The "connected living room" is a concept that may make a US$900+ billion market in 5 years
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According to a new report compiled by Transparency Market Research (TMR), consumers are increasingly likely to equip their living rooms with tech that makes them 'smart' or 'connected'. The market that sprang up around this demand worldwide was worth US$518.92 billion in 2015. However, it is projected to increase in value to US$984.51 billion by 2024. This will be achieved through a compound annual growth rate (CAGR) of 7.3% over the years between those two dates.
The connected living room may be based on the presence of consoles, appropriate PCs, or both, as well as a TV system. This may be augmented by other smart-home tech that co-ordinates with it, such as smart plugs, lights or speakers. Other similar products may also have a place in the connected living rooml for example, a consumer may want their TV to be able to switch to the feed from their security system.
TMR reports that developed economies such as that of the United States are the main drivers of the connected living room market. However, emerging or expanding markets such as India, China, Asia Pacific or Central & South America also apparently have their role to play in the development of this space. This is due to the burgeoning urbanization and rising disposable income seen in these regions.
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