Global Connected Living Room Market Report, published by Variant Market Research, forecast that the global market is expected to reach $886 billion by 2024 from $520 billion in 2016; growing at a CAGR of 6.9% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 8.7% and 8%, respectively, during the forecast period.
Growing demand for wearable devices and need for customized services coupled with high penetration of smartphones & internet in emerging economies are the major drivers of the connected living room market. Increasing demand for web-enabled devices and rising awareness about IoT among consumers also boost the growth of the market. However, increasing complexity of these devices and cyber threats may hamper the growth of the market. Furthermore, customized services, untapped markets and entry for new players may provide market opportunities during the forecast period.
Component, product and geography are the key segments of the global connected living room market. The component segment includes data storage systems, sensors, cameras, thermostats, communication devices and others. In 2016, sensors segment accounted for the largest market share and is expected to dominate the market with highest CAGR during the forecast period 2016-2024, owing to demand of control & security at homes. Furthermore, by product, the market is segmented as security system, smart plugs, consumers computing, set-top boxes, TV systems, gaming consoles, wireless speakers and others. Consumers computing and TV systems dominated the product type segment accounting for 28.1% and 18.5% respectively in the year 2016.
Geographically, the market is bifurcated into North America, Europe, Asia-Pacific and Rest of the World (RoW). In 2016, North America accounted for the largest market share of 31.5%, owing to the rising need for better entertainment and personalized services. Whereas, Asia Pacific is likely to grow at a fastest CAGR of 8.7% during the forecast period, owing to the rapid urbanization, rising disposable income and high penetration of smartphones & smart TVs.
Market players have used various strategies to increase their market share and global presence. For instance, in February 2017, Samsung Electronics launched the new Facebook video app for TV on Samsung Smart TVs. Additionally, the key players in the connected living room market include Xplore Technologies Corp., Panasonic Corporation, DRS Technologies Inc., Hitachi, Ltd., Mountain Secure Systems, General Electric, Toshiba Corp., Koninklijke Philips N.V. LG Electronics, Inc., and Samsung Electronics Co. Ltd., among others.