The consumer perception about home automation has evolved with time and is no longer limited to luxury items of home décor. It has gone beyond simple programmable thermostats telling when the carpet needs cleaning or turning on the bedside alarm. Instead connected living has emerged as means of having larger control over aspects such as home security, energy saving, and the technology of enhancing convenience.
The availability of economical components that assist setting up a connected living room, and adoption of digital devices have created an environment conducive to the growth of the global connected living room market. As per Transparency Market Research, the global market for connected living room is projected to exhibit a CAGR of 7.3% between 2016 and 2024. At this rate, the market is expected to reach US$984.51bn by the end of 2024, from a valuation of US$518.92 bn in 2015.
Q: Which companies enjoy lead in global connected living rooms market?
The nascent but the fast expanding global connected living room market is highly competitive, featuring the presence of many multinational electronics manufacturers such as Seimens AG, Samsung Electronics Co. Ltd., Rockwell Automation Inc., Eaton Corporation, General Electric, and Schneider Electric SE. Besides these, the market also encompasses several network providers, who are aiming to establish themselves as the de facto services providers. However, due to its dynamicity, the global connected living room market has no clear market leaders. Nonetheless, prominent companies engaged in cut-throat competition amongst each other, and are focusing on the launch of new products to emerge dominant.
The competition prevailing in the market is expected grow fiercer in the coming years with the entry of technology giants into this budding industry. Furthermore, the market is expected to gain impetus from the growth of IoT.
Q: Which factors will boost the market and which restraints will pose threat?
The global connected living rooms market is driven by factors such as the increasing digitization of diverse processes and operations conducted in day to day life, influx of advanced home entertainment devices, and rising uptake of the latest technologies enabling connectivity between various electronic devices. Besides this, the rising affordability and willingness towards spending on technologies to make daily errands easier are expected to give the global connected living rooms market a considerable boost. The market is also expected to gain from the attempts by government bodies to promote digitization.
Despite the positive growth prospects, lack of consumer awareness regarding energy efficiency provided by the technology will limit its uptake to an extent. Furthermore, incompatibility of some communication links with advanced devices is a major bottleneck, which the manufacturers of connected home appliances must mitigate in order to enjoy continuous growth in the market.
Nevertheless, the recent technological advancements is expected to help the market gain pace in the forthcoming years. Huawei and I-City have combined forces to encourage faster development of advanced smart homes. The technology will help keep track of and manage appliances, air conditioners, light, and other devices. Such developments, coupled with the improvement in IT infrastructure, will help the connected living market grow at a positive pace in the forthcoming years.