ALBANY, New York, March 22, 2019 /PRNewswire/ -- According to report of TMR, the global connected living room market was valued at US$518.92 bn in 2015 and is projected to accomplish US$984.51 bn by 2024, stretching out at a healthy CAGR of 7.3% in the duration of 2016 and 2024. Based on region, Developed regions such as North America dominated the global market owing to technology advancements and novel product launches. These areas are expected to show growth over the forecast period. Developing regions such as Asia Pacific and Central & South America are projected to experience rapid growth in the industry owing to several key factors. Emerging economies including India and China are estimated to witness growth due to rapid urbanization, increase in living standards, and rise in disposable income over the coming years. Product innovation strategies implemented by the firms to product superior products are foreseen to further enhance the regional and overall market growth in near future.
The global connected living room market consists of various global and regional players. The market is exceptionally fragmented and competitive states Transparency Market Research (TMR) in a report. The global connected living room market share is divided among numerous players. Some noteworthy significant players lead the global study of connected living room to the leading end-user. The top firm working in the global connected living room market are Emerson Electric Co., Rockwell Automation Inc., Littelfuse Inc., Toshiba Corp., and Hitachi, Ltd. are some of the chief players in the global connected living room market.
On the basis of products, the global connected living room market is divided into consumers computing, TV systems, gaming consoles, security systems, smart plugs, and wireless speakers. Consumers computing and TV systems dominated the product type of connected living room market and accounting for larger share of the market in the forthcoming years. Usually product type of this market primary connect living room and integrates these devices together for better and efficient performance as well as increases their functionality.
Rising Demand for Digitization to Have Positive Impact on Market
Numerous aspects have influenced the growing popularity of the connected living room, transforming the living room into a digital entertainment hub. Change towards digitization, storage of media, transferring data over the internet, and connected devices through internet has influenced the global connected living room market. Connected living room is a concept that involves multiple devices, which may include entertainment devices, infotainment devices, television, computers and other component and devices.
Innovation in the latest technologies that enables connectivity of various home devices is also factoring the connected living room market. Technologies such as Internet of Things (IoT) enable various devices to exchange data among multiple devices. The IoT technology enables an end-user to connect and share files with other devices at the same time.
Compatibility Issues is Biggest Challenge for the Market
Compatibility issues are the key hindering factor for this market and are project to affect the market adversely in the forthcoming years. Rise in the deployment costs and low awareness level about the new concept in the developing regions are anticipated to hamper market progress. Nevertheless, massive penetration of new technologies into previously untapped markets is expected to offer numerous growth avenues for the market players. This in turn will minimize the hindrances on the connected living room market growth significantly.
This review is based on Transparency Market Research's report, titled "Connected Living Room Market (Components - Sensors, Thermostats, Cameras, Data Storage Systems, and Communication Devices; Product Type - Consumers Computing, TV Systems, Gaming Consoles, Security Systems, Smart Plugs, and Wireless Speakers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The global connected living room market is segmented as follows:
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