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While we haven’t seen a lot of smart appliances or IoT (Internet of things) enabled equipment, that doesn’t mean that it’s not going to be adopted. In fact, big consumer electronics manufacturers are coming out with smart appliances. It’s going to change the way we live. And the latest report from Big Market Research, a research firm based in the US, says that the smart appliances market will witness high growth in the near future. We could be using a lot of smart appliances by 2020. That’s less than 5 years away from now.
Check out the rest of the report below.
The smart appliances market is expected to witness high growth in the near future due to technological advancements in smart appliances.
A key driving factor for the growth of the smart appliances market is increasing energy prices. Besides, several other factors such as changing lifestyles and preferences of consumers, the availability of wireless connectivity, and enhanced government regulations regarding energy consumption are also propelling the growth of the market. However, some of the restraining factors for the growth of the smart appliances market include privacy concerns among end users and the lack of awareness about the benefits of smart appliances. The large scale digitization and emergence of machine to machine (M2M) communication are some of the key opportunities for the smart appliances market.
The smart appliances market report analyzes the market by type, end user, and technology. The smart appliances market has been segmented based on type into smart home appliances, smart kitchen appliances, and services. The end user segment includes residential and commercial end users. The technology covers Wi-Fi, NFC, and Bluetooth. Currently, smart appliances with Wi-Fi hold a large market share and the trend is expected to continue during the forecast period. Moreover, the market for smart appliances with Wi-Fi is expected to grow at a high CAGR of 16.0% between 2015 and 2020.
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