The 8K Technology Market Is Set To Reach $48.3 Billion By 2027, With Rising Demand For Consumer Electronics As Per The Business Research Company's 8K Technology Global Market Report 2023
LONDON, Oct. 10, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s 8K technology global market report 2023, the 8K technology market is set to experience a substantial surge, with a predicted compound annual growth rate (CAGR) of 49.4% from 2022 to 2023. According to the latest insights from the 8K Technology Global Market Report 2023, the market is expected to grow from $6.94 billion in 2022 to $10.38 billion in 2023. Furthermore, the market size is anticipated to reach an impressive $48.3 billion by 2027, maintaining a steady CAGR of 46.9%.
Consumer Electronics Fueling Growth
The catalyst behind this remarkable expansion is the ever-increasing demand for consumer electronics. Consumer electronics, which encompass electronic equipment designed for daily and professional use, have seen a substantial uptick in demand. The 8K technology brings an enhanced visual experience to these devices, making them even more appealing to consumers.
For instance, data from the United States Census Bureau reveals that in 2021, 64% of American households utilized tablets, marking a substantial increase from 21% in 2019 and 24% in 2020.
Learn More In-Depth On The 8K Technology Market
https://www.thebusinessresearchcompany.com/report/8k-technology-global-market-report
Technological Advancements Pave the Way
Major players in the 8K technology market, including Samsung Electronics Co. Ltd., Dell Technologies Inc., and Sony Corporation, are at the forefront of technological advancements. These companies are dedicated to developing innovative technologies that enhance their market positioning.
For instance, in November 2021, MediaTek, a Taiwan-based semiconductor company, and TSMC, a Taiwan-based semiconductor company, jointly launched the MediaTek Pentonic 2000. This groundbreaking 8K digital TV system-on-chip (SoC) boasts unparalleled performance and power efficiency. Key features include sophisticated artificial intelligence (AI) engines, versatile video coding (VVC) decoding, motion estimation and motion compensation (MEMC), and picture-in-picture (PiP) technology.
Regional Insights
In 2022, North America emerged as the largest region in the 8K technology market. However, Asia Pacific is poised to take the lead as the fastest-growing region in the 8K technology market during the forecast period.
Market Segmentation
The 8K technology market is segmented based on three key factors:
- By Product:
- 8K Television
- 8K Camera
- 8K Monitors Or Laptops
- 8K Projectors
- Other Products
- By Resolution:
- 7680 x 4320
- 8192 x 8192
- 8192 x 5120
- 8192 x 4320
- By End-User:
- Consumer
- Sports And Entertainment
- Healthcare
- Other End-User
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As the 8K technology market continues its meteoric rise, players in this dynamic industry can harness the insights provided by the 8K Technology Global Market Report 2023 to shape their strategies. Understanding the influence of consumer electronics, staying abreast of technological advancements, and recognizing regional growth patterns are critical for businesses seeking to thrive in this high-growth sector. By leveraging the report's comprehensive analysis, market players can navigate the evolving landscape and capitalize on the vast opportunities presented by 8K technology.
8K Technology Global Market Report 2023 by The Business Research Company provides insights on the 8K technology market size, 8K technology market segments, 8K technology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ 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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