The Global 8K Technology Market was valued at USD 3.32 Bn in 2019 and is expected to grow at a growth rate of 54.2% from 2020-2030.
There is a rising demand for 8K technology owing to the increasing demand for large sized television with higher resolution. Also, there has been a significant advancement in the overall display technology and improvement in the production capabilities for 8K UHD display panels in recent times. To some extent, this is backed by initiatives and financial assistance provided by various governments in order to boost manufacturing of technologically advanced products in their country.
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Some of the major players operating in the market are Samsung LG Electronics (South Korea), Sony Corporation (Japan), Electronics (South Korea), Sharp Corporation (Japan), Canon Inc. (Japan), Red Digital Cinema (US), Dell Technologies (US), Leyard Optoelectronic (China), and Digital Projection (UK)JVCKENWOOD Corporation (Japan) among others. New product development, strategic merger & acquisition, geographic expansion, product portfolio expansion are some of the strategies that are adopted by the companies in order to grab a large part of the market share in the coming years
For instance, LG Electronics introduced 8K OLED television at IFA 2018 that featured 33 million self emitting pixels. The television grabbed significant number of customer attention and this resulted in high profit generation LG Electronics in that particular year
Samsung launched next generation QLED 8K line in January 2020 in Las Vegas. The product offered the glimpse of the future of display technology and combined new innovation that grabbed a significant attention from the customers. Also in 2019, Samsung launched specialized 8K AI enabled up scaling technology. This AI enabled upscaling technology uses the method that collects and gets a learning regarding the variety of content characteristics that are segregated by type and it stores them in the database. It then later uses the database in order to process the similar types of images thus making it sophisticated upscaling process.
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Market Segmentations and Scope of the Study:
The global 8K technology market is segmented on the basis of product and end-user. On the basis of product the market has been segmented into television, monitor, professional camera and projector. By different end-use, the market has been segmented into consumers, sports & entertainment industry, healthcare industry and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
In terms of region, Asia Pacific is expected to witness the fastest growth during the forecast period. China and Japan dominated the market in the Asia Pacific region. China is considered as the leading consumer product manufacturing hub with several local players expanding the market share across all segments. Therefore, China is expected to witness significant growth in the coming years. Further, Japan is focusing upon adopting new technology which is also triggering the market growth of 8K technology market in other developed and developing countries. For instance, in 2019, NHK introduced a broadcast channel in that is dedicated towards the advancements related to 8K content.
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