Smart Remote Control Market Value Projected to Expand by 2019 to 2029

Posted on 2019-06-17 by Mark Hub in Retail // 0 Comments

The purpose of this comprehensive forecast report presented by FactMR is to elaborate the various market projections impacting the global smart remote control market size during the period through 2018-2028. This assessment delivers high-end statistics concerning market size, growth in trends and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about market growth trends along with upcoming opportunities that are expected to reshape the overall structure of the smart remote control market during the forecast period.

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Remote Control Market in Numbers:

The smart remote control market registered a CAGR of nearly 17% during the period, 2013 to 2017. The smart remote control industry has been influenced by the transformations in application paradigms, from human to machine communications, leading to services such as smart control systems.
The smart remote control market has been estimated to exceed revenues worth US$ 500 Mn in 2019, and record a Y-o-Y growth at nearly 18% in 2020.
North America will remain the leading as well as high-growth market for smart remote control, upheld the consolidation of leading players in the region.
A key trend that will significantly influence demand for smart remote control is the integration of smart home devices abreast fast permeation of home automation systems in developed markets.

What are the Key Growth Drivers of Smart Remote Control Market?

Shifting consumer preference for convenience over cost has led to advancements in gadgets that enhance user experience, leveraging the interaction technologies that extend far beyond graphical user interface (GUI). These aspects have indirectly impacted the developments in remote control technology, such as smart remote control.
Advances in smart remote control have also been influenced by efforts of leading consumer appliance companies on leveraging the context awareness and multi-modal output capabilities of the modern computing devices.
In a bid to translate profits from offering non-visual interaction experience to consumers, leading players are exploiting modern advances in hardware and software sensing in combination with artificial intelligence (AI), in order to transform the way of interaction with computing devices for consumers.

Key Challenges Faced by Stakeholders in Smart Remote Control Market

Design and development related complications have resulted in significant entry barriers to new market entrants. Additionally, as leading brands hold pole position in the market, cost of their products tend to be high, which continues to remain a key impediment to adoption of smart remote control.
Growing availability of low-cost to the relatively expensive smart remote controls, such as android and iOS applications continues to remain a key growth restraining aspect for the smart remote control market.

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Smart Remote Control Market- Competitive Landscape

The smart remote control market remains consolidated, with leading companies, such as Logitech International S.A., Koninklijke Philips N.V., and Universal Electronics, collectively holding nearly 40-50% market share. Developed economies, such as North America, and Europe have witnessed a rapid surge in popularity of home automation technology in recent years, with the introduction of smart technologies that enable an interconnected environment. New and innovative product launch has become the key growth determinant in the smart remote control market. Logitech International S.A, for instance, recently launched an all-new and easy to use universal voice remote – Harmony Express.

Smart remote control devices are also infiltrating the developing regions at a fast pace, with leading players eying East Asia and South Asia to expand their business by making ease accessible to untapped potential users. Furthermore, as technology continues to advance exponentially, blockades to commercialization, entry, and learning are eroding, which is enabling new market entrants to try their luck in the proliferating and innovation-driven consumer appliance industry. Sevenhugs Inc., for instance, marked a strong presence in the smart remote control market recently with the launch of its Sevenhugs Smart Remote that unlike several variants, comes with motion-tracking and indoor position sensors.

Smart Remote Control Market – Research Methodology

A realistic methodology along with holistic approach makes the base of the incisive insights encompassed in the smart remote control market. The FactMR report offers comprehensive information on the growth prospects of smart remote control sector in tandem with enthralling insights into the forecast analysis of the market.

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About FactMR

FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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