LONDON, Dec. 20, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s super hi-vision global market report 2024, the super hi-vision market is on an exponential growth trajectory, catapulting from $87.04 billion in 2023 to a projected $107.12 billion in 2024. This phenomenal surge boasts a remarkable Compound Annual Growth Rate (CAGR) of 23.1%. The historic period's growth is attributed to a surging demand for high-quality video content, the rising popularity of immersive viewing experiences, increasing disposable income levels, the demand for high-end TVs and other display devices, and the growing adoption of cloud computing.
Anticipating Exponential Expansion
The super hi-vision market is poised for further exponential growth, with forecasts indicating an escalation to $246.54 billion by 2028, showcasing a robust CAGR of 23.2%. The forecasted expansion is propelled by the burgeoning realms of virtual reality (VR) and augmented reality (AR), an increasing embrace of super hi-vision in the enterprise sector, a thriving gaming and interactive applications landscape, and a surging demand for streaming services. Noteworthy trends include innovations in consumer electronics, heightened research and development investments, content upscaling, and the seamless integration of artificial intelligence (AI) and machine learning (ML), coupled with a drive for seamless multi-device connectivity.
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Driving Growth: Popularity of Streaming Platforms
The growth of super hi-vision market is intrinsically linked to the burgeoning popularity of streaming and online video platforms. These platforms offer digital services that allow users to enjoy multimedia content in real-time over the internet without the need for downloads. Super hi-vision, with its staggering resolution of 7680 x 4320 pixels, delivers unparalleled detail and clarity, setting it apart from lower-resolution formats like 4K or Full HD. As a result, viewers relish sharper images and finer details, fostering a more immersive experience when streaming content in 8K. Netflix, a prominent player in the streaming arena, witnessed a substantial surge in paying subscribers, reaching 231 million in the first three months of 2023, reinforcing the pivotal role of super hi-vision in driving the popularity of streaming services.
Innovating Display Technologies: A Race to the Future
Industry leaders like Samsung Electronics and Dell Technologies are at the forefront, developing cutting-edge display technologies to maintain their market dominance. Innovations such as laser display technology solutions, showcased by Hisense Group, represent a paradigm shift. Hisense's ULED 8K Mini-LED series, featuring laser display technology, combines ULED and Mini LED to deliver enhanced picture quality and brightness levels. Such innovations underscore the industry's commitment to pushing boundaries and meeting the evolving demands of consumers.
Regional Dominance and Market Segmentation
The North American region emerged as the forerunner in the super hi-vision market in 2023.
The super hi-vision market covered in this report is segmented –
1) By Type: 8K, 4K
2) By Device: Monitor, Television, Camera, Full Dome
3) By Application: Television Broadcasting And Commercial Electronics, Camera Lenses, Medical Science, Space Science And Defense Sectors
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Stakeholders in the super hi-vision market are poised at the forefront of a visionary epoch, driven by innovation, consumer demands, and technological breakthroughs. As the super hi-vision market continues its exponential ascent, industry players are encouraged to harness the insights provided in the super hi-vision market report, unlocking new realms of possibilities, and steering their businesses toward sustained growth and success.
Super Hi-Vision Global Market Report 2024 by The Business Research Company provides insights on the super hi-vision market size, super hi-vision market segments, super hi-vision market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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