Smart Home Entertainment Device Market by Type (Smart TV, Streaming Device, Gaming Consoles, Smart Speakers and Others), by Connectivity (Wired and Wireless), by Application (Video Streaming, Music Streaming, Gaming and Others), by Sales Channels (Online and Offline)- Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The Smart Home Entertainment Device Market size was valued at USD 259.52 billion in 2023 and is predicted to reach USD 407.43 billion by 2030 with a CAGR of 6.6% from 2024-2030. Smart home entertainment device refers to the integration of advanced technology into entertainment device for enhancement of the experience, convenience and accessibility of the user. Smart entertainment device market enhances the customer satisfaction of the user by providing them with personalized contents in form of video streaming, music streaming, game subscription and other multi-media content.

The technological integration in form of wireless connectivity, voice control intervention, AR, VR features and high dimension display in smart entertainment device help in providing tailor content and customizable experience to the users. The advantage of smart entertainment device help in attaining seamless access to entertainment content, customization option and interactive features help in enriching leisure time and enjoyment.

Market Dynamics and Trends

The increasing technological advancement such as hands-free technology, AI and machine learning algorithms in smart entertainment devices is accelerating its demand in the market. In 2023, Amazon launched Omni QLED Series in UK. The smart tv of Omni QLED series contains 4K Quantum led technology, hands free Alexa control and fire tv ambient experience turning the tv into informative personal display is accelerating the demand of smart entertainment device market.

Additionally, there is continuous rise in demand for video streaming platforms such as Amazon Prime and Netflix among customers for on demand movies, tv shows, live shows and original content that accelerates the demand of smart home entertainment device market. In December 2022, the number of households with video streaming rose 2.5 million in USA. The increasing popularity of video streaming provides users with personalized viewing, new content recommendation from wide range of genres and languages that results in boosting up of the demand of smart entertainment device market.

Moreover, the significant growth of gaming industry is accelerating the demand for the smart home entertainment device market. Growth of the gaming industry led to the emergence of modern gaming consoles such as the PlayStation and Xbox that allow gamers to access to video streaming services, music streaming, and internet browsing accelerating the demand of smart entertainment device. According to the report of the European Commission, 2022, video game industry is a significant economic sector of the region that generated around USD 28.22 billion revenue in 2022. The enhanced growth rate of video game industry indicates about the development of new gaming devices with overall entertainment experience such as streaming movies, TV shows, and other content along with gaming experience accelerating the demand of smart entertainment device in the region.

However, smart home entertainment devices connected to the internet are vulnerable to cyberattacks, including hacking, malware, and phishing scams. Further, smart entertainment devices collect user data for personalization and targeted advertising, that raise concerns about privacy and data security acts as significant barriers to the market growth of smart home entertainment device.

On the other hand, the integration of biometric authentication system such as facial recognition, fingerprint scanning and voice authentication in smart entertainment devices to enhance security and privacy in smart entertainment device market is expected to create ample growth opportunities for the upcoming years.

Market Segmentation and Scope of Study

The global smart home entertainment device market is segmented on the basis of type, connectivity, application, sales channel and region. Based on type, the market is classified into smart TV, streaming device, gaming consoles, smart speakers, and others. Based on the connectivity the market is segmented into wired and wireless. On the basis of application, the market is categorized into video streaming, music streaming, gaming and others. On the basis of sales channel, the market is segmented into online and offline. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.  

Geographical Analysis

Asia Pacific holds the dominant share in the smart home entertainment device market and is expected to maintain its dominance throughout the forecast period. This is due to the presence of key players in the region such as Sony Corporation, LG Corporation, and Xaidou technology that are adopting various strategies including product launch is accelerating the demand of smart home entertainment market. In October, 2023, Xaidou technology launched Tiantian Casa ARIA smart speaker in China with white borders and 67 smart ambient lights. The speaker can synchronize with different lighting effect and contains rotary button on the bottom right displaying time boost up the demand of smart entertainment in the region.

Moreover, the growing demand of OTT platforms such as Amazon Prime and Netflix in the countries including China and India is further boosting up the demand of smart home entertainment device market in the region. According to India Brand Equity Foundation Report as of 2024, the revenue of Indian OTT market dominated by Amazon, Netflix and Hotstar+ is expected to double from USD 18 billion in 2022 to USD 35 billion in 2027. OTT platform offers personalized and tailor-made content recommendation based on user preference enhancing the usage of streaming device and smart tv.

On the other hand, North America is expected to show a steady rise in the demand of smart home entertainment device market due to significant growth of gaming industry in the region. The presence of flourishing gaming industry led to the development of comprehensive ecosystem such as gaming consoles that includes services beyond gaming such as online multiplayer, digital storefronts and streaming services. According to the report of American Gaming Association, 2023, gaming industry contributes around USD 328.6 billion to the national economy of U.S. The high revenue generated by the gaming industry leads to relentless drive for innovation such as emergence of gaming consoles that not only enhances gaming experiences but also influences the broader entertainment market, spurring the demand of smart entertainment device in the region.

Furthermore, the presence of large smart speaker market accelerates the demand of smart home entertainment device market in the region. With the widespread adoption of smart speakers such as Amazon Echo and Google Home, consumers are increasingly integrating voice-controlled devices into their homes for entertainment purposes. According to Retail Council of Canda Report 2022, Canda smart speaker market witnessed a 69% growth in 2021 and is expected to USD 8.4 million in 2024.  As a result, the expanding smart speaker market creates opportunities for the growth of the smart entertainment device market in North America, as consumers seek seamless and interconnected entertainment experiences in their homes.

Competitive Landscape

Various market players operating in the smart home entertainment device market include Samsung Electronics Co., Ltd., Sony Corporation, LG Electronics Inc., Panasonic Corporation, Bose Corporation, Apple Inc., Microsoft Corporation, Koninklijke Philips N.V., Yamaha Corporation, and Xiaomi Corporation. These market players are adopting various strategies such as product launches to maintain their dominance in the global smart home entertainment device market.

For instance, in September, 2023, Xiaomi launched Redmi smart tv with 43-inch 4k display. The Redmi smart tv contain Alexa Voice Control and Amazon Fire OS to allow users to easily switch channels, search streaming contents, control smart home device and more.

Also, in May, 2023 Samsung launched smart monitor line globally. The Smart monitor M8 launched by Samsung redefine smart entertainment with feature enhancement in form of 4K resolution, HDR 10+2 and 400nit brightness, the M8 delivers brilliant, vivid pictures to offer the best of smart entertainment in a monitor.

Moreover, in February 2023, Sony Corporation launched HT-A9 containing 12 speakers and supports 360 Reality Audio. The new sound bar launched by Samsung is designed to provide an immersive audio experience due to three-dimension sound feature to accelerate the demand of smart speakers among the users.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the smart home entertainment device market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the smart home entertainment device market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the smart home entertainment device market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Type

• Smart TV

• Streaming Device

• Gaming Consoles

• Smart Speakers 

• Others

By Connectivity

• Wired

• Wireless

By Application

• Video streaming

• Music streaming

• Gaming

•  Others

By Sales Channels 

• Online

• Offline

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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