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The increasing incorporation of smart devices to facilitate/enable smart homes – The increasing incorporation of smart devices is one of the critical drivers for connected living rooms. As consumers understand and depend on the smart technologies there is a trend of adoption that is exhibited in the market. Smart devices allow coordinated communication between numerous technologies, thus providing consumers an opportunity to watch content, adjust settings and manage multiple devices, with the help of simple tools such as smartphones or voice commands. This integration provides a comprehensive and effective comforting system of entertainment which has lighting and media systems among other things easily adjustable. Finally, the trend towards home automation and the concept of the internet of things being adopted at a rapid pace contribute to the growing willingness of households embracing smart solutions for lighting, heating, cooling, and for security. A need for consumers has emerged to minimize clutter throughout the house, and the connected living room becomes the place where those functions are managed. The incorporation of home automation systems with entertainment devices enables the user to have the facility to control almost all aspects of the home environment from a centralized interface which makes people’s day to day life more comfortable. In a continuously advancing market, where consumers seek intelligent systems for their homes, the need for such smart living rooms remains high.
The initial costs of connected living room – Another challenge that makes the growth of connected living rooms a big challenge is the initial cost attracted by smart devices and home automation systems. It is a massive capital outlay to install innovative home devices like Smart TVs, smart voice companions, streaming media players, and Smart light systems in a living room. Although the single devices have become less expensive as time goes by, installing smart technology devices in a whole home or a single living space costs money. In addition, there could be a situation where consumers require additional inputs to purchase better Wi-Fi routers of hubs to extend the connectivity in the number of devices. To many consumers these is a big budgetary expense and this can keep off from adopting connected living room solutions if the perceived value of the latter may not offset the costs as seen by the consumer. Not only the complexity of the devices and platforms but the availability of these devices in various brands and models make it difficult for consumers to establish a cohesive smart home ecosystem. Incompatibilities of devices, their operating systems, and their respective ecosystems are problematic.
Technological advancements – Technological advancements such as artificial intelligence (AI) form part of the process that increases the demands for connected living rooms based on personalized and autonomous conveniences. Smart devices can build up habits and needs for individual customer over the time through everyday analysis. For instance, the AI powered voice assistants like Amazon Alexa or Google Assistant can offer more intelligent and precise interaction, capable of answering to voice dictated commands in a far better manner. AI can also improve home automation by inferring when and how users engage with the devices in the smart house, and setting parameters such as illumination, temperature, or media choices on its own without user intervention. Such a level of customization and intelligence serves to increase the level of utility when it comes to connected living rooms. Others are improvements in connectivity standards like Wi-Fi standards, Bluetooth, and the advancement in new generation broadcast such as the 5G have also boosted connected living rooms. Advanced connectivity provides the ability to exchange data at high speeds, and guaranteed connections between devices provide low transmission time for smart home ecosystem management.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global connected living room market based on below mentioned segments:
Global Connected Living Room Market by Product Type:
Global Connected Living Room Market by Component:
Global Connected Living Room Market by Application:
Global Connected Living Room Market by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.
The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.
Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:
Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.
Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
The supply side for a domain specific market is analysed by:
The demand side for the market is estimated through:
In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.
This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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