Internet of Things (IoT) has already created a major impact within the commercial and business sectors with its wide range of use cases such as smart building and home automation, smart healthcare, smart transportation, smart utilities and others. This has increased the penetration of IoT based devices on the whole, for instance as per the statistics released by IoT analytics the number of IoT based devices increased from 9% in 2010 and is estimated to reach a share of 75-80% by 2025. Below figure depicts the adoption of IoT based devices from 2010 to 2025:
From the figure, it can be observed that connected devices within the industrial and commercial sector is following a linear trend. Besides these sector, connected devices/IoT has been gaining a huge demand within the homes/residential sector too. Various devices and appliances are the on the verge of being connected to the internet and thereby giving users with remote access and control. Global Connected Living Room market was valued at USD 50,089 million in 2022 and is estimated to achieve a value of 99,358 million by 2031 with a CAGR of 7.9% during the forecast period 2022-2031.
Rapid growth within the mobile connectivity networks and the emergence of 5G,6G technology has enabled a high speed data transfer and connectivity. This has led the users to control their daily operations at one single mobile tip. Further, as the mobile networks services gained a rapid penetration among the users, the cost of hardware devices lowered, thereby giving rise to new business models where smartphones became the base for all control activities. For instance, In October 2022, Bharti Airtel (“Airtel”), announced the launch of the “Always On” IoT connectivity solution in India. Airtel’s “Always On” solution comprises dual profile M2M eSim which allows an IOT device to always stay connected to a mobile network from different Mobile Network Operators (MNOs) in the eSIM.
Major companies operating within the market are adopting eco-friendly business model, that primarily puts an emphasis on creating smart home appliances which consumes lower energy and thereby reducing the carbon emission. The recent tie up of Samsung with Patagonia primarily aims to develop washing machine with reduced micro plastics. Further in order to reduce its awareness within the smart home appliances field, the company is also investing heavily within the campaigns and road shows. For instance, in order to increase its awareness to 97% in India, the company will be investing a significant amount within the brand awareness campaigns. For instance, below figure depicts the ranking of smart home brands in the U.K for 2022:
Till now Samsung Electronics’ smart home platform SmartThings has hit the 10 million mark in connecting devices and home appliances around the world as of Sept. 12,2022. By the end of 2023, the company aims to make this count to 20 million. Thus, various partnership with brands and significant investment within the brand awareness campaigns are being considered by the company.
The report global connected living room market is primarily bifurcated on the basis of product and applications. Within the product, connected TV’s hold the major share of around 36-40% in 2022, with the emergence of smartphone and OTT model consumers had lost the habit of watching the content through TV. However, in order to tackle this scenario major electronic appliance companies bought the connected TV technology for the consumers. Connected TV technology gained a large base with GEN z and Millennials, primarily owing to integration of OTT apps, gaming consoles and other internet based connected devices under one platform.
These factors have led the higher adoption rate of connected TV’s in various developed countries, for instance the below figure depicts the adoption rate of connected TV’S in the U.S households from 2014-2022:
Further, it has also been observed that Millennials and Gen Z are gaining a major hand within the OTT content and gaming, thereby creating a lucrative growth for connected TV technology in the coming future. Recent consumer research by Leichtman Research Group, Inc. (LRG) also shows younger individuals are most likely to use connected TV devices. Among the ages of 18-34, 62% of people watch video on a TV via a connected device daily – compared to 54% of ages 35-54 and 24% of ages 55+.
The report primarily analyses the market across North America, Europe, APAC, South America and Middle East & Africa. In terms of regional adoption Asia Pacific dominated the market with an active share of 41.11% in 2022 and is estimated to grow at a CAGR of 9.0% during the forecast period 2022-2031.
Smart speakers have attained a colossal growth within South Korea, primarily backed by home grown innovation factors. Interest in getting the news verbally from smart speakers has gained a growth of around 100% in the country, followed by songs and study materials by the children are some of the major trends behind the higher adoption rate. Further, the global smart speaker market has reached 20.7 million units, returning to triple digit growth of 131%. China alone takes up 51% of global smart speaker shipments, with US dropping to 24% in Q1 2019 from 44% of Q4 2018. (Source: Canalys).
As per Canalys, the lightning fast development in China is largely driven by vendors pouring in large amount of capital to achieve dominant share quickly. This strategy is favored by internet service providers like Baidu, Alibaba and Tencent who are used to spending billions on traffic acquisition and know how to reach critical installed base fast. Global vendors including Amazon, Google and others, are focusing on enhancing interactions with smart assistants across different forms of speaker devices, especially with the help of third-party developers. “Multimodal user interaction is the theme this year. Smart assistants in smart speakers are gaining more capabilities via additional components such as displays, cameras and sensors.
Some of the major companies operating within the market are: Benq Corporation, Echostar Corporation, Philips NV, LG electronics, Motorala Mobility holding Inc., Nintendo Co. Ltd., Pace PLC, Panasonic Corporation, Samsung Electronics, Sony Corporation, Technicolor SA, TIVO Inc and others.
· Smart TVs
· Gaming Consoles
· Smart Speakers
· Video Streaming
· Audio Streaming
· GamingKey Points:
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