Published: Jul, 2018
The global market for connected living room is nascent at a stage and is projected to witness a healthy growth throughout the forecast period, states a new market intelligence report by Transparency Market Research. The rising number of players estimated to enter the market is likely to enhance the competitive environment of the overall market in the next few years. Some of the leading players operating in the connected living room market across the globe are Seimens AG, Samsung Electronics Co. Ltd., Eaton Corporation, Schneider Electric SE, Rockwell Automation Inc., and General Electric. The growing focus of key players on research and development activities and innovations are estimated to accelerate the growth of the overall market in the coming years. In addition to this, the rising mergers and acquisitions is another key factor, which is predicted to support the market growth and enhance the competition among the leading players in the near future.
According to the market research study by Transparency Market Research, in 2015, the global market for connected living room was worth US$518.92 bn and is projected to reach a value of US$984.51 bn by the end of 2024. The market is further estimated to register a promising 7.30% CAGR between 2016 and 2024.
North America to Gain Traction in Coming Few Years
In the last few years, North America led the global connected living room market and is projected to remain in the similar position throughout the forecast period. The high growth of this region can be attributed to the rising penetration rate of consumer electronics and the substantial funds that have been invested by the people for the undertaking of the timely transformation of the living rooms. In addition to this, the high rate of adoption rate for the latest technologies, owing to the increasing investments in high-quality electronics, including home theaters, smart TVs, and wireless devices. Thanks to these factors, North America is predicted to witness high growth in the next few years. Furthermore, the developing standard of living and the increasing disposable income are predicted to enhance the growth of the Europe market in the coming few years.
On the basis of components, the global market for connected living room has been categorized into thermostats, sensors, data storage systems, and communication devices. Among these, the communication devices segment is estimated to lead the global market throughout the forecast period. Some of the major communication devices are Bluetooth, computer modems, and equipment for enabling Wi-Fi, and infrared networks, and network interface cards, which are being majorly used in connected living rooms. This is projected to enhance the growth of this segment in the next few years.
Rising Focus of Governments for Digitalization to Encourage Growth of Global Market
The increasing government support for digitalization and the emergence of technologies for the enhanced connectivity among the home devices are some of the key factors that are projected to enhance the growth of the global connected living room market in the next few years. The rising research and development activities for the higher resolutions and the growing focus on advance technology are further predicted to enhance the growth of the overall market in the next few years. On the flip side, the issues related to the intellectual property rights and compatibility are likely to restrict the growth of the connected living room market in the coming years. Nonetheless, the penetration of new technology in emerging nations is anticipated to offer promising growth opportunities for the market players in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “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.”
- North America market to witness high growth in the next few years thanks to the rising focus on research and development activities.
- Key players in the global connected living room market to witness high level of competition in the next few years.
The global connected living room market has been segmented as below:
Global Connected Living Room Market: By Components
- Data Storage System
- Communication Devices
Global Connected Living Room Market: By Product Type
- Consumers computing
- TV systems
- Set-top boxes
- Gaming Consoles
- Security Systems
- Smart Plugs
- Wireless Speakers
Global Connected Living Room Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Rest of the World
- South America
- Middle East
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