Connected living room is characterised 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.
New York, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Connected Living Room Market Size, Share & Industry Trends Analysis Report By Application, By Device Type, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06364428/?utm_source=GNW
It is a requirement that all devices have the communication technologies needed to connect to the Internet and to one another.
New consumer items including the digital video recorder, digital set-top box, home theatre systems, gaming consoles, and media players such as Blu-ray players have entered the living room owing to inventions and developments in the consumer electronics sector. A number of factors have contributed to the living room becoming the centre of the home’s digital entertainment.
The starting of the transition towards digitalization, which makes the usage and media content storage very user friendly and highly convenient, has been one of these important causes. With the development of technology, consumers’ attitudes are becoming more affluent and hostile to standard home entertainment, and they are consequently demanding increasing amounts of technology.
Due to the nature of this sector, it has the problem of retaining and expanding its customer base. Currently, living spaces are brimming with devices for pleasure and amusement, accompanied by a tangled web of wires and complications. 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 the lockdown 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.
Market Restraining Factors
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.
Device Type Outlook
Based on the device type, the connected living room market is categorised into smart TVs, gaming consoles, PC/laptop, smart speakers, smartphones, and tablets. The smartphone segment acquired a significant revenue share in the connected living room market in 2021. Smartphones are becoming indispensable in the connected living room. The increasing use of smartphones in developing countries is a result of a growing young population, higher levels of disposable money, and the expansion of telecommunication networks.
On the basis of application, the connected living room market is divided into video streaming, audio streaming, and gaming. The video streaming segment witnessed the largest revenue share in the connected living room market in 2021. As part of their efforts to extend their number of subscribers by targeting new clients in developing nations, video-on-demand service providers such as Netflix have provided affordable membership packages.
Based on the region, the connected living room market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired the maximum revenue share in the connected living room market in 2021. China and Taiwan, among others, have positioned themselves as manufacturing hubs for electronics in the region. Some of the world’s major emerging nations, including China and India are also based in the Asia-Pacific region. The Asia-Pacific region is home to a big youth population that rapidly adopts new technologies.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Google LLC are the forerunners in the Connected Living Room Market. Companies such as Panasonic Corporation, Netflix, Inc., Hitachi, Ltd. are some of the key innovators in Connected Living Room Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi, Ltd., Toshiba Corporation, Koninklijke Philips N.V., LG Electronics, Inc. (LG Corporation), Panasonic Corporation, Netflix, Inc., Google LLC, Apple, Inc., Amazon Web Services, Inc., and Motorola Mobility Holdings. Inc.(Lenovo Group Limited).
Strategies deployed in Connected Living Room Market
Oct-2022: Apple unveiled Apple TV 4K’s next generation, which is more entertaining, affordable, and powerful. The Apple TV 4K is powered by the A15 Bionic chip which provides improved fluid gameplay and faster performance. The TV offers magnificent cinematic quality and multiple entertainment choices.
Sep-2022: Apple launched iPhone 14 and iPhone 14 Plus. The products feature a display of 6.1" and 6.7" for iPhones 14 and 14 Plus respectively along with a dual-camera system and enhanced battery life. The phones also feature crash detection, which is a smartphone safety service accompanied by emergency SOS through satellite.
Sep-2022: Apple launched AirPods Pro’s second generation. The AirPods are powered by an H2 chip allowing the device to provide enhanced audio performance, including transparency mode and active noise cancellation. These most advanced variants of AirPods offer a unique and immersive spatial audio experience.
Jul-2022: Netflix acquired Animal Logic, a Sydney-based animation studio. With this acquisition, Netflix focused on forming a worldwide production studio with animators from Animal Logic to work on the company’s upcoming projects. The companies first directed their efforts in the production of "The Magician’s Elephant" and "The Shrinking of the Treehorns" presenting a Ron Howard direction.
Mar-2022: Netflix took over Next Games, a mobile game publisher, and developer from Finland. With this acquisition, the company aimed to develop a world-class games portfolio for customers.
Dec-2021: LG Electronics unveiled LG One: Quick, a solution for offices and homes. The product has been developed to fulfill the requirements needed for the new ways people live and work. The product assists with communications between coworkers, teams, and individuals in remote working conditions. The solution is offered with a 4K UHD camera, digital whiteboard, microphone, built-in Windows PC, and a speaker.
Sep-2021: Panasonic acquired Blue Yonder, a provider of end-to-end, digital fulfillment platform. Through the acquisition, the companies focused on developing an autonomous supply chain by integrating edge devices and sensing technologies by Panasonic with ML/AI-powered execution, planning, and commerce solutions by Blue Yonder. The acquisition allowed the companies to create more connected and smarter e-commerce strategies for warehouses, transportation, retail stores, and workplaces. The end-to-end provided users with unhindered control, orchestration, and visibility enabling them to turn activities in real-time, deliver profitable business results and provide increased consumer experiences.
Jul-2021: Hitachi acquired GlobalLogic, a leader in digital product engineering. Through this acquisition, Hitachi focused on increasing its capabilities to encourage Social Innovation Business to solve the problems faced by society and customers with the aid of digital technology. This acquisition also enabled the company to expedite the social infrastructure’s digital transformation by expanding its business of Lumada digital solutions.
Jan-2021: Google acquired Fitbit, a health wearables company. Through this acquisition, Google focused on offering more choices and better products that support the wellness needs and health of customers.
Jun-2020: Alphabet, a subsidiary of Google took over North, a smart glass manufacturer backed by Amazon. With this acquisition, Google focused on leveraging the technical expertise of North in the company’s ambient computing future and hardware efforts.
Scope of the Study
Market Segments covered in the Report:
• Video Streaming
• Audio Streaming
By Device Type
• Smart TVs
• Gaming Consoles
• Smart phones
• Smart Speakers
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Hitachi, Ltd.
• Toshiba Corporation
• Koninklijke Philips N.V.
• LG Electronics, Inc. (LG Corporation)
• Panasonic Corporation
• Netflix, Inc.
• Google LLC
• Apple, Inc.
• Amazon Web Services, Inc.
• Motorola Mobility Holdings. Inc.(Lenovo Group Limited)
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