Connected Living Room Market Expected to Reach $98.4 Billion, Globally, By 2032 at 7.8% CAGR: Allied Market Research

The connected living room market is driven by factors such as the rise in popularity of online media streaming, and the rise of voice-controlled devices and virtual assistants. 

PORTLAND, Ore., July 4, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Connected Living Room Market By Product Type (Smart TVs, Gaming Consoles, Computer and Laptop, Smart Speakers, Smartphones and Tablets, Security System, and Lighting System), Application (Video Streaming, Audio Streaming, Gaming, and Security), Component (Sensors, Thermostats, Cameras, Communication Device, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global connected living room industry was valued at $47.3 billion in 2022 and is estimated to reach $98.4 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032.

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Prime Determinants of Growth:

The connected living room market is driven by factors such as the rise in popularity of online media streaming, and the rise of voice-controlled devices and virtual assistants. On the other hand, high deployment costs are anticipated to restrain market growth to some extent. However, the increasing adoption of smart TVs is creating a lucrative opportunity for the connected living room market's growth. 

Report Coverage and Details:

COVID-19 Scenario: 

• The COVID-19 pandemic had led to an increase in demand for connected living room products, such as smart TVs, streaming devices, and gaming consoles, due to lockdowns and social distancing measures that forced people to stay at home. Consumers sought entertainment options and ways to stay connected with friends and family remotely, leading to higher sales of smart TVs, streaming devices, gaming consoles, and other connected devices for the living room.
• Furthermore, with movie theatres closed and limited outdoor entertainment options, people turned to streaming services, resulting in a higher adoption of streaming devices such as media players and smart TVs with built-in streaming capabilities. The shift to remote work and online learning further fueled demand for products such as webcams, video conferencing tools, and large displays as individuals set up home offices and dedicated study spaces in their living rooms to stay connected and productive from home.
• Thus, the market has had a positive impact and is growing faster.

The smart TVs segment to maintain its leadership status throughout the forecast period

Based on product type, the smartphones and tablets segment held the highest market share in 2022, accounting for nearly one-third of the global connected living room market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to their smooth multimedia casting and screen mirroring. However, the smart TVs segment is projected to manifest the highest CAGR of 9.98% from 2023 to 2032. This is due to the broad accessibility of high-speed internet connectivity. In addition, the introduction of 5G technology creates a big opportunity for smart TVs in the connected living room. This technology is anticipated to improve the overall performance and connectivity capabilities of smart TVs, resulting in a smoother and more immersive entertainment experience.

The video streaming segment to maintain its lead position throughout the forecast period-

Based on application, the video streaming segment held the major market share in 2022, accounting for more than one-third of the global connected living room market revenue, and is expected to maintain its lead position during the forecast period. The same segment is projected to manifest the highest CAGR of 9.26% from 2023 to 2032. The growth is attributed to the increase in adoption of Over-The-Top (OTT) services such as Netflix, Amazon Prime Video, Hulu, and Disney+ in residential and commercial spaces. These trends and growth factors present significant opportunities for connected living room providers in the video streaming segment.

The cameras segment to rule the roost by 2032

Based on component, the cameras segment held the highest market share in 2022, accounting for nearly one-third of the global connected living room market revenue, and is projected to rule the roost by 2032. Owing to the rise in demand for home security. The same segment would also display the fastest CAGR of 9.13% from 2023 to 2032. Due to greater emphasis on security. Moreover, there are future opportunities for connected living room manufacturers to develop improved computer vision and AI capabilities for cameras. These factors collectively create a strong demand for cameras in the connected living room market.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global connected living room market revenue. The same region is expected to witness the fastest CAGR of 8.87% from 2023 to 2032. Owing to the rise in industrialization and the rising levels of disposable income that are fueling the growth of the market in this region.

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 Leading Market Players:

• LG Electronics Inc.
• Roku Inc.
• Google Inc.
• Apple Inc.
• Amazon Inc
• Samsung corporation
• Honeywell
• Toshiba Corporation
• Panasonic Corporation
• Signify Holding

The report provides a detailed analysis of these key players in the global connected living room market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the connected living room market analysis from 2022 to 2032 to identify the prevailing connected living room market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the connected living room market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global connected living room market trends, key players, market segments, application areas, and market growth strategies.

Connected Living Room Market Key Segments:

By Product Type:

• Smart TVs
• Gaming Consoles
• Computer and Laptop
• Smart Speakers
• Smartphones and Tablets
• Security system
• Lighting system

By Application:

• Video Streaming
• Audio Streaming
• Gaming
• Security

By Component:

• Sensors
• Thermostats
• Cameras
• Communication Device
• Others

By Region:

• North America (U.S., Canada, and Mexico)
• Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East and Africa)

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