Press release
Connected Living Room Global Market Navigating Trends, Share Report, Growth Drivers, Market Size And Future Outlook 2024-2033 | Amazon.com Inc., Apple Inc., Google LLC, Hitachi Ltd., Siemens AG
Connected Living Room Global Market
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.
Market Overview -
A connected living room is a space equipped with internet-connected devices that enable remote monitoring and management of appliances and systems, enhancing comfort and convenience. It leverages technology to improve daily life, from entertainment and relaxation to productivity and security.
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Rising Smartphone Adoption Fuels Growth In Connected Living Room Market
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.
Competitive Landscape -
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
SmartThings Home Life And Enhanced Family Hub Integration Revolutionizes Connected Home Living
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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