Smart Remote Control Market to Ride on 18% Revenue CAGR Through 2029
Posted by faisal on October 18th, 2019
According to a new study by Fact.MR, global sales of smart remote control were upward of 10,500 thousand units in 2018 and are estimated to record a Y-o-Y growth at over 18% in 2019. The smart remote control industry continues to remain influenced by a slew of factors that range from focus of players to offer enhanced user experience by leveraging modern interaction technologies, to proliferation of IoT devices and home automation systems.
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The study opines that IoT remains an optimum solution for smart device manufacturers in the development of intelligent products that power smart homes, along with the integration of actuators and sensors that facilitate automatic control of home appliances and gadgets to suit user preferences. This has significantly rubbed off on advances in the remote control devices, with ‘wireless’ being the first choice of technology among consumers. Wi-Fi enabled smart remote control continue to remain preferred among consumers, with sales estimated to account for over 60% sales.
According to the study, sales of smart remote controls will remain driven by shifting focus of manufacturers toward leveraging of advances such as gestural input, multi-touch, and capacitive screens in their offerings. Key players in the smart remote control market are also focusing on integrating higher level of intelligent gestural interactions into smart remote control, to offer users with the most aesthetically and functionally advanced method of displaying information on the device.
Residential Use Cases Account for 8 in 10 Smart Remote Control Sales
According to the study, adoption of smart remote control remains high among residential consumers, accounting for over 80% sales. Fast permeation of home automation systems in developed markets such as North America and Europe have been of the leading aspects driving demand for smart remote control in the residential sector. Smart remote control manufacturers are continuous focusing on offering advanced solutions by leveraging interaction technologies, along with multi-modal output capability and context awareness of modern computing devices.
The smart remote control market remains consolidated, with few leading players account for approximately 50% shares. In a bid to maintain a competitive edge and gain profits by providing non-visual interaction experience-based offerings to consumers, these players are focusing on advancements in the software and hardware sensing and AI technologies.
According to the study, leading players in smart remote control market are making significant investments in their marketing campaigns, while focusing on product offerings at competitive prices to capitalize on growing penetration of smart home devices. While these players are providing consumers with cutting-edge solutions, emerging players are focusing on offering cost-effective alternatives to cash in on opportunities in developing markets.
The Fact.MR study opines that North America will continue to lead the smart remote control market, with sales of over 4,700 thousand units in 2019. Growing adoption of home automation systems in the region, coupled with rising demand for smart electronic products and home appliances. Occupancy of smart remote control manufacturing giants, coupled with the technological and economic vigor, will continue to favor growth of the market in the region in the foreseeable future.
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Joined: October 9th, 2019
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