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Technavio’s smart kitchen market research report predicts the global smart kitchen market to grow at a tremendous CAGR of more than 63% during the forecast period. The energy efficiency of smart kitchen appliances has been a key growth driver for this market. Compared to traditional appliances, smart kitchen appliances consume less energy, as these are capable of providing continuous feedback to the user on energy consumption. Once the user gets to know the energy required to dry clothes in a dryer, they can decide the amount of load the dryer can take to dry a particular set of clothes. Even a refrigerator can automatically switch off by informing the owner.
The increase in diversity of IoT standards is another smart kitchen market trend that will impel market growth by 2020. AllJoyn is an open-source platform that enables companies and enterprises to create interoperable products. It also provides a common platform for devices and apps to communicate with one another irrespective of brands, categories, and transports. For instance, during 2014, Intel, Samsung, Broadcom, Atmel, and Dell launched the Open Interconnect Consortium, which aimed at developing a standard for interoperability across multiple vertical markets, including smart home and office, followed by automotive, industrial, and health applications. Such growing IoT standards will drive the IoT market as it will provide consumers with interoperable smart products that work regardless of the brand.
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The smart refrigerator segment accounted for more than 46% of the smart kitchen market share during 2015 and is expected to retain its market leadership until the end of 2020. A smart refrigerator keeps track of products stored inside through barcodes or RFID scanning. They can be set to switch off automatically when required by the user, thus helping in power consumption. It was one of the first smart kitchen appliances to be commercialized and, thus, has a high market share. Samsung and LG are the leading smart refrigerator vendors in this segment.
During 2015, the Americas dominated the market, accounting for more than 62% of the smart kitchen market share. Rapid technological innovations and changing consumer preferences over the use of electronic devices are some of the major factors contributing to a high demand for smart kitchens in the region. The US accounts for the majority of the global connected devices market due to its implementation of the Green Buildings Act. The Green Buildings Act covers public, private, and non-profit sectors, and aims to enhance the energy efficiency and sustainability of buildings.
The smart kitchen market is in its nascent stage with no vendors present to provide the whole smart kitchen setup. Due to the high growth potential of this market, many emerging vendors such as Firebox, HAPILABS, Smarter, XYZPrinting, and PicoBrew are expected to enter the market during the forecast period.
The leading vendors in the market are -
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
PART 15: Explore Technavio
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