The beauty of HDMI is how each new iteration maintains compatibility with previous versions. You can get an HDMI connection from an old laptop or Xbox 360 console and display it properly on a brand new 8K TV.
Contrast this with older analog standards, which often required an intermediary device to convert a SCART, component, S-video, or similar connection to digital-ready HDMI, and without such an interface, it's difficult to display older consoles and computers on modern TVs.
The latest HDMI 2.1 standard is fairly new, with the first source devices such as the Xbox Series X, PlayStation 5, and NVIDIA's 30-series graphics cards coming out in 2020. While the standard continues to evolve, HDMI 2.1 is the foreseeable future.
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HDMI 2.1 supports 10K streams at 120Hz and display stream compression, enhanced Audio Return Channel (eARC) for bar speakers and home theater receivers, audio formats such as Dolby Atmos, and gaming features such as native Variable Refresh Rate (VRR) technology.
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Type-A connectors are ubiquitous and cables are readily available. If HDMI is to be replaced, USB-C is probably the leading candidate. HDMI over USB-C is already possible, but HDCP 2.2 support is currently limited to HDMI.
The only other technology that might replace HDMI is some sort of wireless standard. While wireless display technology is useful for portable devices (technologies such as AirPlay are already enabled), wireless technology is known to be prone to interference. As a result, it makes little sense for static devices such as game consoles or Blu-ray players to use a wireless connection, even if it reduces cable clutter.
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