Smart TV Industry Report
Televisions were introduced to the American general public during the late 1940s. Since then, TVs have become a household item and a major part of our cultural and social lives. But alas, all these TV sets could do was broadcast our favorite network series or news channel. Thankfully, Smart TVs came out and changed the game.
Unlike old fashioned TVs, Smart TVs have the built-in capability to connect to the internet. This means that apart from traditional networks or cable services, users are able to download apps for major streaming services like Netflix and YouTube, and use the TV set to browse the web or access other resources on their home network. And this versatility is what made smart TVs so popular.
As of 2019, over 70 percent of the TVs being sold around the world are smart TVs, with over 190 million units sold and over 30 billion dollars in revenue in the U.S. alone. Internet enabled TV devices are the third most popular WiFi connected consumer device in the United States, surpassed only by smartphones and portable wireless speakers. Diving into the smart TV market, the two largest brands are Samsung and Vizio, which together account for over 60% of the Smart TV market share in the U.S.
These numbers make the Smart TVs market worth watching.
Revuze has been providing leading global companies with valuable consumer insight analytics. Our highly granular market research enables our clients to better understand their customers, competition, and spot new trends. This time, we will take a look at the massive Smart TVs market, would you like to join us?
What are the consumers saying?
Our software collected over 500,000 consumer reviews from several different online sources in a three year period, between 2017 and 2019. Our AI identified over 1 million valuable quotes, covering more than a hundred brands and over 1,000 different products.
Revuze’s AI analyzed all the reviews and sorted them into quotes. Each quote is analyzed and given a sentiment (positive, neutral, negative). The percentage of positive quotes is calculated into the average sentiment, providing a more accurate consumer experience and sentiment analysis.
The overall customer sentiment of the Smart TV market is 80%. In other words, 80% of the quotes analyzed contain a positive sentiment (meaning that 20% are neutral or negative). The average star rating in this market is 4.44 stars out of 5.
After analyzing all the available customer feedback data, we identified over 50 different trending topics regarding the Smart TV market. As represented in the topic column chart below, the topics with an above average sentiment are green, and the ones below the average sentiment are orange or red.
The Top 10 Topics by Importance/Volume in the Smart TV Market are:
- Overall Satisfaction
- Price/Value for money
- Ease of use
- Picture quality
- Assembly & Installation
- Remote control
- Operating system
- Audio quality
Looking at the list above, some topics regard customer experience while other topics surround customers expectations towards the product/service. Other topics are more specific to the smart TV or electronics industry, such as picture or audio quality and applications.
Now let’s dive into some of these topics
We picked some of the trending topics we found to be interesting and can provide insights into customers’ needs, wants and experience with smart TVs or the electronics industry as a whole. We decided to focus on current topics that provide a deeper understanding of consumer interests, experiences, desires and needs.
Want to learn more? Check out our full report here.