Published By : 26 Dec 2016 | Published By : QYRESEARCH
The concept of connected living room has significantly evolved in a very short span of few years and the umbrella of devices commonly capable of working in a digitally connected space is continuously expanding. Far more than connecting systems such as fire alarms and entry and exit areas to ensure safety of people inhabiting a house, the concept now extends to encompass elements such as lighting systems, entertainment units, thermostats, and other systems that can enhance the level of convenience.
It can now be safely said that connected living rooms have moved beyond the perception of traditional home automation, wherein certain parts of the living rooms are programmable and controllable from a far located digital point of contact. Modern connected digital rooms are more than this, and comprise all these features but are much richer in the ways devices can be connected or controlled. With mobile phones becoming the prime computing and communication devices in the present day scenario, with sensors becoming smaller and more sensitive, and high speed internet becoming a norm in most urban dwelling, the process of accessing controls of a connected living room has become more effortless.
Market to Exhibit Healthy Growth in Next Few Years
The situation has become more promising for a field like connected living rooms owing to the easy and economical availability of components commonly required to set up or control connected living rooms. According to a report published by Transparency Market Research, the global connected living room market will exhibit a remarkable 7.3% CAGR over the period between 2016 and 2024. Owing to such growth rate, the market is expected to reach a valuation of nearly US$984.51bn by 2024.
Competition Expected to Growth Fiercer with Entry of New Players
The rapidly expanding market for connected living room features a high level of competition owing to the presence of a large number of multinational companies in the field of electronics. Companies such as Samsung Electronics Co. Ltd., Seimens AG, General Electric, Rockwell Automation Inc., and Schneider Electric SE are trying to strengthen their foothold with the help of innovative connected living room solutions and connected products.
The market also features several network providers operating amid intense competition and delivering innovative services to establish themselves as the de facto vendors. Owing to the dynamicity of the market, however, there are no clear leaders in the market. The prevalent competition in the market is expected to become fiercer in the near future owing to the possible entry of leading technology companies wanting to exploit the vast growth opportunities that this budding market offers.