Market is currently predicted to be worth $2.9 billion in 2019.

NORTHBROOK, Ill.The 8K technology market will be worth $26.8 billion in the next five years according to new research by MarketsandMarkets.

That would be a growth from a predicted $2.9 billion in 2019.

In its report, the company said advancements in display technology; 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 among the major factors driving the 8K technology market growth.

Television is predicted to be the fastest-growing segment in the overall 8K technology market as consumers begin to show interest in large-screen TVs with better picture quality. However, owing to the limited content availability and high cost, 8K televisions are not offering significant value addition to early buyers compared to 4K televisions, said MarketsandMarkets.

It predicts the sports and entertainment industry will hold the second-largest share of the 8K technology market.