Connected Living Room Market Key Drivers, Analysis, Trends, Overview And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Connected Living Room Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $85.28 Bn In 2028 At A CAGR Of 8.8% :

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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Connected Living Room Market Major 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 Driver - 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.

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Prominent Trend - 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.

Connected Living Room Market Players
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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
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. Connected Living Room Market Size And Growth
…..
27. Connected Living Room Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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