Connected Living Room Global Market Report 2024

The connected living room market size has grown strongly in recent years. It will grow from $55.48 billion in 2023 to $60.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The expansion observed in the historical period can be attributed to increasing internet penetration, growing consumer demand for content, the proliferation of smart devices, rising awareness of home automation, and the integration of artificial intelligence (AI) and voice control technologies.

The connected living room market size is expected to see strong growth in the next few years. It will grow to $85.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period is driven by the emergence of virtual and augmented reality (VR/AR), an increased focus on cybersecurity, the expansion of smart home ecosystems, customization and personalization trends, and environmental sustainability concerns. Major trends expected in this period include the implementation of 5G technology, collaborations and partnerships, rapid technological advancements, integration of 5G technology, as well as continued emphasis on personalization and customization.

The surge in smartphone and tablet proliferation is anticipated to drive the growth of the connected living room market in the coming years. Smartphones, multifunctional mobile devices combining telecommunication capabilities with internet access, apps, and a touchscreen interface, have witnessed a remarkable increase in adoption owing to rising consumer demand for connectivity and the diverse array of features they offer. These devices have become indispensable tools for integration and interactive entertainment within connected living spaces. Connected living rooms leverage smartphones to facilitate the integration and control of various smart devices and entertainment systems. Acting as central hubs, smartphones enable users to remotely manage and operate smart TVs, streaming devices, smart speakers, lighting systems, thermostats, and other connected devices within the living space. For instance, according to Uswitch Limited's report in February 2023, the UK witnessed a 3.8% increase in mobile connections, reaching 71.8 million in 2022. It is projected that approximately 95% of the UK's estimated population of 68.3 million by 2025 will own smartphones. Hence, the rising adoption of smartphones is poised to fuel the growth of the connected living room market.

Key players in the connected living room market are concentrating on developing technologically advanced products and services, particularly smart home solutions, to enhance consumers' convenience, connectivity, and entertainment experiences. These solutions integrate technology to automate and optimize home management, security, entertainment, and energy efficiency, thereby enhancing overall living experiences. For example, in June 2022, Samsung Electronics Co. Ltd., a South Korea-based electronics manufacturer, introduced SmartThings Home Life, providing consumers with a comprehensive smart home solution encompassing smart cooking, energy management, clothing care, pet care, air quality management, and home security. With access to 270 global partners and compatibility with thousands of devices, SmartThings Home Life elevates home connectivity, empowering users to control their living spaces effortlessly via smartphones. Furthermore, Samsung's updated Family Hub introduces new AI features to enhance convenience in daily routines, further solidifying the company's commitment to delivering innovative solutions for connected living spaces.

In March 2023, NRG Energy Inc., a prominent US-based energy company, successfully acquired Vivint Smart Home Inc. for $5.2 billion. The strategic intent behind this acquisition is to synergize the strengths of both companies, offering integrated solutions for powering, protecting, and efficiently managing homes. NRG Energy aims to broaden its presence in the smart home sector through this move, enhancing its capabilities to provide consumers with comprehensive energy solutions. Vivint Smart Home Inc., based in the United States, is recognized for its expertise in smart home technology, offering connected living room solutions, including smart lighting systems, thermostats, and home security cameras.

Major companies operating in the connected living room market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Hitachi Ltd., Siemens AG, General Electric, Sony Corporation, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Toshiba Corporation, Toshiba Corp., Pioneer Corporation, Eaton Corporation, LG Corporation, Koninklijke Philips N.V., Emerson Electric Co., Signify Holding, Rockwell Automation Inc., Osram GmbH, Roku Inc., Visionox Company, Ritek Corporation, Raystar Optronics Inc.

Asia-Pacific was the largest region in the connected living room market in 2023. The regions covered in the connected living room market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the connected living room market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A connected living room is a space furnished with internet-connected devices, allowing remote monitoring and management of appliances and systems to enhance comfort and convenience. This integration of technology aims to enrich daily life, spanning entertainment, productivity, and security aspects.

The primary product types in the connected living room market include smart televisions (TVs), gaming consoles, computers and laptops, smart speakers, smartphones and tablets, security systems, and lighting systems. Smart televisions are equipped with internet connectivity and advanced features, facilitating access to online content and interactive functionalities. Various components such as sensors, thermostats, cameras, and communication devices are integrated into these systems, serving applications such as video streaming, audio streaming, gaming, and security.

The connected living room research report is one of a series of new reports that provides connected living room market statistics, including the connected living room industry's global market size, regional shares, competitors with a connected living room market share, detailed connected living room market segments, market trends and opportunities, and any further data you may need to thrive in the connected living room industry. This connected living room market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The connected living room market includes revenues earned by entities by providing services such as installation and subscription services, maintenance and support, and consulting services that help individuals design and implement a connected living room setup. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected living room market also consists of sales of smart furniture, home automation hubs, virtual reality (VR) devices, digital assistants, smart mirrors, and interactive wall displays which are used in providing connected living solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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