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The 8K Technology Market Is Projected To Reach USD 26.8 Billion By 2024

The 8K technology market is projected to reach USD 26.8 billion by 2024 from USD 2.9 Billion in 2019—recording a CAGR of 55.5%. Advancements in display technology, financial assistance by governments, and expansion of production capabilities for 8K UHD display panels; availability of various products for the creation and delivery of 8K content; and increased demand for larger-sized TVs with higher resolution are a few major factors driving the 8K technology market growth. However, factors such as limited 8K content availability and uncertainty about 8K technology use in smartphone, tablet, automotive, and several other segments are restraining the growth of 8K technology market.

Television segment is expected to hold largest share of 8K technology market during forecast period

TV screens are larger in size than that of tablets and monitors; therefore, when differentiating on the basis of clarity and viewer experience, consumers prefer 8K TVs.They are showing interest in large-screen TVs with better picture quality as they want theater-like experience at home.

Hence, the market for 8K TVs is likely to witness a significant growth rate in the coming years. Therefore, TV manufacturers have immediately accepted 8K UHD technology that allows users to see rich details even when they sit very close to the television owing to its higher resolution.

Consumers segment to dominate the 8K technology market during forecast period

The consumers segment is expected to account for the largest market share during the forecast period. 8K technology is integrated into televisions, professional cameras, monitors and notebooks, and projectors, for which consumers have high demand. Thus, the increasing use of high-resolution devices by consumers, as well as by sports and entertainment and medical industries is expected to drive the 8K technology market growth.

APAC is likely to account for major share of 8K technology market during forecast period

APAC is expected to hold the largest share of the 8K technology market during the forecast period.APAC is home to major 8K product manufacturers; moreover, the region has the largest consumer base.

Companies in this region are boosting their production and broadening their distribution. Hence, APAC is expected to be the largest market for 8K technology during the forecast period.

Meanwhile, North America is projected to hold the second-largest market size during the forecast period

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.―PR Newswire

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