Streaming application is driving Connected Living Room Market | CAGR 8.6%
The global connected living room market size is projected to reach USD xx billion by 2025, expanding at a CAGR of xx% over the forecast period, according to a new report by Grand View Research, Inc. The increasing adoption of smart TVs and smart speakers is expected to drive the growth.
The smart TVs have evolved drastically in recent years with increased connectivity and accessibility to various applications and platforms. The wireless connectivity has enlarged the televisions compatibility with a large number of complimentary devices such as smartphones and tablet PCs. This has further helped integrate various other devices with the large screen comfort of a smart TV.
The video streaming application segment is expected to lead the connected living room market over the forecast period as increasing number of households continue to subscribe for video-on-demand services. Video streaming has revolutionized the entertainment industry and video-on-demand is emerging as a potential substitute to conventional television broadcasts. At the same time, the growing trend of streaming live videos over social media and other platforms is underlining the importance of connected devices and making it evidently necessary for the masses to get acquainted with these devices. These factors are expected to continue propelling the growth of the market over the forecast period.
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Asia Pacific is estimated to dominate the connected living room market over the forecast period. The number of smartphone users in the region is rising continuously as communication networks continue to strengthen and the youth population continues to increase. Moreover, the demand for smartphones, gaming consoles, and tablet PCs in the region is growing as the popularity of social media platforms among the youth population continues to grow. All these factors bode well for the regional market.
Connected Living Room Market Report Highlights
North America audio streaming segment was valued at USD 1.74 billion in 2018 and is expected to reach USD 3.11 billion by 2025, at a CAGR of 8.0% over the forecast period
Canada smart speakers segment is expected to reach USD 0.11 billion by 2025, registering the highest CAGR of 12.6% from 2019 to 2025
The launch of smart speakers with artificial intelligence that can be integrated with other devices is expected to drive the growth of the connected living room market over the forecast period
German video streaming segment is expected to reach USD 3.60 billion by 2025
Mexico tablets application market is expected to reach USD 0.06 billion by 2025
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Grand View Research has segmented the global connected living room market on the basis of device type, application, and region