The global connected living room market size is expected to be worth around US$ 78.8 billion by 2030, according to a new report by Vision Research Reports.
The global connected living room market size was valued at US$ 40.2 billion in 2020 and is anticipated to grow at a CAGR of 9.6% during forecast period 2021 to 2030.
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|Market Size||USD 78.8 billion by 2030|
|Growth Rate||CAGR of 9.6% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Device type, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Samsung Corporation; Netflix Inc.; Google Inc.; Apple Inc.|
The increasing adoption of smart TVs and smart speakers is expected to drive the growth. The smart TVs have evolved drastically in recent years with increased connectivity and accessibility to various applications and platforms. The wireless connectivity has enlarged the televisions compatibility with a large number of complimentary devices such as smartphones and tablet PCs. This has further helped integrate various other devices with the large screen comfort of a smart TV.
The growing trend of streaming live videos over social media and other platforms is underlining the importance of connected devices and making it evidently necessary for the masses to get acquainted with these devices. These factors are expected to continue propelling the growth of the market over the forecast period.
By Device Type Analysis
The U.S. smart TVs segment is anticipated to reach USD 10.26 billion by 2030, expanding at a CAGR of 8.5% over the forecast period. Smart connected TVs can serve as lean-back media as well as lean-forward media, as they can offer the option of distance viewing while also providing the user with other active features that were previously available only on laptops and personal computers.
Smart speakers is yet another segment with good growth potential during the forecast period, owing to large players such as Amazon entering the market. The extensive research and development over the years has redefined regular speakers with wireless connectivity, voice recognition, artificial intelligence and so on, which integrates the entire spectrum of devices connected through voice commands.
By Application Insights Analysis
The video streaming segment is expected to expand at a CAGR of 10.6% from 2021 to 2030 as consumers continue to subscribe to video-on-demand services. Providers of video-on-demand services, such as Netflix, have introduced affordable subscription options as part of the efforts to expand their subscriber base by tapping new customers in the developing countries.
The audio streaming segment also holds promising growth potential. Rising adoption of smart speakers is particularly contributing to the rising popularity of audio streaming services.
By Regional Analysis
Asia Pacific led the market in 2020 and is projected to continue the dominance over the forecast period, expanding at a CAGR of 9.05%. Some of the countries in the region, such as China and Taiwan, have established themselves as electronics manufacturing hubs. Some of the largest developing countries, such as India and China, are also located in Asia Pacific.
Asia Pacific is home to a large youth population that is highly prompt in adopting the latest technologies. At the same time, the continued industrialization and the rising levels of disposable income in the region have triggered the demand for consumer electronics.
LG Electronics, Panasonic Corporation, and Hitachi Ltd. among othersSamsung Corporation; Netflix Inc.; Google Inc.; and Apple Inc.;
- By Device Type
- Smart TVs
- Gaming Consoles
- Smart Speakers
- By Application
- Video Streaming
- Audio Streaming
- North America
- Asia Pacific
- Latin America
- North America
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