This market research report details the segmentation of the global smart microwave oven market with respect to geography, including North America, Europe, APAC, and ROW. The report discusses the key trends and drivers influencing the market growth, as well as the challenges faced by the vendors and the market as a whole. Breville, GE, June, LG, and Samsung are the top companies included in the report.
Technavio has released its new market research report, global smart microwave oven market, which is expected to generate revenue of $9 billion between 2015 and 2019. Development in network infrastructure has increased the use of broadband and internet and consumers are increasingly shifting to wireless and technologically advanced products to ensure more convenience while cooking for their families. North America dominates the global market for smart microwave ovens, accounting for 38% of the total market share. The main reason for this region’s growth is the high penetration of smart appliances as broadband and connected devices are reaching out in more houses.
“One of the latest trends that the smart microwave oven market is witnessing is the introduction of several innovative applications and solutions such as advances in video asset management solutions. The changes in consumer preferences are forcing vendors to deliver innovative residential security solutions with high efficiency to survive the commoditization in the market,” says Jhansi Mary, Lead Analyst, Education, Technavio Research
With advancement in technology and emergence of smart homes, there is an increase in smart appliances which can be connected to smart phones and enable the monitoring of cooking procedures from remote locations. One of the major drivers is the Internet of things (IoT), which is expected to drive any vendor associated with the field of technology during the forecast period.
The leading vendors in the global smart microwave oven market include Breville, GE, June, LG, and Samsung. The market includes well-diversified international and regional vendors. However, as international players are increasing their outline in the market, regional vendors are finding it increasingly difficult to compete with them in terms of quality, technology, and pricing.
A more detailed analysis is available in the Technavio report, Global Smart Microwave Oven Market 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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