8K Technology Market to witness an Exponential Growth of 45.5% CAGR by 2031 as Demand from Advertising & Entertainment Industry is on Rise - Persistence Market Research
NEW YORK, Dec. 1, 2021 /PRNewswire/ -- The global 8K technology market reached a valuation of close to US$ 9.2 Bn in 2020, and is anticipated to surge a high CAGR of 45.5% over the next ten years.
8K technology offers ultra-high-definition image of 33 million pixels, which is 16 times more detailed than 2K (Full HD) images. The healthcare industry will be one of the beneficiaries of this advanced technology. 8K surgical microscopes offer up to 300 times magnification with exchangeable lenses used for super-microsurgeries. 8K-resolution display technology is being advanced for medical applications, with typical cases being used in endoscopic surgery by the National Cancer Centre Hospital and in remote medical diagnosis developed by NTT Data, a global IT innovator.
8K-resolution display technology has been used in endoscopy, medical monitoring, remote medical diagnosis, and educational display of surgical operations. The technology is used majorly to develop endoscopic systems. Also, 8K-resolution images can be combined with AI (artificial intelligence) analysis for further application to medical care. Furthermore, 8K ultra-high definition image technology has lucrative opportunities when used for remote surgery combined with 5G mobile networks.
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- In January 2021, Viewsonic launched its latest slate of monitors and projectors for gaming, home entertainment, professional content creators, and hybrid work/play environments. It comprises products such as the 8K ColorPro Monitor, Single-Cable Monitor for Next-Gen Gaming, a 32-inch 4K, and Enhanced 4K and Portable Projectors.
- In April 2021, Nuance Communications Inc. announced a partnership with 8K Association. This partnership will help the company distinguish 8K-enabled televisions and other devices. It offers features such as peak brightness greater than 600 nits, display resolution reaching 7680 x 4320, image transmission of HDMI2.1, and High Efficiency Video Codec (HVEC).
- In January 2019, Panasonic announced a partnership with 8K Association. Through this partnership, the company promotes 8K TVs and 8K content to consumers, and helps educate consumers and professionals about the 8K ecosystem and secure 8K content.
Key Takeaways from Market Study
- Demand for 8K technology products is estimated to surge. However, the televisions segment is estimated to continue to hold a significant market share through 2031.
- The media, advertising, and entertainment segment is expected to emerge as a high-growth end use. However, consumer electronics accounted for a major market share in 2021 in terms of value.
- The East Asia region accounts for a major market share on the back of beginning of 5G in the region that is likely to propel growth of the 8K TV market.
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"Rapid technology advancements, financial assistance by governments, and expansion of production capabilities for 8K UHD display panels are bolstering market growth," says a Persistence Market Research analyst.
Availability of Various Products for Creation and Delivery of 8K Content
8K content displayed on 8K Association Certified 8K display products give a true experience. Main sources of 8K content include 8K streaming, 8K personal videos, 8K video gaming, and upscale content.
8K video developments are largely driven by filmmakers and TV broadcasters. Most filmmakers deliver 8K films, shooting in higher resolution. Various products are available in the market for 8K content delivery, which include TVs, monitors, projectors, cameras, laptops, and mobiles, among others.
Most market giants are majorly involved in the manufacturing of products that deliver 8K content.
- For instance, Sony is part of NexTV-F, a US$ 31 Mn government-backed consortia, including Japanese electronics manufacturers, public broadcaster NHK, and other stakeholders, to forward 4K and 8K Ultra HD TV.
- Sony revealed that it is developing production equipment to support 8K, which is ultra-sharp and 16 times the resolution of 4K UHD.
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More Valuable Insights on Offer
Persistence Market Research's report on the 8K technology is segmented into five major sections: product (televisions, camera, monitors/laptops, projectors, and others), end-use (consumer electronics, media, advertising & entertainment, medical & healthcare, education, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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