The market for smart appliances stands “poised for growth”, according to a report from Navigant Research. By examining the shift in the smart appliance market as part of the smart home IoT trend, the report, “Smart Appliances Expand Smart Home IoT Opportunity for Energy Customers” indicates that smart appliance sellers have an opportunity to capitalize on the IoT smart home wave.
“The growing smart home IoT market is helping drive new interest in the typically sluggish smart appliances sub-segment,” explained Neil Strother, a principal research analyst at Navigant Research. “The smart appliance market segment is now ready for a healthy growth spurt over the next decade as appliance manufacturers, retailers, and utilities embrace smart appliances, and then convince buyers of the benefits that include enhanced energy efficiency, improved maintenance capabilities, and greater convenience through connectivity.”
Smart home products are in the adoption wave underway for lighting, smart thermostats, and even smart locks now rising in popularity. But, smart appliances haven’t had the same success, with consumers seeing little practical value and high price points. The report details key strategies to bring about change to this, examining drivers and barriers to smart appliance market growth.
The analysis sees some hints of a rising trend for smart appliances, but qualifies that key players need to embrace strategies identified in this report that have the potential to make the smart appliances segment as robust as the other segments such as lighting, thermostats and others.