Smart Connected White-Goods Are Gaining Demand Owing To The Populating Trends Like Internet Of Things And Smart Homes

The global smart connected white-goods market is expected to grow exponentially over the next few years. Consumer goods have experienced a booming growth and is propelling as a result of advanced data processing tools and massification of smartphones, globally. Although, the market is still in a very nascent stage, smart applications such as smart thermostat and smart plugs are offering some notable benefits like energy savings and cost cutting.  

With the surging costs of energy, improving lifestyle, technological advances and the fact that big consumer players are entering the smart household ecosystem, possibly will allow a greater adoption of these solutions as a part of in-house entertainment and other personal use characteristics. As IoT advances, the consumer-focused smart home solutions are expected to improve production efficiency of home appliances via industrial IoT platform.

Companies are keen on translating their products to render higher consumer satisfaction. Businesses are striving to find meaningful value proposition to make a significant impact on the market. With the changing consumer mindset to upgrade their devices and products, OEMs are offering more personalized and data-driven services. This has been identified as a booming opportunity for new players who are striving to establish a strong foothold over the market. 

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Security concerns and data protection are the two key issues hindering growth owing to the increasing number of cyber crime attacks. As a result, companies are providing extra caution towards rendering extra security with improved data accessibility. For instance, UK households are progressively adopting smart home appliances. Connected devices such as smart washing machine and refrigerator have predicted significant levels of growth in the UK. 

Presently, concepts like ‘everything-as-a-service’ is remodeling home appliances with digitization and predictive analysis. Furthermore, partnerships in the industry are helping in filling the gaps to reduce time-to-market constraints and customer-preferred solution alignment by utilizing another company’s resources. Some of the key players functioning in the market comprises Whirlpool, Haier (GE), Midea, SAMSUNG, Panasonic, SONY, BSH, LG, Hisence, Philips, Electrolux, Gree, Arcelik, TCL, Changhong, and SKYWORTH.

Smart appliances are primed, and brands have topped the charts with their value proposition and enhanced security features. Therefore, OEMs have an opportunity to become more data-driven, personalized, and continuous service providers. For instance, Price water house Coopers (PWC) is unlocking seamless smart home culture with their fully automated home designs and appliances. According to PWC, more than 26% of US household have internet-connected appliances and the number is likely to swell over the next few years. The company is understanding adoption barriers and the hesitation across demographics to adopt these services due to cost concerns and are rolling out legitimate products.