Press release
Connected Living Room Market Poised for 9 % Growth, Set to Hit $93.08 Billion by 2029
Connected Living Room Market
The proliferation of smartphones and tablets is poised to fuel the expansion of the connected living room market. A smartphone, characterized by its multifunctional abilities that merge telecommunications with internet access, applications, and a touchscreen interface, is becoming increasingly prevalent. This surge in smartphones is fueled by the growing consumer desire for connectivity and the expansion of multifaceted features. These devices are becoming pivotal in integrating and providing interactive entertainment in connected living spaces. Smartphones enable the effortless fusion and supervision of various smart appliances and entertainment systems in connected living rooms. They act as core hubs, empowering users to handle and control smart TVs, stream devices, smart speakers, light systems, thermostats, and other interconnected devices within their living premise remotely. For example, Uswitch Limited, a UK-based financial conduct authority, indicated in February 2023 that there were roughly 71.8 million mobile connections in the UK in 2022, representing an increase of 3.8% (or about 2.6 million) from 2021. An estimated 65 million individuals, or 95% of the anticipated population of 68.3 million in the UK by 2025, are predicted to possess a smartphone. Consequently, an upsurge in smartphone utilization is set to stimulate the expansion of the connected living room market.
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What is the future CAGR of the connected living room market, and how will it impact industry expansion?
In earlier years, there has been substantial increase in the size of the connected living room market. It is projected to expand from $60.78 billion in 2024 to $66 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.6%. The exceptional growth during the past can be credited to factors such as rise in internet usage, escalating demand for content by consumers, widespread use of smart gadgets, increasing cognizance of home automation, and the incorporation of artificial intelligence (AI) and voice command.
The size of the connected living room market is anticipated to witness significant expansion over the forthcoming years. The market is projected to increase to $93.08 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.0%. The growth during the projected period can be credited to the rise of virtual and augmented reality (VR/AR), heightened attention to cybersecurity, the development of smart home ecosystems, personalization and customization preferences, and emphasis on environmental sustainability. The primary trends during this period encompass the deployment of 5G technology, strategic collaborations and partnerships, swift advancements in technology, the integration of 5G technology, and customized personalization.
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What new trends are reshaping the connected living room market and its opportunities?
Prominent companies in the connected living room market have adopted strategies to create advanced products and services including smart home solutions. These solutions aim to increase consumer convenience, connectivity, and entertainment by leveraging technology for effective home management, security, entertainment, and energy utilization. Samsung Electronics Co. Ltd, known for its innovative electronics, introduced the SmartThings Home Life in June 2022, offering a comprehensive smart home package. It includes features such as smart cooking, energy management, clothing and pet care, air care and home care. With SmartThings Home Life, which is compatible with thousands of devices and has access to 270 global partners, users can optimize their home connectivity using their smartphones. Samsung has also enhanced their Family Hub with newly introduced AI features to further simplify daily activities.
Which key market segments comprise the connected living room market and drive its revenue growth?
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
Subsegments:
1) By Smart Televisions (TV): OLED TVs, QLED TVs, LED Or LCD TVs, Smart TVs with AI Integration, 4K And 8K Ultra HD TVs
2) By Gaming Consoles: PlayStation, Xbox, Nintendo Switch, Streaming Game Consoles, Cloud Gaming Devices
3) By Computers And Laptops: Desktop Computers, Laptops, All-in-One PCs, Hybrid Or Convertible Devices, Gaming PCs Or Laptops
4) By Smart Speakers: Amazon Echo, Google Nest, Apple HomePod, Sonos Speakers, Smart Soundbars
5) By Smartphones And Tablets: Smartphones (Android, iOS), Tablets (iOS, Android, Windows), Phablets, Foldable Devices
6) By Security Systems: Smart Cameras, Smart Doorbells, Motion Detectors, Smart Locks, Home Alarm Systems
7) By Lighting Systems: Smart Bulbs, Smart Light Switches, Smart Light Panels, LED Strip Lights, Smart Ceiling Lights
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What regions are at the forefront of connected living room market expansion?
Asia-Pacific was the largest region in the connected living room market in 2024. The regions covered in the connected living room market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the connected living room market?
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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What Is Covered In The Connected Living Room Global Market Report?
• Market Size Forecast: Examine the connected living room market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the connected living room market for a structured understanding.
• Key Players Overview: Analyze major players in the connected living room market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the connected living room market.
• Segment Contributions: Evaluate how different segments drive overall growth in the connected living room market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the connected living room market.
• Industry Challenges: Identify potential risks and obstacles affecting the connected living room market.
• Competitive Landscape: Review strategic developments in the connected living room market, including expansions, agreements, and new product launches.
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