Smart Ovens Market – Drivers and Forecasts by Technavio

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LONDON–Technavio analysts forecast the global smart ovens market to grow at a CAGR of almost 19% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global smart ovens market for 2017-2021. A smart oven is a device that is connected via Wi-Fi, NFC, or Bluetooth technologies to other smart kitchen appliances such as smart refrigerators and chimneys. The user can easily access the smart oven with the help of applications developed by vendors and control it from a remote location.

With the advances in innovation and the growing inclination toward smart technologies, consumers are purchasing smart ovens that can be operated with smartphones. To improve their product offerings, vendors are expanding their distribution channel and increasing their R&D expenditure. Consumers in developed countries have high disposable income, enabling them to purchase advanced products like smart appliances. Consumers in developing nations have recently started investing in such technologies, facilitating a gradual growth of the smart ovens market.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart ovens market:

  • Changing lifestyles in developed and developing economies
  • Ease and convenience of using smart ovens
  • Growing innovations in smart kitchen appliances

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Changing lifestyles in developed and developing economies

The usage of smart technology is high in developed countries due to the availability of high-speed Internet and enhanced telecommunication services, which boost the demand for smart home appliances. Developing economies such as China and India have high consumer spending and are focused on improving the quality of life.

Shikha Kaushik, a lead retail goods and services research analyst at Technavio, says, “Consumers in these countries are adopting new lifestyles and are gradually shifting toward smart technologies, such as smart ovens, with the increase in smartphone penetration. It is expected that by 2020, emerging countries will account for more than 80% of the middle-class people. The increase in urbanization, availability of goods, and income influences the consumer spending behavior.”

Ease and convenience of using smart ovens

Customers are seeking faster cooking options that offer ease and convenience. Smart ovens can be controlled through a mobile application that provides user guidance, controls, and recipe details. The application also sends real-time status updates to users. The requirement for remote access is one the major factors that drive the demand for smart ovens among consumers.

“Smart cooking appliances are connected to Wi-Fi or Bluetooth and can be controlled through smartphones. They help consumers manage their hectic schedules by cutting down on cooking time. Companies such as Robert Bosch, Haier, LG Electronics, and SAMSUNG are constantly focusing on providing smart cooking options to customers,” adds Shikha.

Growing innovations in smart kitchen appliances

Smart kitchen devices are based on the IoT technology. They involve disruptive thinking, innovation, design, and advanced technologies. Devices such as smart ovens enable the user to operate entire kitchen activities with the help of mobile applications. Smart kitchen appliances consume less energy compared to normal traditional devices and provide continuous updates on power consumption. These devices are designed with advanced connectivity features, sensors, and finger-touch operations.

Many kitchen appliance manufacturers are investing in R&D to develop integrated systems. They are including Wi-Fi, camera, and advanced software in kitchen appliances to integrate them into a single platform. This integration involves connecting cameras and Wi-Fi systems, which allows the user to monitor and control the devices. Such factors drive the growth of the global smart ovens market.

Top vendors:

  • Electrolux
  • GE Appliances
  • LG Electronics
  • Robert Bosch

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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Sarah Thompson

Sarah Thompson

Sarah is a financial reporter, focusing on technology, national security, and policing. Before joining Daily Telescope she worked as a staff writer at Fast Company and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.
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