The connected living room global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Connected Living Room Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The connected living room market size has grown strongly in recent years. It will grow from $55.48 billion in 2023 to $60.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increasing internet penetration, growing consumer demand for content, the proliferation of smart devices, increasing awareness of home automation, and integration of artificial intelligence (AI) and voice control.
The connected living room market size is expected to see strong growth in the next few years. It will grow to $85.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the emergence of virtual and augmented reality (VR/AR), increased focus on cybersecurity, expansion of smart home ecosystems, customization and personalization trends, and environmental sustainability concerns. Major trends in the forecast period include 5G technology implementation, collaborations and partnerships, rapid technological advancements, integration of 5G technology, personalization and customization.
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Scope Of Connected Living Room Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Connected Living Room Market Overview
Market Drivers –
The rise in the proliferation of smartphones and tablets is expected to propel the growth of the connected living room market going forward. A smartphone is a multifunctional mobile device that combines telecommunication capabilities with features such as internet access, apps, and a touchscreen interface. The increasing number of smartphones is driven by rising consumer demand for connectivity and the proliferation of versatile features, making them essential tools for integration and interactive entertainment in connected living spaces. Connected living rooms use smartphones to facilitate the integration and control of various smart devices and entertainment systems. Smartphones serve as central hubs, allowing users to remotely manage and operate smart TVs, streaming devices, smart speakers, lighting systems, thermostats, and other connected devices within the living space. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, there were 71.8 million mobile connections in the UK as of 2022, up 3.8% (or around 2.6 million) from 2021. Approximately 65 million people, or 95% of the 68.3 million estimated population in the UK by 2025, will own a smartphone. Therefore, a rise in smartphone adoption will drive the growth of the connected living room market.
Market Trends –
Major companies operating in the connected living room market focus on developing technologically advanced products and services, such as smart home solutions, to enhance consumers’ convenience, connectivity, and entertainment experiences. These solutions integrate technology to automate and optimize home management, security, entertainment, and energy efficiency for improved living experiences. For instance, in June 2022, Samsung Electronics Co. Ltd., a South Korea-based electronics manufacturer, launched SmartThings Home Life, offering consumers a comprehensive smart home solution, such as smart things cooking, energy, clothing care, pet care, air care, and home care. With access to 270 global partners and compatibility with thousands of devices, SmartThings Home Life enhances home connectivity, putting users in control of their smartphones. Additionally, Samsung’s updated Family Hub introduced new AI features to improve convenience in daily routines.
The connected living room market covered in this report is segmented –
1) By Product Type: Smart Televisions (TV), Gaming Consoles, Computer And Laptops, Smart Speakers, Smartphones And Tablets, Security Systems, Lighting Systems
2) By Component: Sensors, Thermostats, Cameras, Communication Device, Other Components
3) By Application: Video Streaming, Audio Streaming, Gaming, Security
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Regional Insights –
Asia-Pacific was the largest region in the connected living room market in 2023. The regions covered in the connected living room market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the connected living room market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Hitachi Ltd., Siemens AG, General Electric, Sony Corporation, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Toshiba Corporation, Toshiba Corp., Pioneer Corporation, Eaton Corporation, LG Corporation, Koninklijke Philips N.V., Emerson Electric Co., Signify Holding, Rockwell Automation Inc., Osram GmbH, Roku Inc., Visionox Company, Ritek Corporation, Raystar Optronics Inc
Table of Contents
1. Executive Summary
2. Connected Living Room Market Report Structure
3. Connected Living Room Market Trends And Strategies
4. Connected Living Room Market – Macro Economic Scenario
5. Global Connected Living Room Market Size and Growth
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32. Global Connected Living Room Market Competitive Benchmarking
33. Global Connected Living Room Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Connected Living Room Market
35. Connected Living Room Market Future Outlook and Potential Analysis
36. Appendix
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