New York, Nov. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, Global Connected Living Room Market Size, Share & Industry Trends Analysis Report By Application, By Device Type, By Regional Outlook and Forecast, 2022 –2028” – https://www.reportlinker.com/p06364428/?utm_source=GNW
The prerequisite is that all devices have the necessary communication technologies to connect to the Internet and to each other.
New consumer products such as digital video recorders, digital set-top boxes, home theater systems, game consoles, and media players such as Blu-ray players have made their way into living rooms through inventions and developments in consumer electronics. A number of factors have contributed to the living room becoming the center of digital entertainment at home.
One of these important causes was the beginning transition to digitization, which makes the use and storage of media content very user-friendly and highly convenient. As technology advances, consumers’ attitudes are becoming more affluent and hostile to standard home entertainment, and they are consequently demanding more and more technology.
Due to the nature of this sector, there is a problem of retaining and expanding its customer base. Currently, living spaces are cluttered with gadgets for pleasure and entertainment, accompanied by a tangle of cables and complications. As a result, customers want something that will help them control every device in their home with just a single system that fits comfortably in their hands, a requirement that the connected living rooms meet.
COVID-19 Impact Analysis
The pandemic has increased demand for low-power smart home devices that monitor energy use and minimize utility bills. Similarly, this has led to increased demand for smart TVs, interactive set-top boxes, voice-controlled streaming devices, and other related products. Various market participants observed an increasing demand for voice-enabled smart home devices as the blocking period extended due to an increase in instances. This is how the COVID-19 outbreak restriction has boosted the connected living room market.
market growth factors
Growing demand for connected living rooms
The need for connected living rooms has increased significantly in both developed and developing countries. One of the main reasons for this is the increasing consumer preference for high-quality devices for viewing content over traditional televisions. The propensity of customers to integrate advanced interactive elements with advanced software technology into home entertainment systems has fueled the widespread use of multimedia streaming and networking.
Interconnectivity and its lightness facilitate remote monitoring
From smart security devices and speakers to lights and TVs, connecting these devices has been shown to increase living room productivity. Integrating smart devices and services has emerged as a practical way to monitor a variety of home systems. This connectivity allows customers to remotely control and monitor thermostats, program indoor and outdoor lights, and more without having to move. In addition, this reduces utility bills and other household expenses.
Market Inhibiting Factors
Lack of consumer awareness can increase security risks
In addition to its many advantages, the networked living room harbors a number of possible obstacles for users and industry. The biggest security threats facing an internet-connected living room are pre-existing web threats that use LRCD weaknesses to identify new attack vectors. LRCDs can store users’ personal or financial information, making them prime targets for cyber criminals intent on causing economic or psychological harm.
Device type Outlook
Based on device type, the connected living room market is segmented into Smart TVs, Game Consoles, PCs/Laptops, Smart Speakers, Smartphones and Tablets. The smartphone segment acquired a significant revenue share in the connected living room market in 2021. Smartphones are becoming an indispensable part of the networked living room. The increasing use of smartphones in developing countries is the result of a growing young population, more money available and the expansion of telecommunications networks.
Based on application, the connected living room market is segmented into video streaming, audio streaming and gaming. The video streaming segment accounted for the largest revenue share in the connected living room market in 2021. As part of their efforts to increase their subscriber base by targeting new customers in developing countries, providers of video-on-demand services like Netflix have been offering affordable membership packages.
Based on region, the connected living room market is analyzed in North America, Europe, Asia Pacific and LAMEA. The Asia Pacific segment acquired the largest revenue share in the connected living room market in 2021. Among other things, China and Taiwan have positioned themselves as manufacturing centers for electronics in the region. The Asia-Pacific region is also home to some of the world’s major emerging markets, including China and India. The Asia-Pacific region is home to a large young population that is quick to embrace new technologies.
The main strategies of the market players are product launches. Based on the analysis presented in the cardinal matrix; Apple, Inc. and Google LLC are pioneers in the connected living room market. Companies like Panasonic Corporation, Netflix, Inc., Hitachi, Ltd. are among the key innovators in the connected living room market.
The market research report includes the analysis of the major market players. Major companies profiled in the report include Hitachi, Ltd., Toshiba Corporation, Koninklijke Philips NV, LG Electronics, Inc. (LG Corporation), Panasonic Corporation, Netflix, Inc., Google LLC, Apple, Inc. , Amazon Web Services, Inc. and Motorola Mobility Holdings. Inc. (Lenovo Group Limited).
Strategies employed in the Connected Living Room market
Oct 2022: Apple introduced the next generation Apple TV 4K that’s more fun, affordable and powerful. The Apple TV 4K is powered by the A15 Bionic chip, which offers improved smooth gameplay and faster performance. The TV offers excellent cinema quality and multiple entertainment options.
September 2022: Apple launches iPhone 14 and iPhone 14 Plus. The products feature a 6.1-inch and 6.7-inch display for iPhones 14 and 14 Plus, respectively, as well as a dual camera system and improved battery life. The phones also feature accident detection, a smartphone security service accompanied by emergency SOS via satellite.
September 2022: Apple launches the second generation of AirPods Pro. The AirPods are powered by an H2 chip that allows the device to offer improved audio performance, including transparency mode and active noise cancellation. These most advanced variants of AirPods offer a unique and immersive spatial audio experience.
July 2022: Netflix acquires Animal Logic, a Sydney-based animation studio. With this acquisition, Netflix focused on establishing a global production studio with animators from Animal Logic to work on the company’s upcoming projects. The companies initially focused their efforts on producing The Magician’s Elephant and The Shrinking of the Treehorns, which presented a direction by Ron Howard.
March 2022: Netflix acquired Next Games, a publisher and developer of mobile games from Finland. With this acquisition, the company wanted to develop a world-class games portfolio for its customers.
December 2021: LG Electronics introduces LG One: Quick, a solution for offices and homes. The product is designed to meet the needs required by people’s new ways of living and working. The product supports communication between colleagues, teams and individuals in remote working conditions. The solution comes with a 4K UHD camera, a digital whiteboard, a microphone, an integrated Windows PC and a speaker.
September 2021: Panasonic acquires Blue Yonder, a provider of an end-to-end digital fulfillment platform. Through the acquisition, the companies focused on developing an autonomous supply chain by integrating Panasonic edge devices and sensor technologies with Blue Yonder’s ML/AI-powered execution, planning and trading solutions. The acquisition enabled the companies to create more connected and intelligent e-commerce strategies for warehousing, transportation, retail stores and workplaces. The end-to-end solution provided users with unimpeded control, orchestration, and visibility that enabled them to enact activities in real-time, deliver profitable business outcomes, and provide enhanced customer experiences.
July 2021: Hitachi acquires GlobalLogic, a leader in digital product development. Through this acquisition, Hitachi focused on expanding its capabilities to encourage social innovation business to solve the problems faced by society and customers using digital technology. This acquisition also enabled the company to accelerate the digital transformation of social infrastructure by growing its Lumada digital solutions business.
January 2021: Google acquires Fitbit, a health wearables company. Through this acquisition, Google focused on offering more choices and better products that support customers’ wellness needs and health.
June 2020: Alphabet, a subsidiary of Google, acquires North, an Amazon-backed smart glass maker. With this acquisition, Google focused on leveraging North’s technical expertise for the company’s future in ambient computing and hardware.
scope of the study
Market Segments Covered in the Report:
• Streaming video
• Audio streaming
• To play
By device type
• Smart TVs
• Game consoles
• Smart speakers
According to geography
• North America
o Rest of North America
o Great Britain
o Rest of Europe
• Asia Pacific
Oh South Korea
o Rest of Asia Pacific
o United Arab Emirates
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Toshiba Corporation
• Royal Philips NV
• LG Electronics, Inc. (LG Corporation)
• Panasonic Corporation
• Netflix, Inc.
• Google LLC
• Apple Inc.
• Amazon Web Services, Inc.
• Motorola Mobility holdings. Inc. (Lenovo Group Limited)
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