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.
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