Connected Living Room Global Market Report 2022: Sector to Reach $75.6 Billion by 2028 at a CAGR of 9.2%
DUBLIN, March 7, 2023 /PRNewswire/ -- The "Global Connected Living Room Market Size, Share & Industry Trends Analysis Report by Application, Device Type (Smart TVs, Gaming Consoles, PC/Laptop, Smart phones, Tablets, and Smart Speakers), Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Connected Living Room Market size is expected to reach $75.6 billion by 2028, rising at a market growth of 9.2% CAGR during the forecast period.
Key Market Players
Connected living room is characterized as a living room setting involving numerous interconnected devices that offer ease of function. People use various intelligent technologies in their everyday lives to enhance their experiences and can easily operate those devices. It is a requirement that all devices have the communication technologies needed to connect to the Internet and to one another.
Therefore, customers want something that can assist them operate every gadget in their home with just a single system that fits conveniently in their hands, a condition that is fulfilled by the connected living rooms.
COVID-19 Impact Analysis
The pandemic increased the demand for smart home energy-saving gadgets that monitor energy usage and minimize utility bills. Similarly, it led to an increase in demand for smart TVs, interactive set-top boxes, streaming devices with voice control, and other related products.
Various market participants observed an increase in demand for voice-controlled smart home gadgets as thelockdown period lengthened due to an increase in instances. Thus, the COVID-19 outbreak restriction boosted the connected living room market.
Market Growth Factors
Growing Demand for Connected Living Rooms
The need for connected living rooms has increased significantly in both developed and developing nations. Increasing consumer preference for high-quality content-viewing gadgets over traditional television devices is one of the primary reasons. The propensity of customers to integrate advanced interactive elements into home entertainment systems with advanced software technology has propelled the widespread use of multimedia streaming and networking.
Interconnectivity And Its Ease Facilitates Remote Monitoring
From smart security devices and speakers to lights and televisions, connecting these gadgets have proved to increase the productivity of living rooms. Integrating smart devices and services has emerged as a practical method for monitoring a large array of home-based systems. This connectivity enables customers to remotely control and monitor thermostats, programme interior and outdoor lighting, and more without moving. Additionally, this reduces utility costs and other home expenses.
Marketing Restraining Factor
Lack Of Awareness Among Consumers May Increase Risks of Security
In addition to its many advantages, the connected living room pose a number of possible obstacles for users and industry. The biggest security dangers facing an internet connected living room are pre-existing internet threats that leverage LRCD weaknesses to identify new attack vectors. LRCDs may retain the personal or financial information of users, making them prime targets for cybercriminals wishing to inflict economic or psychological harm.
Scope of the Study
By Device Type
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SOURCE Research and Markets