The global smart TV market is expected to post a CAGR [compound annual growth rate] of 20.37% from 2014-2019, as consumers are spending more than ever on electronics, according to a new report from research firm Technavio (www.technavio.com).

The new report draws attention towards economic growth in developing countries that has improved the financial status of a significant portion of the population. This has resulted in higher consumer purchasing power, which has contributed to increased spending on consumer electronic goods.

"The increased number of technologically advanced devices available in the market is expected to trigger the demand for devices that offer multifunctional capabilities to consumers," says Faisal Ghaus, vice president of Technavio.

What's more, the Technavio report emphasizes the increased adoption of smart TVs in advertising. The growing popularity of smart TVs and 3D TVs has encouraged advertising agencies to display their advertisements on these smart devices. This kind of targeted advertising helps companies increase their customer bases.

"With the help of smart TVs, advertisers can grab the attention of viewers by posting attractive advertisements like multi-screen, and interactive ads," says Ghaus.