Did you know Google, the tech behemoth, unveiled the first-ever Android TV device? The company rolled out the Nexus Player, developed by Asus, in the fall of 2014 at a hardware event.
That was almost 10 years ago, and a lot can change in the tech space over a decade. A lot. The Android TV space is no exception. According to ResearchAndMarkets, the Android TV box segment is poised for considerable growth in the years ahead. The market was worth $8.28 billion last year and is on pace to climb to $10.32 billion this year, working out to a sizeable 24.6% compound annual growth rate.
More Runway Ahead
While the explosive growth from 2023 to 2024 is noteworthy, the research firm notes that the Android TV box segment could grow to $25.58 billion by 2028. The expected growth is largely a function of evolving consumer lifestyles, developments in technology, and the integration of AI and gaming services into Android TV boxes.
But that’s just the tip of the iceberg since other factors include, but aren’t limited to, millennials increasingly opting for online entertainment options and the growing number of internet users worldwide. Statista, meanwhile, reports that 5.35 billion of the close to 8 billion people worldwide — approximately 66% — use the internet.
Android TV boxes allow users to use web browsers, stream online content, download apps, and more. It can also be used on older TV sets and on different TVs. Whether enjoying programming in the living room or on a patio deck eating pizza cooked using an outdoor pizza oven, people can enjoy the content they want, wherever they want, and whenever they want.
The Business Research Company, looking at how the rise in internet users is growing the Android TV box segment, notes that the segment will grow as the internet penetration rate grows. It adds that higher internet penetration rates facilitate more access to content online, a better user experience, and higher demand for Android TV devices across different regions and demographics. ResearchAndMarkets notes that technological adoption is revolutionizing how people use content as more of them gravitate toward personalized and convenient options in the entertainment realm.
Asia-Pacific Region Leads the Way
As the Android TV box market grows, the Asia-Pacific region continues to lead the pack. Second on the list is North America. ResearchAndMarkets adds that the market has demonstrated a preference for various kinds of Android TV boxes, such as 4K resolutions and 1080p. The range of options meets different needs, whether looking at it from consumer preference or use case perspectives. The research firm adds that the product offering options and distribution channels suggest the Android TV box segment will expand across various worldwide sectors and types. It adds that the movers and shakers in the market continue to innovate to improve the user experience and grow their market position.
Strategic Partnerships
Meanwhile, The Business Research Company notes that strategic partnerships are driving innovation in the Android TV box space. It notes that major businesses operating in the Android TV box segment are entering a strategic partnership model to push the upcoming generation of Android TV services. Specifically, it points to strategic partnerships between Telus in Canada and Vantiva in France. The collaboration, announced in March 2023, is a strategic effort to create a next-gen home entertainment experience that is user-friendly and intuitive.
The Android TV box segment is going strong. Research suggests there’s still plenty of runway ahead, so there should be considerable growth. As more people use the internet and players in the space rollout next-gen offerings, the Android TV box market will continue breaking new ground.