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Global Connected Living Room Market is Expected to Grow at a CAGR of 8.7% in the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Global Connected Living Room Market Report and Forecast 2020-2025’, the global connected living room market attained a value of about USD 41.4 billion in 2019. The industry is expected to grow at a CAGR of 8.7% in the forecast period of 2020-2025.

Asia Pacific is expected to emerge as a major region for the global connected living room market, with the regional market projected to witness a healthy CAGR in the coming years. The growth in the Asia Pacific market is being driven by countries such as China and Taiwan, which have grown into manufacturing hubs. The region is home to a sizeable tech-savvy youth population, which is further catalysing the market growth. The rise in the levels of disposable incomes in the Asia Pacific over the years has triggered the demand for consumer electronics. Thus, the rising consumption of consumer electronics, along with the improved accessibility and internet connectivity in the region, is driving the growth of the regional market.

India is also emerging as a significant market for connected living room with the rising digitisation in the country, which has led major players in the industry to invest and expand into the country. In the historical period of 2015-2019, major players like Google (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) expanded into the regional market by launching their home assistant devices, namely Google Home and Amazon Echo. Online streaming platforms have been on the rise since 2017 due to the introduction of affordable smart-TVs and falling internet rates. In April 2020, Disney announced its collaboration with Hotstar to enter this lucrative market.
 
Market Analysis by Components, Type, Application, and Region:

  • The market is classified based on components into sensors, thermostats, cameras, data storage system, communication device, and others.
  • Based on product type, the industry can be divided into consumer computing, TV system, gaming consoles, security system, smart plugs, and wireless speakers, among others.
  • Further, the industry has been segmented on the basis of applications into video streaming, audio streaming, gaming, and others.
  • The regional markets for the connected living room include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rapid growth of connected devices, such as smart speakers, smart TVs, consoles for gaming, and set-top boxes among households is expected to drive the growth of the global connected living room market.
  • The increasing preference for second-screen devices and the subsequent rise in their demand is also expected to bode well for the market growth.
  • Given the recent advancements in wireless technology, the ubiquitous introduction of wireless streaming is expected to drive the market further.
  • The increased use of exclusive internet entertainment, along with the deployment of sophisticated music storage equipment and high-speed data streaming, is expected to stimulate innovation, and, thus, further catalysing the industry growth.
  • The rise in the popularity of online media streaming is anticipated to fuel the adoption of products related to connected living room technologies.

Key Offerings of the Report:

  • The EMR report gives an overview of the global connected living room market for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the components, product types, applications, and major regions of the connected living room.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global connected living room market are Hitachi, Ltd., Toshiba Corporation, Koninklijke Philips N.V., LG Electronics, Motorola Mobility Holdings. Inc., Panasonic Corporation, Netflix Inc., Google Inc., Apple Inc, and Amazon Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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