The global smart TV market is currently valued at $300 billion and is set to become a $1.5 trillion market over the next decade, according to FMI.
A staggering 96.5% of households have a TV set. Naturally, smart TVs will replace TV sets in every household as a part of the technology evolution, just like LCD replaced old diode TVs.
What’s exciting is that all of this is happening as a part of the ongoing Internet of Things (IoT) revolution, which connects all devices (smartphones, wearables, smart appliances) into a single platform.
As IoT is the major consumer technology shift happening since mobile, Gartner predicts 76% of connected home apps will be accessible from smart TVs, playing a key role.
“I got an Apple TV and hooked it up right away. Undeniably, this is the way of the future, period. It just is, and that’s cool. What’s cool about this is that we got to do something so playful, cool, kick-ass and over-the-top.”
Smart TV is a connected TV that comes with “smart” PC-like features, including Internet connectivity, apps, microphones and cameras.
There’s no remote anymore. Instead, you control all the features through a smartphone or tablet app. Essentially, this turns your mobile device into a second screen.
Smart TV technology is changing the way we consume content and entertainment. Suddenly you can play games, stream video, browse the web, view photos and use its split screen capabilities.
As the market evolves, more features are introduced, such as webcams and microphones for video-conferencing, voice/gesture recognition, storage capacity and a GPS system.
This opens up a plethora of opportunities for businesses to develop applications for both consumer and B2B markets, and take advantage of this rapidly emerging market.
“Over 25 billion ‘things’ will be connected by 2020, 76% of connected home apps will be accessible from smart TVs.”
In the US alone, the average person still spends more than four hours per day watching TV, and more than five hours per day engaging with all screens, according to Nielsen.
Television is the largest ad medium worldwide.i It accounts for over 35% of all ad spending, which is more than all digital ad spending combined, and it’s set to increase by almost 50% within the next three years.
With TV being the dominant medium, this offers up many opportunities for brands to launch their applications, ranging from e-commerce, e-learning, live and video streaming, to M&E and OTT platforms.