Connected Living Room Market
Connected Living Room Market (Components - Sensors, Thermostats, Cameras, Data Storage Systems, and Communication Devices; Product Type - Consumers Computing, TV Systems, Gaming Consoles, Security Systems, Smart Plugs, and Wireless Speakers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Press Release :
Global Connected Living Room Market: Snapshot
In the past few years, consumer perception regarding home automation has undergone a paradigm shift and it is no longer considered an exclusive luxury item. With time, home automation is expected to be considered as means of gaining a larger control over aspects such as saving on energy, security, and a measure of enhancing convenience. Availability of economical components for setting up a connected living room environment and rising adoption of digital devices and systems on the consumer end will spurt the demand for more of such products in the global market in the next few years.
Transparency Market Research estimates that the market will exhibit a promising 7.3% CAGR over the period between 2016 and 2024, rising from a valuation of US$518.92 bn in 2015 to US$984.51 bn by 2024.
Rising Data Volumes and Connected Components to Drive Demand for Data Storage Systems
In terms of the key components used in connected living rooms, the market has been examined for sensors, thermostats, data storage systems, and communication devices. Of these, the segment of communication devices leads, accounting a marginally larger share as compared to the segment of sensors. Communication devices such as computer modems, and equipment for enabling Wi-Fi, Bluetooth, and infrared networks, and network interface cards are among the most commonly used components in connected living rooms. As a result, the segment accounts for a major chunk in the global market’s revenues.
Over the forecast period, the increased use of smartphones in connected living rooms is expected to lead to the healthy growth of the communication devices segment in the global connected living room market. Although the segment will expand at a promising pace (an estimated 7.2% CAGR) over the period between 2016 and 2024, the segment will be trumped by the segment of data storage systems, which will exhibit a 7.8% CAGR over the said period.
Data storage systems for a key part of any connected digital system and are indispensable for purposes such as keeping files internally in the system, creating back-ups, transferring data to other connected devices, and data archiving. The rising number of components in connected living rooms will inevitably lead to the increased demand for additional capacity requirements and drive the market for data storage systems in the global market.
Thanks to High Rate of Affordability, Developed Regions Stay Ahead
Geographically, the North America market for connected living room dominated in 2015. High penetration rate of consumer electronics and significant funds invested by the population for undertaking timely transformation of living rooms are the key factors driving the market in the region. Moreover, North America has high adoption rate for latest technologies as consumers in the region actively invest in high-quality electronics such as smart TVs, home theaters, and wireless devices. Owing to these factors, the market in North America is expected to witness growth at a healthy pace over the forecast period as well.
Owing to high standards of living and rising per capita income, several countries across Europe also provide significant opportunities for the healthy development of the market for connected living room. The report states that the market is expected to experience steady growth during the forecast period, owing chiefly to the keenness of consumers to buy technologically advanced products in the category of digital and electronic gadgets.
The key players operating in the global connected living room market include Samsung Electronics Co. Ltd., Seimens AG, Eaton Corporation, Schneider Electric SE, General Electric, Emerson Electric Co., Rockwell Automation Inc., Littelfuse Inc., Toshiba Corp., and Hitachi, Ltd.
COVID-19 Outbreak to Increase the Demand for Connected Living Room Market
Smart home automation has increased extensively over the years. A slew of advancements in technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) has invited tremendous upgrades. Thus, based on all these factors, the connected living room market may observe great growth advancements across the assessment period of 2016-2024.
- Connected living rooms refers to a range of devices, systems, or appliances that connect to a common network. Numerous advantages attached to the connected living room systems will offer tremendous growth opportunities during the forecast period. The growing use of technologies across the residential sector may bring great growth opportunities during the tenure of 2016-2024.
- The inclining usage of technologies for entertainment and data streaming purposes at homes will add extra stars of growth. The convenience of managing all the devices at home on a single click may serve as a prominent growth booster for the connected living room market. High penetration of electronic devices in the residential segment may augur well for the growth of the connected living room market.
- A rise in the disposable income of the individuals across the globe and the rapid urbanization around the globe may lay a strong foundation of growth for the connected living room market. Furthermore, the preference of a large chunk of individuals to buy tech-savvy products will bring immense growth prospects.
- The novel coronavirus pandemic has led to an increase in the growth of the connected living room market. The lockdown restrictions forced a large number of people to stay at homes. The increase in the need for consistent entertainment during the lockdown period has prompted a large number of individuals to switch to smart home automation. Thus, the pandemic has a positive effect on the growth of the connected living room market.
Global Connected Living Room Market: Brief Account
Consumer perception towards home automation has undergone a paradigm shift in the past few years. Home automation is no longer seen as a luxury, but has become a need and a means to gain better control over various aspects such as security, energy saving, and gaining enhanced convenience. The overall increase in disposable income and the availability of cost-effective components to set up a living room environment have led to a rise in the adoption of digital systems and devices. It is expected that consumer demands for such technologically advanced products will only increase in the coming years. As such, the global connected living room market is predicted to grow at a high CAGR in the coming years.
The report helps in discovering the latest industry trends in the global connected living room market and uncovers scope for future growth. The hidden opportunities in the market and competitive threats are identified, and the qualitative analysis by TMR experts help in planning a corporate strategy to make progress in the industry.
Global Connected Living Room Market: Trends and Opportunities
Some of the factors boosting the global market for connected living rooms include growing influx of advanced infotainment devices with competitive pricing and better resolution, surge in digitization of a large number of operations and processes which are a part of everyday routine, and constant advancements in technology. The increased affordability of devices and improved standards of living in developing nations are also driving the growth of the market. Moreover, government attempts to boost the proliferation of digital technology to improve governance and societal well-being are also encouraging consumers to adopt smart digital devices for everyday tasks. All these factors are expected to ensure a positive outlook and growth of the connected living rooms market over the forecast period.
Global Connected Living Room Market: Geographical Analysis
On the basis of geography, North America led in the connected living room market in 2015. The practice of investing significantly on transformation of living rooms from time to time is behind the growth of the market in this region. The region is also a step ahead in terms of adopting the latest technologies so as to fulfill customers’ wants for high-end and latest technologies in smart TVs, wireless devices, and home theaters. Thus, North America is anticipated to continue to grow in the connected living room market, at a healthy pace throughout the forecast period.
Europe is another region, witnessing significant growth in the connected living room market. The high standard of living and growing disposable income of the people are encouraging the growth of the connected living room market. As customers in the region are actively seeking technologically advanced electronic and digital gadgets, the market for connected living room will witness a steady growth.
Global Connected Living Room Market: Companies Mentioned
The leading manufacturers operating in the global connected living room market are Samsung Electronics Co. Ltd., Eaton Corporation, Seimens AG, Schneider Electric SE, Emerson Electric Co., General Electric, Rockwell Automation Inc., Toshiba Corp., Littelfuse Inc., and Hitachi, Ltd. The business and financial overview and information regarding mergers and acquisitions, collaborations, and partnerships are included. Information on business strategies adopted by companies and expansion moves is also discussed. As each company tries to come up with new innovation, competition in the market is expected to escalate.
Market segmentation based on geography:
- North America
- Asia Pacific
- Rest of the World
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments