The global smart oven market size reached USD 135.6 Million in 2021 and is expected to register a revenue CAGR of 18.1% during the forecast period, according to latest analysis by Emergen Research. Increasing consumption of ready-to-eat and frozen food and rapid urbanization are key factors driving market revenue growth. A number of working individuals relocating for work or study purposes is resulting in increasing demand for smart appliances.
Younger individuals are adopting a fast-paced and hectic lifestyle and are investing in smart ovens and other smart kitchen appliances. However, adoption of such devices is not limited to the younger generation. Consistent technological advancements and enhancement in user experience are driving demand for smart ovens. Technological benefits such as ability to control devices automatically, personalization of appliances as per need of user in addition to eco-friendly tech for energy and cost-effectiveness are resulting in smart ovens and other kitchen appliances gaining steady tractions.
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Time-saving, convenience, and flexibility are some of the considerations for both the working and younger generations owing to a hectic lifestyle and schedules. Rising expenses and cost are major concerns for working individuals who have shifted preference toward staying at home and preparing food instead of dining out. Efficient energy consumption and faster cooking time and early failure or fault detection owing to the built-in performance assessment system in smart ovens are some features driving steady adoption of smart ovens over conventional ovens. Accessibility, utilization of optics, and integration over various devices such as smartphones and tablets and others provides better control over food being cooked. The scanner on the smart oven reads the smart codes printed on ready-to-eat food packaging and provides related easy manual control, making it highly convenient for consumers.
Deployment of the Internet of Things (IoT) and automation and smart kitchen appliances are also contributing to high demand for smart ovens. However, interoperability of smart devices lead to vulnerabilities, and smart devices have access to information such as Wi-Fi passwords, residential addresses, and how to lock and unlock doors, among others, and devices are connected over a network of the user, which is a high level of security risk.
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The report projects the market is anticipated to grow at a significant rate owing to rapid advancements and technological developments in the sector. The report offers strategic recommendations to businesses and investors to capitalize on the lucrative growth opportunities. The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, RD advancements, and industrial penetration.
Competitive Outlook:
The global Smart Oven market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Smart Oven market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers acquisitions, new product launches, and joint ventures.
Some major companies operating in the global market include BSH Hausgeräte GmbH, Breville Pty Ltd., Haier Group, AB Electrolux, Panasonic Holdings Corporation, LG Electronics, Sharp Corporation, Samsung, Whirlpool Corporation, and Sub-Zero Group, Inc.
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Emergen Research has segmented the global remote access solutions market on the basis of structure, distribution channel, application, connectivity, and region:
Structure Outlook (Revenue, USD Million; 2019-2030)
Built-in
Countertop
Distribution Channel Outlook (Revenue, USD Million; 2019-2030)
Online
Offline
Application Outlook (Revenue, USD Million; 2019-2030)
Residential
Commercial
Connectivity Outlook (Revenue, USD Million; 2019-2030)
Bluetooth
Wi-Fi
Near-Field Communication (NFC)
Others
Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
Highlights of Table of Contents (TOC):
Overview of Global Smart Oven Market
Competitive analysis of the Smart Oven market
Regional analysis of Global Smart Oven market production and revenue
Regional analysis of Global Smart Oven market supply, consumption, and export import
Type-based market analysis of global Smart Oven production, revenue, and price trends
Application-based analysis of the global Smart Oven market
Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global Smart Oven market
Global Smart Oven market forecast (2022-2030)
Conclusion of the research report
Appendix
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