Opportunities and Challenges in the Smart Appliances Market

smart appliancesSmart appliances connect to smartphones and tablets to enable alerts and remote control. For example, if you’d like to start the dishwasher or adjust your thermostat while you are at work, smart appliances will give you that ability.

Smart appliances offer many potential benefits to consumers, but will they gain traction in the market? For up-to-date industry analysis, check out the blog post below.

The smart appliances market is growing rapidly.

According to MarketsandMarkets, demand for smart appliances is forecast to grow at a compound annual growth rate (CAGR) of 15.4 percent between 2015 and 2020. Increasing energy prices, the availability of wireless connectivity, and technological advancements are key driving factors. Government regulations related to energy consumption will also fuel growth.

Privacy concerns are a restraining factor.

Data about our everyday activity will be recorded by smart appliances, raising concerns about the perceived risks associated with these devices. It’s unclear how this data could be used by third parties such as government organizations, companies, and marketing agencies.

Greater consumer awareness is needed.

Many consumers still do not understand the benefits of smart appliances and are skeptical whether the technology is worth the cost. A quick Google search of the keyword "smart appliance" pulls up the following articles on the first search engine results page:

In order to gain momentum, product marketers need to educate consumers about the benefits of these appliances and shift people's attitudes from reluctance and confusion to recognition and excitement.

To get more forecasts on a broad range of household products, download MarketResearch.com's new e-book House and Home: 27 Top Trends and Predictions.

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About the Author: Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.

Topics: House & Home Industry Insights