Strong Growth Witnessed by Smart Kitchen Appliances Market

In today’s era where technology has gripped almost every aspect of one’s life and has spread throughout, it has become increasingly important to adapt to such changes. The kitchen has always been the soul of a house and for the past three decades, it has become a fast-growing domain for technological advancement. This continuous trend is witnessed by a growing number of smart appliances. Home automation is gaining traction and therefore fueling the demand for smart kitchen appliances in the near future.

Smart kitchen appliances are built to save time and energy, the main purpose of installing smart appliances is to increase productivity and maintain sustainability. It is manufactured by incorporating electronic mechanisms, creative design and eco-friendly elements. Use of technology has now become common and therefore inbuilt features like Bluetooth, Wi-Fi operability, cameras and other software are provided by these manufacturers.

Forces driving the market growth

Due to an acute shortage of time in an era where every individual is focusing on moving forth with maximum productivity, it has become extremely important for people to complete their task in the required time and with great precision. Hence it has become extremely important for a machine to do a part of the work on its own and save human time to some extent. Smart kitchen appliance not only helps a child who depends on microwave but also to the professional hotel staff who wants to control their cooking time and temperature and makes the mealtime a little easier and comfortable. The introduction of IoT in these devices has gained high popularity and provided the market with great momentum. As of 2019, top seven countries (the United States, followed by China, Japan, Germany, the Republic of Korea, France and the United Kingdom) account for almost 75 % of global IoT spending, with the first two countries accounting for 50 % of global IoT spending respectively.

Smart refrigerators are now more useful than ever, they not only keep the food fresh but also help the users in their shopping list and buying kitchen ingredients online. They can work on a person’s voice command and can function accordingly. Some appliances can read out the full recipe to the user, alarm the consumer about the expiration date of food products and even create a list of products a consumer is lacking with. User-friendly interfaces and touch screen facilities allow a user to leave a message for another person to read. Other appliances assist the user with temperature control and cooking time. Smart appliances assist the user by starting cooking even without the physical presence of the user. The application of IoT and artificial intelligence assists a user to carefully monitor the ingredients used by the consumer and help the user with a healthy diet. Green IoT focuses on lowering energy consumption and CO2 emission hence preserving the environment.

Insights on the market

IoT penetration and applicability of sensors, cameras and networking has improved the user and appliance’s connectivity. Constant advancement in technology has led to a rapid increase in the prices of such appliances. The market shows the growth of XX billion in 2019 and is anticipated to grow at a significant CAGR. However, the risk involved in data securities and other concerns related to IoT might hinder the growth of the market. The purchasing cost of appliances is increasing at a rate that cannot be paralleled by the average household spending, thus restricting the market growth to some extent.