The new report by Expert Market Research titled, ‘Global Connected Living Room Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global connected living room market share, assessing the market based on its components, product type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 41.4 Billion
- Forecast CAGR (2023-2028): 8.7%
The growth in the global connected living room market is induced by the rise in the use of various electronics in living area. In the 1980s, the majority of living room devices were televisions. New devices such as the digital set-top box, digital recording device, home theaters, media players such as Blu-ray players, and gaming devices have entered the living area as a result of the innovations and transformation of the consumer electronics. A number of factors have impacted the transition of the living room into a home’s digital entertainment experience. One of these significant factors is the commencement of the transition to digitalisation, which has made the use and collection of digital content convenient and user-oriented.
Connected Living Room Industry Definition and Major Segments
The term “connected living room” defines the type of advanced technology which is used to cover every one of the significant devices in a home, such as television systems, tablets, Blu-ray players, television systems, smartphones, home theatre projectors, set-top boxes, laptops, video game consoles, and home sound systems.
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Based on product type, the market is divided into:
- Consumer Computing
- TV System
- Gaming Consoles
- Security System
- Smart Plugs
- Wireless Speakers
- Others
Based on components, the industry is segmented into:
- Sensors
- Thermostats
- Cameras
- Data Storage System
- Communication Device
- Others
Based on application, the market is divided into:
- Video Streaming
- Audio Streaming
- Gaming
- Others
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Connected Living Room Market Trends
An increase in customer preference for the incorporation of innovative interactive elements into home infotainment devices will boost the future growth. The industry is anticipated to be driven by rigorous bandwidth and digital space accessibility as a consequence of technological developments over the last decade and the widespread emergence of wireless streaming. Furthermore, increased use of internet-only entertainment, distribution of dependable and elegant music storage facilities, and high-speed data streaming are expected to augment innovation.
On the other hand, an uptick in compatibility problems, and also rising implementation costs, are limiting factors that are predicted to slow the market’s development. In addition, an unawareness about innovative products will have an effect on market growth.
Key Market Players
The major players in the market are Hitachi, Ltd., Toshiba Corporation, Koninklijke Philips N.V., LG Electronic, Motorola Mobility Holdings. Inc., Panasonic Corporation, Netflix Inc., Google Inc., Apple Inc., and Amazon Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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