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Market overview of smart kitchens
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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Product segmentation and analysis of the smart kitchen market
Smart cookware and cooktops
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.
Geographical segmentation and analysis of the smart kitchen market
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.
Competitive landscape and key vendors
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 -
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global smart kitchen market?
What are the key market trends impacting the growth of the smart kitchen market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global smart kitchen market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the smart kitchen market?
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