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India Smart TV Streaming Device Market Scope
The Smart TV streaming device is a device that converts a standard television into a smart television. It allows customers access to their favorite TV series and films from prominent streaming services such as Netflix, Hulu, HBO Max, Disney+, and Amazon Prime all in one place. In addition, to live streaming services (such as Sling TV, Hulu + Live TV, and YouTube TV), the Smart TV streaming device supports a variety of apps that can be used to substitute cable if users do not have a traditional cable subscription. This gives viewers more flexibility over their entertainment selections by allowing them to subscribe only to the channels they want rather than being compelled to subscribe to a bundle package of channels they may or may not watch.The market divided into TV Sticks and TV Box by device type. TV Stick is a home streaming device, It looks like a USB pen drive that plugs into TV’s HDMI port and is portable. The TV stick allows users to stream films and TV shows from numerous apps, including Netflix, YouTube, and others.
TV Box is a streaming device that is powered by the Android operating system. It operates through the Internet and provides a wide range of video content, allowing subscribers to watch on-demand videos, video content sites, and regular network shows. It has a Play Store to upload compatible apps.
India Smart TV Streaming Device Market Overview
The smart TV streaming device market has seen some significant trends that have successfully captured the attention of the target customers. Expanding home entertainment, modern living rooms with IoT-enabled devices, and broadband penetration are the key factors influencing the India smart TV streaming device market.Customers can access a variety of media content through a smart TV streaming device, including online live sporting events, music, films, TV shows, and series. Additionally, customers are watching more TV due to technological advancements in television sets, such as large displays and powerful speakers. In India, there are more than 200 million homes with TVs, as compared to smart TVs it has over 22 million smart TVs installed base in India, which has increased demand for smart TV streaming devices that convert regular TVs to smart TVs. Along with public locations like airports, restaurants, etc., there are commercial spaces where TVs are installed, including hotels and workplaces. Apple, Chromecast, Amazon, and others are significant firms that offers smart TV streaming device in India.
The epidemic has accelerated the shift in viewing habits as more and more individuals have stayed indoors accepting the 'new normal' and turning to connected TV (CTV) as a shared entertainment option for families to enjoy together. During COVID-19, most movie theatres were closed, and OTT platforms gained popularity since most movies and web series were released on OTT platforms. Because of the increasing popularity of OTT services, smart TV sticks are experiencing rapid growth. OTT services such as Netflix, Amazon Prime Video, Disney, Hulu, and others help to drive up demand for the product.
India Smart TV Streaming Device Market Drivers
As more consumers upgrade their TVs to access OTT content, the penetration of smart TV streaming device is rising in India. For instances, according to the Amazon Fire TV streaming trends 2021, Customers purchased Fire TV devices in 80% of pin codes across India. Smaller cities like Hisar, Tiruvallur, Chittoor, Alwar, Imphal, and South Andaman saw an increased growth in sales of Fire TV devices. As a result, rising adoption rates of smart TV streaming devices are driving the market expansions.Several significant companies lately are launching streaming services, which has led to an increase in the demand for smart TV streaming devices. One of the most important factors propelling the growth of the smart TV streaming device market is the lack of commercial breaks or other disruptions while watching, which is another feature. For instance, data from 2019 shows, Amazon sold about 1 million Fire TV Sticks in India during the previous two years.
India Smart TV Streaming Device Market Trends
Due to rising technological advancements in smart TV streaming devices have improved their performance, user interface, and overall experience. Features such as 4K Ultra HD resolution, HDR (High Dynamic Range) support, voice control, and integration with virtual assistants have enhanced the appeal of these devices. The constant innovation in streaming devices has attracted consumers looking for advanced features and a seamless streaming experience.Additionally, the video quality provided by certain smart TV sticks is fueling the smart TV streaming device industry growth, particularly those with high resolutions like 4K and 8K. For instance, Xiaomi Chinese technology offers smart TV 4K sticks in India. The TV Stick 4K use Google’s Android TV 11 operating system, and its support 4K resolution, and runs on a quad-core Cortex A35 SoC with a Mali-G31 MP2 GPU. This trend is driving the demand for smart TV streaming devices that support these advanced technologies.
The integration of voice assistants and voice control capabilities is gaining popularity in the smart TV streaming device market. Streaming devices are incorporating virtual assistants like Amazon Alexa and Google Assistant, allowing users to control their devices, search for content, and interact with other smart home devices using voice commands. This trend aligns with the increased adoption of voice control technology and offers users a hand-free way to navigate and control their streaming experience.
India Smart TV Streaming Device Market Challenges
The increasing penetration of smart TVs in the country and high competition, with several players offering similar products pose a challenge to smart TV streaming device. Moreover, TV sticks offer a wide range of features and functionality, their price may be a challenge in the price sensitive market. These are the main factors that are anticipated to hinder the growth of the India Smart TV Streaming Device Market.India Smart TV Streaming Device Market Opportunities
The rising popularity of streaming platforms such as Netflix, Amazon Prime Video, Disney, and Hulu. As more people gain access to broadband connections, this will help to increase the sales of smart TV streaming devices over the forecast period. For instance, according to data from Telecom Regulatory Authority of India (TRAI), in September 2022, the total broadband subscribers in the country grew to 816.24 million when compared to 624.42 million subscribers in September 2021. The subscribers increased from 813.94 million at the end of August' 22 to 816.24 million by the end of September' 22, with a monthly growth rate of 0.28%, which enabled high implementation of smart TV sticks. Developing countries such as India are expected to witness high demand in the coming years. However, the smart TV streaming device market is growing as a result of increased internet usage among consumers in general.Moreover, the rising entertainment industry in the countries is contributing to the demand for smart tv streaming devices as they offer all kinds if media content such as music, shows, series etc., which has further increased the market demand for India smart TV streaming device market throughout the course of the projected period.
Market Segmentation
The India smart TV streaming device market is segmented based on device type, video support, sales channel, region, and competitional landscape. Based on device type, the market is further fragmented into TV stick and TV box. Based on video support, the market is segmented into non-4K, 4K, and above. Based on sales channel, the market is segmented into online and offline.Company Profiles
Amazon Retail India Private Limited, Apple India Private Limited, Bharti Airtel Limited, Xiaomi Technology India Private Limited, Realme Mobile Telecommunications (India) Private Limited, Tata Play Limited, Google India Private Limited, CloudWalker Streaming Technologies Pvt. Ltd., Motorola Mobility India Pvt Ltd., are among the major market players in the India smart TV streaming device market.Report Scope:
In this report, the India Smart TV Streaming Device Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:India Smart TV Streaming Device Market, By Device Type:
- TV Stick
- TV Box
India Smart TV Streaming Device Market, By Video Support:
- Non-4K
- 4K
- Above
India Smart TV Streaming Device Market, By Sales Channel:
- Online
- Offline
India Smart TV Streaming Device Market, By Region:
- North
- South
- East
- West
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India Smart TV Streaming Device Market.Available Customizations:
With the given market data, the publisher offers customizations according to a company’s specific needs.This product will be delivered within 1-3 business days.
Table of Contents
Companies Mentioned
- Amazon Retail India Private Limited
- Apple India Private Limited
- Bharti Airtel Limited
- Xiaomi Technology India Private Limited
- Realme Mobile Telecommunications (India) Private Limited
- Tata Play Limited
- Google India Private Limited
- CloudWalker Streaming Technologies Pvt. Ltd.
- Motorola Mobility India Pvt Ltd.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 72 |
Published | September 2023 |
Forecast Period | 2023 - 2029 |
Estimated Market Value ( USD | $ 301.23 Million |
Forecasted Market Value ( USD | $ 662.03 Million |
Compound Annual Growth Rate | 14.1% |
Regions Covered | India |
No. of Companies Mentioned | 9 |