LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global home entertainment market to grow at a CAGR of over 10% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global home entertainment market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of devices and services used for home entertainment.
Home entertainment is broadly segmented into devices and services. The growth prospects of both the segments are positive. The general masses are focusing more on looking for modes of entertainment that are more economical and comfortable, which is helping the market to grow. During 2010-2016, the market has witnessed a significant rise in the investment by the consumers in entertainment products mainly due to the rising disposable incomes and development and manufacture of new technologically advanced products.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global home entertainment market:
- Growing availability of content
- Development of connected, innovative products
- Availability of electronic device combinations
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Growing availability of content
The global entertainment industry is witnessing a continuous increase in the development of new content. The widespread global digitalization has led to the high penetration of the Internet across the globe. This has made a huge amount of contents available to the masses. The rules and regulations related to the publishing of online contents are somewhat lesser stringent than the regular entertainment industry.
Ujjwal Doshi, a lead consumer electronics research analyst at Technavio, says, “Users are generally spoilt for choice with the availability of free or subscription-based online videos, be it a web-series such as Fuller House and Marco Polo, short films like Deadpool: No Good Deed, Zygote, and Olaf's Frozen Adventure, clips, or news snapshots. With formats ranging from a 5-inch smartphone screen to a full-fledged theatre screen, the amount of contents being viewed, shared, developed, and even in the pipeline is massive.”
Development of connected, innovative products
The advent of IoT has revolutionized the entertainment industry with the growing development of connected and integrated home entertainment products. Products such as Google Chromecast provide better control and viewing options to consumers, making contents available online directly on their electronic devices.
“Home theaters can be controlled through smartphones and contents can be restricted and controlled using these devices. These smart products are available at affordable prices. Therefore, the demand for these products has been significantly increasing ever since their launch during 2014-2015,” adds Ujjwal.
Availability of electronic device combinations
The availability of multiple screens is one of the major factors contributing to the growth of the global home entertainment market. The term multiple screens refer to the installation of a combination of flat-panel TVs and projection screens. The combination of screens can be made according to the requirements of customers.
Apart from traditional TVs, the concept of multiple screens also benefits from the availability of video content on smartphones, tablets, and other smart devices that can be connected to each other via IoT. These devices not only facilitate remote access and control of the TV screens but also act as secondary viewing screens. With the increasing availability of VOD services on mobile apps and websites, many viewers prefer to access video contents over their smart devices.
Top vendors:
- Bose
- LG Electronics
- Samsung Electronics
- Sony
- Yamaha
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