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The "connected living room" is a concept that may make a US$900+ billion market in 5 years

The connected living room is a billion-dollar marketplace these days. (Source: Amazon)
The connected living room is a billion-dollar marketplace these days. (Source: Amazon)
Transparency Market Research's latest report is based on the observation that the demand for a 'smart' or 'connected' living room is growing steadily these days. It may consist of entertainment or media hardware that works seamlessly together via wireless controls. Currently, the market that underpins this idea is worth about US$500 billion; however, this is estimated to nearly double over the next 5 years.

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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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2019 03 > The "connected living room" is a concept that may make a US$900+ billion market in 5 years
Deirdre O Donnell, 2019-03-25 (Update: 2019-03-25)