Attractive Opportunities in 8k Technology Market

The 8K technology market is expected to grow from USD 2.9 billion in 2019 to USD 26.8 billion by 2024—growing at 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 of major factors driving the growth of the 8K technology market.

8K technology can be used in different products, such as television (TV) sets, monitors and notebooks, professional cameras, and projectors. The 8K UHD refers to higher resolution, better quality and realistic images, and enhanced viewing experience. These products will be in demand for applications in medical, consumer electronics, business and education, entertainment industries, among others, during the forecast period. The television segment is expected to hold the largest size of the 8K technology market, in terms of value, during the forecast period. There is an increasing demand for large-sized TVs with high resolution. Major television manufacturers can leverage this opportunity to grow their businesses.

The consumers segment is expected to witness the highest growth rate in the 8K technology market, by end user, during the forecast period. Increasing demand for large-sized televisions with high resolution by consumers for enhanced picture quality and image depth is the major reason behind the highest growth rate of this segment. Major 8K products used by consumers are TVs, cameras, projectors, monitors, and notebooks. At present, 8K technology is in high demand for televisions; therefore, the consumers segment accounts for the largest market share, and a similar trend is likely to continue in the coming years.

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APAC is expected to register the highest CAGR during the forecast period owing to the presence of key consumer electronics companies such as LG Electronics Inc. (South Korea), Samsung Group (South Korea), Canon (Japan), JVCKENWOOD (Japan), Sony (Japan), Panasonic Corporation (Japan), and Sharp Corporation (Japan). Moreover, the 2020 Summer Olympics in Japan is likely to be broadcasted in 8K, which will further propel the market growth in the coming years. Manufacturers in APAC are integrating new technologies, such as 5G and automation, in their operations and products to stay competitive in the industry. In APAC, China and Japan are expected to witness high growth rate in the 8K technology market. Growing popularity and awareness of high-resolution products among end users and increasing use of 8K products such as TVs, cameras, projectors, and monitors in the consumer, medical, and industrial applications are the factors that are likely to increase the demand for 8K products in China and Japan.

The proliferation of 5G and increasing on-demand content, growth in digital signage space, and 8K broadcasts in sports and entertainment will help 8K product manufacturers to grow in this market. Moreover, there will be strong demand for 8K technology from several APAC countries. Fulfilling the requirements of end users in this market will help vendors increase their revenues.

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