is expected to be high over the course of the given forecast period. Smart TV sticks are devices that turn regular TV into a smart TV. With the help of this device, a user can easily watch online content available on the internet. There are several apps available that provide the facility for viewing online content. Moreover, the interruption of breaks and advertisements while viewing is also low and thus proving to be the biggest driving factor for the growth of the smart TV sticks market.
Smart TV Sticks Market – Notable Developments
Some of the recent developments in the global smart TV sticks market are given below:
- Recently, Amazon launched Amazon Firestick 4K for the Indian market. It has revolutionized the online content viewing in the country. With the recent 4K streaming feature, the company is set to capture large section of the Indian market.
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Smart TV Sticks Market – Drivers and Restraints
There are numerous driving factors that are influencing the growth of the global smart TV sticks market. One of the key driving factors for the growth of the market is the increasing popularity of online streaming channels such as Netflix, Amazon Prime, and HULU among others. Moreover, other leading brands are also launching their own online streaming channels. This has thus created the demand for smart TV sticks across the globe.
Smart TV sticks are offering customers a unique experience of on the go entertainment and content of their choice. Moreover, they provide an unrestricted access to all kinds of content with ease. The consumers are paying only for the content they watch instead of a full-blown package. This has revolutionized regular TV viewership and thus helped in the growth of the market.
Several TV channels have started broadcasting their regular shows online through streaming channels. Advantage of watching their favorite shows and movies without interruptions is also one of the key reasons for the growing popularity of the global smart TV sticks market.
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Smart TV Sticks Market – Geographical Outlook
The global smart TV sticks market has five key regional segments viz. North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Of these, currently the global smart TV sticks market has been dominated by the North America region. One of the primary reasons for the consistent domination of the region is the early availability of new technology. The North America region accounted for nearly half of the overall market share in 2018. Also, recent surveys and studies have shown that the region is the largest consumer of OTT content. For example, the average monthly viewership in the US home is around 49 hours. This number considerably trumps other countries. Naturally, the market in the region is growing at a great pace.
On the other hand, the Asia Pacific region is expected to showcase a promising growth rate over the course of the given forecast period. With the increasing penetration of internet and affordable technologies, the popularity of streaming content is becoming increasingly popular. Countries such as India are now becoming a key marketspace for OTT content developer such as Netflix and Amazon that are targeting younger generation through their innovative content. Moreover, the manufacturers are leveraging the waning popularity of daily-soaps among the millennials and their growing preference towards online content. This has created a huge business opportunity for the development of the smart TV sticks market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.