Global connected living room market is forecast to reach $886 billion by 2024 from $520 billion in 2016; growing at a CAGR of 6.9% from 2016 to 2024. The connected living room market is majorly driven by the factors such as rising demand for wearable & customized electronic devices, need for web-enabled devices, and growing penetration of internet & smartphones and increasing adoption of Internet of Things (IoT). However, cyber threats and rising complexity of devices might hinder the growth of the market. Furthermore, personalized services, untapped markets and entry of new players would provide growth opportunities for the market.
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Component, product and geography are the key segments of the global connected living room market. Component segment has been segmented into cameras, communication devices, data storage systems, thermostats, sensors and others. Sensors was the leading sub segment with highest market share in 2016 and it will continue to dominate the component segment over the forecast period, i.e., 2016 - 2024. Additionally, product segment includes smart plugs, security systems, gaming consoles, wireless speakers, TV systems, consumers computing, set-top boxes and others.
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The global connected living room market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 31.5% in 2016, driven by increasing demand for better quality entertainment and customized services. In terms of growth rate, Asia-Pacific is anticipated to grow at the fastest CAGR of 8.7% over the forecast period, owning to increasing disposable income, rapid urbanization and rising living standards.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the connected living room market include General Electric, Xplore Technologies Corp., Samsung Electronics Co. Ltd., DRS Technologies Inc., Mountain Secure Systems, Toshiba Corp., Hitachi, Ltd., Koninklijke Philips N.V. LG Electronics, Inc., and Panasonic Corporation, among others.
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