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T-commerce is basically the business trade model implemented with the help of interactive television which serves as a shopping medium platform using television network to present products and process orders. T-commerce is a crucial part of the electronic business, which helps to build bidirectional communication between customers and seller. Further, it helps users to directly order the product from the connected TV which appears on the screen. Over the past decade, this process has helped users in getting more precise information about the product in short duration. Further, T-commerce is rising in the advertising industry, mainly driven by the growth of connected (smart) TV market. According to paid sources, the market for global connected TV is estimated to reach a figure of approximately 260 million installed devices by the end of 2020.
Adoption of innovative technologies including artificial intelligence, cloud computing platforms and big data solutions are favourable in driving the global T-commerce market. These technologies are rapidly being adopted by various IT industries and are also capable of eliminating the compulsion of using hardware while simplifying the complex designing procedure. For instance, AI technologies such as RealNetworks, computer vision, RealCV and others enable users to identify the products automatically and store them back to secure domicile during the transaction process using EIDR platform (Entertainment Identifier Registry).
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Key market players in the global T-commerce market are Dropbox, Inc., Apple, Inc., Amazon Inc., Evernote Corporation, Hulu, LLC., LinkedIn Corporation, Microsoft Corporation, Facebook, Inc., Google, Inc., Rakuten Inc., Twitter Inc., Fishtank OTT, and Yahoo Inc., among others.
By Business Model
· Premium and Subscriptions
· Smart Devices
· Personal Computers
· Gaming Consoles
By Industry Verticals
· IT & Telecom
· Media and Entertainment
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The two major regions, North America and Asia Pacific, expected to lead the global T-commerce market in the forecast period. In Asia, China is the leading provider of T-commerce services and solutions. Global T-commerce market is likely to witness healthy growth rate in the advertising industry, primarily driven by the development of the online retail industry. According to China’s Ministry of Commerce Government, China’s online retail industry increased from around 28.0% to reach a market value of approximately US$ 877 Bn in 2019 from the US$ 685.16 Bn in 2016. The growth in this region is due to the huge rising demand for foreign goods from a middle-class family, which is contributing to the healthcare segment of China’s e-commerce performance. The North America television advertising industry continued to the most stable market of monetisation prototypes with global television advertising spending about US$ 190 Bn in 2017.
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