Asia-Pacific is Expected to Dominate the Global Connected Living Room Market in the Coming Years

Variant Market Research forecasts, the global connected living room 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. There are the several driving factors of the market such as high demand for web-enabled devices, rising popularity of wearable & customizes electronics and increasing penetration of Internet of Things (IoT). However, rising complexity of devices and security threats may restrain the market growth. Furthermore, customized products, entry of new players and untapped markets are the major opportunities for the market.

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Key segments of the global connected living room market are by products, component and geography. TV systems, smart plugs, wireless speakers, gaming consoles, consumers computing, security systems, set-top boxes and others are the key sub segments covered under product segment. In 2016, consumers computing sub segment held the highest market share, followed by TV systems. Moreover, component segment has been bifurcated into thermostats, data storage systems, cameras, communication devices, sensors and others.

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North America, Europe, Asia-Pacific and Rest of the World are the major geographical sub segment of the global connected living room market. In 2016, North America accounted for the highest market share of 31.5%, owning to need for customized services and demand for improved quality entertainment. Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 8.7% during 2016-2024, driven by rapid urbanization, increasing disposable income and penetration of smartphones and smart TVs.

The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the connected living room market are Panasonic Corporation, Xplore Technologies Corp., Mountain Secure Systems, DRS Technologies Inc., General Electric, LG Electronics, Inc., Hitachi, Ltd., Toshiba Corp., Koninklijke Philips N.V., and Samsung Electronics Co. Ltd., among others.

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