Sales of connected TVs are expected to grow at a CAGR of 38 percent over the next five years, with total connected TV device global revenues projected at more than $95 billion by 2015, according to new research,
Strategy Analytics said connected TVs and other Internet-ready devices will top 2 billion units worldwide this year and that 70 percent of consumer electronic industry 2011 revenues will come from Internet connectable devices.
"While connected flat panel TVs, set-top boxes and DVRs still represent a small portion of their respective product segments, sixty-eight percent of all CE devices sold this year will be connectable to the Internet." says Peter King, director at Strategy Analytics.
Major vendors, including Samsung, LG and Sony, will continue to push their Smart TV initiatives, with 67 percent of all FPTV units sold in 2015 being connected TVs, said Jia Wu, senior analyst in the Digital Consumer Practice.
"Although growth in the overall TV market will be modest, the market value of connected TVs will more than double during the same period," Wu said.
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