Lewes, DE -- (SBWire) -- 07/15/2016 --Report forecast the connected home appliance market in the US to grow at a CAGR of 39.47% during the period 2016-2020.
Smart home appliances allow users to monitor and control household activities from a remote location. These appliances allow for a convenient lifestyle and enhance the quality of life. They conserve energy and, therefore, help reduce electricity bills.
Connected home appliance companies are focusing on the untapped consumer segments to boost market revenue. The market is expected to witness rapid growth in the forecast period due to the increased awareness of connected devices.
According to the report, one driver leading to the growth of this market will be the rising smartphone penetration. The US is the world's largest 4G market. Currently, it has 80% smartphone adoption rate with respect to its population. Increasing smartphone data usage is driving the connected home appliances market in remote monitoring and controlling of the devices.
Further, the report states that a major challenge for this market will be the lack of awareness and understanding of connected devices. The market is facing high end-consumer conservatism in terms of smart home technology. Consumers are unaware of the latest technological advances and the possible benefits. Therefore, in most cases, they are apprehensive about embracing smart home technology.
The report covers the present scenario and the growth prospects of the connected home appliance market in the US 2016-2020. To calculate the market size, the report considers the revenue generated from the connected services provided by telecom operators, Internet service providers, managed service providers, and equipment providers for smart appliances.
key players in the Connected Home Appliance Market in the US: ARRIS, AT&T, Comcast, Honeywell, and Samsung.
Other Prominent Vendors in the market are: Bosch, Control4, Dacor, Electrolux, Frigidaire, GE, Haier, iControl Networks, Ingersoll-Rand, LG, Panasonic, Sprint, Thermador, Vivint, and Whirlpool.
Market driver
- High availability of home broadband connectivity
- For a full, detailed list, view our report
Market challenge
- Lack of standardization and interoperability of devices
- For a full, detailed list, view our report
Market trend
- Increased adoption of cloud-based technologies
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this 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 key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 66 pages and 29 Exhibit "Connected Home Appliance Market in the US 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Appendix.
For more information Visit at: http://www.marketresearchreports.com/technavio/connected-home-appliance-market-us-2016-2020
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