The increasing requirement for smarter technologies in electronic devices and other appliances will augment the transformation of the global AI-enabled kitchen appliances market.
Arizton’s recent market research report on the global AI-enabled kitchen appliances market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (refrigerator, ovens, cooktops, & ranges, dishwasher, and others), by distribution (specialty stores, hypermarkets & supermarkets, and online channels), by geography (APAC, North America, Europe, Latin America, and MEA), and offers detailed competitive analysis.
The global AI-enabled kitchen appliances market is anticipated to generate revenues of more than $600 million by 2024, growing at CAGR of more than 49% during 2018-2024.
Leading vendors such as Samsung, LG, and KitchenAid are investing in AI-enabled smart appliances such as smart refrigerators, ovens or dishwashers in the global market. The technological advancement in voice control and the introduction of intelligent voice assistants will revolutionize the global AI-enabled kitchen appliances market.
The top 3 drivers and trends augmenting the evolution of the global AI-enabled kitchen appliances market are discussed below:
Growing Demand for Smart Homes
The revolutionary development of smart homes aims at enhancing comfort, convenience, security, entertainment, and sustainability, thereby driving the demand in the global AI-enabled kitchen appliances market. The growing demand for special connected platforms that enables the residents of the building to remotely control the electronic devices or appliances, via gadgets and computing technologies is gaining immense popularity in the global market. The integration of advanced technologies such as voice control, artificial intelligence, and intelligent assistants will help transform the global AI-enabled kitchen appliances market over the next few years. The increasing internet penetration, the supply of mobile entities, improvements in wireless communications, the emergence of cloud services, growing demand for low energy high-performance technologies, and other advancements in IoT technologies are some of the major factors attributing to the growth of smart homes and fueling the adoption rate in the global market. The focus on the development and installation of smart kitchen appliances will create lucrative opportunities for leading vendors in the market. The growing popularity of AI in the form of smart speakers such as Amazon Alexa and Google Assistance, artificial intelligence and natural language will also see an integration of these devices in kitchen equipment in the global AI-enabled kitchen appliances market.
Rapid development of IoT, Wireless Communication, and Other Technologies
IoT technology is gaining traction and is revolutionizing the several businesses and industries operations, offering cutting edge technology in the global AI-enabled kitchen appliances market. The IoT technology is used across various industry verticals such as automobiles, smart home and kitchen appliances, wearables, and several other retail products in the market. Leading companies such as Samsung, LG, Electrolux, and Bosch are leveraging this technology to introduce innovative products in the global AI-enabled kitchen appliances market. The global market has witnessed the introduction of the latest innovative technologies such as voice control home appliances and implementation of AI technology in kitchen appliances. The increasing use of wireless communication technologies such as NearField Communication, Infrared, WiFi, Bluetooth, and several others will enable remote communication and transfer of signals of various products in the global market. The emergence of wireless communication networks designed specifically for IoT application and improvement of IT infrastructure will create investment opportunities for top players in the global market.
Rising investments on AI and Machine Learning
The growing demand and integration of AI and machine learning technologies are propelling the growth of the global AI-enabled kitchen appliances market. A recent report suggests that investments in AI along with machine learning and robotics is expected an increase from $12.4 billion in 2018 to reach a value of $232 billion by 2024. The government initiatives for the development of AI technology especially in the US, Europe, and China will boost sales in the global AI-enabled kitchen appliances market. In July 2017, the new generation AI Development Plan was established, which focuses on the development of AI by 2030. China is expected to become the world’s major AI innovation center by 2030. The increasing investments in the research and development of AI and machine learning technologies will positively impact the global AI-enabled kitchen appliances market.
The leading vendors in the global AI-enabled kitchen appliances market are GE Appliances, Whirlpool, LG Electronics, Robert Bosch GmbH, Kenmore, Samsung, Electrolux, June Oven, and Smarter.
The complete overview of the latest market research report on the global AI-enabled kitchen appliances market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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