DUBLIN—The popularity of streaming services is well documented among TV viewers, but also growing in the market as a result is the use of smart TV sticks (FireTV, Roku, etc.). And according to a new report from Fact.MR, the use of smart TV sticks is expected to rise across the globe at a CAGR of 7.1% from 2018-2028.
The U.S. is the leading market for smart TV sticks and is expected to be so over the 10-year period of the report. Among the devices that are being used to access OTT services, smart TV sticks make up a 70% share of the market in the U.S., with 40% of the OTT audience enjoying cordless service from smart TV sticks.
With 4K content still not widely available in most cases, non 4K compatible smart TV sticks make up more than 60% of the market in North America, with an estimate of what will be more than $950 million in sales in 2019. However, consumers are deciding to go with 4K and above versions—that includes both new and current smart TV stick consumers who are replacing their non 4K devices.
Though the U.S.’s lead in the category is not expected to be challenged in the next decade, it is not estimated to be the fastest growing market for smart TV sticks. China projects the strongest growth in the time period, with a prediction that it will jump from third largest market in 2018 to the second by 2023 as sales cross 6 million units.
“Overall, the market for smart TV sticks has a positive outlook and is expected to grow at an optimistic speed in the coming years, offering new growth opportunities for players,” Fact.MR concluded.
The full report is available here.
