The nascent but rapidly expanding global market for connected living room is highly competitive owing to the presence of large multinational electronics manufacturers such as Samsung Electronics Co. Ltd., Seimens AG, Eaton Corporation, Rockwell Automation Inc., Schneider Electric SE, and General Electric. The market also features several network providers, which are making strides to position themselves as the de facto service providers in the connected living room space, and core M2M vendors. There are no clear leaders as the market is highly dynamic in terms of technological advancements and launch of new products.
In the next few years, the market will become more competitive as technology giants will foray into this budding industry with the help of their applications, products, and services, says Transparency Market Research in a recent report examining the global connected living room market. This niche segment of the all-encompassing Internet of Things (IoT) phenomenon is expected to expand at a promising 7.3% CAGR over the period between 2016 and 2024. The market, as a result, is expected to rise from US$518.92 bn in 2015 to US$984.51 bn by 2024.
Of the key components used in connected living rooms, the segments of sensors and communication devices held significant share in the market and are expected to retain dominance over the forecast period as well. In terms of revenue, the regional market in North America dominated, accounting for over 36% of the global connected living room market in 2015. The region was followed by Europe.
Rising Influx of Advanced Products at Competitive Prices to Fuel Global Demand
The global market for connected living rooms is chiefly driven by factors such as the vast rise in digitization of a vast set of processes and operations undertaken in everyday lives, rising influx of latest home infotainment devices with better resolution and competitive pricing, and advancements in the technology needed to enable connectivity between several varieties of electronic devices.
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Increased affordability of the relatively higher priced devices equipped with M2M connectivity and improved standards of living, especially across developing economies. Attempts by government bodies to encourage the proliferation of digital technologies and applications as a way to improve governance of a nation and societal well-being are also making consumers more open to adopting smart devices for everyday purposes. These factors are expected to collectively drive the market for connected living rooms over the forecast period.
Compatibility Issues and Lack of Awareness among Consumers to Limit Uptake
Although the overall growth prospects of the global connected living room market are favorable, factors such as lack of awareness among consumers about the energy efficiency-related benefits of connected rooms and compatibility issues of components could pose challenges to market’s growth. Connected living rooms typically utilize a variety of digital and electronic components such as lighting controls, security systems, and entertainment devices, which make use of different types of communication links.
Incompatibility of some communication links with advanced devices in a connected living room could lead to complications. Such compatibility issues may lead to the need for replacing older devices with advanced versions, leading to overhead costs thus refraining cost-sensitive consumers from investing in connected living rooms to a certain extent. Lack of awareness among consumers is another key factor expected to hamper the widespread usage of connected systems such as lighting control products. Lighting control products are not yet mainstream in many developing countries and misconception of high installation costs is posing further challenges to prospects of adoption among consumers.