The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
SINGAPORE–Global market research company Euromonitor International examines the business opportunities created across the smart home ecosystem in the webinar, “The Connected Home: Driving Growth of an Enterprise Business Ecosystem”.
According to Euromonitor, the global connected appliances market is expected to double, reaching 99 million units sales in 2023, largely driven by China, the US South Korea, Japan and Italy. However, the market sales growth has been primarily driven by manufacturers. Consumers are slow connect smart appliances to apps in personal devices. Usage rate of connectivity to smart devices has been low.
“Many manufacturers flaunted their connected appliances with simple smartphone app control, such as On/Off which is not satisfactory to consumers. If the producers will not come up with extended functionality, the sale growth will slow down”, says Global Research Consultant – Consumer Appliances at Euromonitor International, Feng Zhang. Cross industry efforts to apply huge business ecosystem services such as online grocery purchase, voice guided cooking and personal health advisory are critical to increase customer engagement and sales of connected appliances”, he adds.
Currently, most smart devices sold in the market allows inter-operability between appliances and the smartphone apps. “Consumers are unlikely to buy all their appliances from the same company. Also, many companies from starting from the exploration and production (upstream) and continuing with the processing, transporting and selling (downstream) industries are eyeing the huge ecosystem of connected appliances. Common standards and open collaboration are critical to drive inter-operability among appliances from different firms, or even cross-industry inter-operability with connected cars, for example”, continues Zhang.
To find out which appliances are predicted to have the most significant cross-industry impact, watch Euromonitor International’s webinar, “The Connected Home: Driving Growth of an enterprise Business Ecosystem” at https://bit.ly/2PpcaVP
– ENDS –
Senior Communications Executive- Euromonitor International
Tel: +65 6429 0590 ext. 6597
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.