Connected Living Room Market to Reach USD 101.95 Billion by 2032, Fueled by Technological Advancements in Smart Home Entertainment | SNS Insider

This growth is driven by increasing demand for integrated home entertainment systems, smart home technology, and high-quality content streaming.

Austin, Dec. 07, 2024 (GLOBE NEWSWIRE) — Market Size & Growth Analysis:

The SNS Insider report indicates that,“The Connected Living Room Market Size was valued at USD 50.55 billion in 2023 and is expected to reach USD 101.95 billion by 2032 and grow at a CAGR of 8.12% over the forecast period 2024-2032.”

A Technological Evolution in Home Entertainment

The connected living rooms market is experiencing significant growth driven by a rising demand for integrated entertainment systems and the extensive adoption of smart home technologies. The main factors involve the rise of smart TVs, voice-controlled speakers, gaming devices, and sophisticated home theater setups. Advancements in artificial intelligence (AI), the Internet of Things (IoT), and voice recognition have enhanced user experience via automation and tailored content. Streaming services such as Netflix, Disney+, and Amazon Prime Video have transformed content distribution, correlating with the swift increase in worldwide internet consumption. In 2024, 66% of the global population will be online, and this number is projected to reach 7.9 billion by 2029, promoting a continuously growing digital environment. Improved broadband availability—96.5% via mobile devices—further strengthens users, guaranteeing smooth connectivity among devices. In the U.S., where 80% of homes have broadband, connectivity is essential for turning entertainment into a comprehensive, interactive experience.

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Dominant Market Players with their Products Listed in this Report are:

• Samsung Electronics (Smart TVs, Smart Speakers)
• Sony Corporation (Smart TVs, Gaming Consoles)
• LG Electronics (Smart TVs, Smart Speakers)
• Apple Inc. (Apple TV, Apple HomePod)
• Amazon (Amazon Fire TV, Amazon Echo)
• Google LLC (Chromecast, Google Nest Audio)
• Microsoft (Xbox Gaming Consoles, Microsoft Surface)
• Roku, Inc. (Roku Streaming Players, Roku Smart TVs)
• Vizio Inc. (Smart TVs, Soundbars)
• TCL Corporation (Smart TVs, Smart Speakers)
• Hisense (Smart TVs, Soundbars)
• Harman International (Smart Speakers, Audio Systems)
• NVIDIA Corporation (Shield TV, GeForce NOW Gaming)
• Netflix (Video Streaming Service)
• Spotify Technology (Audio Streaming Service)
• Disney (Disney+ Streaming Service, Hulu)
• Xiaomi (Smart TVs, Smart Speakers)
• Alibaba Group (Tmall Genie Smart Speakers, TV Streaming)
• Sky Group (Sky Q, Sky Glass Smart TV)
• Philips (Smart TVs, Hue Smart Lighting).

The Incorporation Of Smart Technology And Iot Is A Key Factor Propelling The Expansion Of The Connected Living Room Market

Devices featuring AI-driven functionalities like voice recognition, smart suggestions, and automation are improving the user experience. For example, modern Smart TVs provide capabilities such as 4K and 8K resolution, content enhancement, and real-time data integration with IoT devices, turning living spaces into interconnected entertainment centers.

The role of IoT in simplifying device connectivity enables users to manage numerous devices effortlessly via one interface, like a smartphone or a voice assistant such as Alexa or Google Assistant. The collaboration between IoT and home automation allows users to customize their entertainment environments, including modifying lighting and controlling sound systems, according to their tastes. Moreover, the increasing presence of cost-effective smart devices guarantees access for various income levels, broadening the customer base. This combination of technology and convenience is anticipated to drive market expansion even more.

Market Segment Insights

By Type: Smart TVs segment held a commanding 39% revenue share in 2023, driven by their technological sophistication and integration with streaming platforms. Brands like Samsung, LG Electronics, and Sony continue to innovate with AI-driven features, including enhanced picture quality and IoT integration. Budget-friendly options from TCL, featuring platforms like Roku TV, have also contributed to market growth. The demand for advanced entertainment solutions ensures smart TVs remain at the forefront of the connected living room ecosystem.

By Application: Video Streaming segment dominated 47% of the market revenue in 2023, driven by the shift from traditional cable to on-demand platforms. Services like Netflix and Amazon Prime Video have set benchmarks in content quality and accessibility. With the advent of faster internet speeds and 4K content, video streaming remains the dominant application in connected living rooms, supported by exclusive original content offerings.

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Key Market Segments:

By Type

• Smart TVs
• Gaming Consoles
• Computer and Laptop
• Smart Speakers
• Smartphones and Tablets
• Others

By Technology

• Wi-Fi
• Bluetooth
• Others

By Application

• Video Streaming
• Audio Streaming
• Gaming
• Security
• Others

“Navigating Regional Variations: Key Drivers and Challenges in Market Expansion”

In 2023, Asia-Pacific accounted for 42% market share, fueled by rapid urbanization and increased disposable incomes. Companies like Samsung, LG, and TCL drive innovation in smart TVs and IoT-enabled devices. The expansion of streaming services and broadband infrastructure cements the region’s leadership in the market.

North America is anticipated to be the fastest-growing region during 2024-2032, due to high consumer spending, robust internet connectivity, and widespread smart home adoption. The demand for high-quality streaming content and advanced devices like LG’s OLED Evo series and Samsung’s Neo QLED TVs has spurred market growth.

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Recent Developments

• Samsung CES 2024 Launch (January 2024): Samsung Electronics Co., Ltd. unveiled its newest line-ups of Neo QLED, QLED, MICRO LED, OLED, and Lifestyle displays in anticipation of CES 2024.
• Amazon Fire TV Omni QLED Series (November 2024): Amazon expanded its smart TV lineup with hands-free Alexa integration and adaptive brightness for enhanced user experiences.
• Sony BRAVIA XR 2024 Models (June 2023): Sony unveiled its latest BRAVIA XR series with cognitive processing for ultra-realistic visuals and immersive audio.

Table of Contents – Key Points Analysis

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Performance Benchmarks, 2023

5.2 Integration Capabilities, by Software

5.3 Usage Statistics, 2023

6. Competitive Landscape

7. Connected Living Room Market Segmentation, by Type

8. Connected Living Room Market Segmentation, by Technology

9. Connected Living Room Market Segmentation, by Application

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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