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.
- Proliferation of IoT-connected devices – key enablers of smarter living, along with fast permeation of compact sensors into existing home systems, has meant that smart home equipment and device manufacturers are continuously vying to remain at the front edge. This will significantly rub off on smart remote control developments in the foreseeable future.
- Growing realization of consumer appliance manufacturers that experience isn’t a buzzword but an imperative, has led to a transition in their focus towards development and investment in innovation-driven solutions. Such innovations in functionalities and designs of home equipment will continue to favor smart remote control developments and sales in the near future.
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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.
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.
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End-Users Continue to Prefer Wi-Fi based Smart Remote Control
The WIFI based smart remote control technology continues to witness substantial demand, primarily driven by shifting consumer preference for convenience in the use of residential, commercial and industrial electronic devices. However, with consumers curious to leave old and try something new, adoption of more innovative products, such as radio smart-control based variants is likely to grow.
Since radio-frequency smart remote control variants don’t require internet, and can transmit signals through thick layers of obstructions from, their demand will continue to grow in the foreseeable future.
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 Fact.MR 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.
Substantial primary and secondary research has been carried out to accumulate valuable insights into the forecast analysis of smart remote control market. The report on smart remote control market has also endured cross-validation to ensure the delivery of accurate information to the market enthusiasts.
An Adaptive Approach to Modern-day Research Needs
A recently compiled report of Fact.MR, titled “Smart Remote Control Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019-2029,” gives an exhaustive analysis on the smart remote control market worldwide.
Size of the smart remote control market has been evaluated in detail and is provided in terms of value (US$ Mn). The report also offers a detailed analysis and forecast on the various segments and the competitive landscape of the smart remote control market.
Chapter 1 - Smart Remote Control Market Executive Summary
A succinct summary of the smart remote control market has been given in the first chapter of the report, which offers a synopsis of main findings in the market, along with information on the structure of the industry. Opportunity assessment for a wide range of companies active in the smart remote control market has been provided with the aid of Wheel of Fortune. Main trends that are shaping the growth of the smart remote control market have also been detailed in this chapter.
Chapter 2- Smart Remote Control Market Overview
The report offers a concise overview of the smart remote control market, which covers the introduction and a definition of the target technology – smart remote control. A systematic breakdown of the smart remote control market has been provided in this chapter, which implies the scope of the research involved.
Chapter 3- Smart Remote Control Market Background
The third chapter of the smart remote control market report provided an incisive perspective of the market background, wherein various innovation that have been impacting the product demand are discussed in detail. This chapter also provides information about the use case and the type of technology used to aid the readers in gauging the growth of smart remote control market.
Chapter 4- Smart Remote Control Market Dynamics and Associated Industry Assessment
This section of the report on smart remote control market provides information about the various trends shaping the market progress, along with the ones that are likely to influence the growth of the market during the study period. Several trends related to innovation and mega developments have been given in detail in the report.
Chapter 5- Global Smart Remote Control Market Analysis and Forecast, 2018-2028
The exhaustive analysis and forecast on smart remote control market has been given in the fifth chapter of the report and its sub-sections. Imperative numbers, including historical, current and forecast size of the smart remote control market have been enumerated in the chapter.
Chapter 6- Global Smart Remote Control Market by Technology Type
In the sixth chapter of the report, the volume and revenue comparison, Y-o-Y growth comparison, and the market share comparison of the technology type, and use case segments of the smart remote control market has been done. The smart remote control market has been analyzed and assessed at regional as well as country-level.
Chapter 7- North America Smart Remote Control Market Analysis
This chapter of the report provides incisive insights into the North America smart remote control market in tandem with the regional trends that are influencing the growth of the industry in this region.
Chapter 8- Latin America Smart Remote Control Market Analysis
This part of the smart remote control market report provides key insights into the Latin America smart remote control market along with the regional trends that are favoring growth of the market in this region.
Chapter 9 – Europe Smart Remote Control Market Analysis
This chapter of the report on smart remote control market provides key insights pertaining to Europe smart remote control market, and also details the regional trends that are impacting the market growth in this region.
Chapter 10 – East Asia Smart Remote Control Market Analysis
This chapter sheds light on the performance of different segments of the smart remote control market in various East Asia countries, such as China, Japan, and South Korea. Key trends shaping the growth of the smart remote control market in East Asia has been also provided.
Chapter 11 – South Asia Smart Remote Control Market Analysis
This chapter provides information about the performance of various market segments different parts of South Asia. The performance of the smart remote control market has been assessed in countries, including India, Thailand, Indonesia, Malaysia, and rest of South Asia.
Chapter 12 – Oceania Smart Remote Control Market Analysis
This chapter lays down information about the performance of various segments of the smart remote control market in Australia and New Zealand. Key insights influencing the growth of the market in the Oceania region have been mentioned in this chapter.
Chapter 13 – MEA Smart Remote Control Market Analysis
This part of the report provides key insights related to the smart remote control market for various countries, such as GCC Countries, South Africa, North Africa, Turkey, and rest.
Chapter 14 – Key Countries Smart Remote Control Market Analysis and Forecast
In this chapter of the report, detailed information has been provided about the various trends influencing the growth of the smart remote control market in the China, India, and Mexico. The performance of all the segments of the smart remote control market in these countries has been discussed in the chapter.
Chapter 15 - Competitive Assessment
This weighted chapter of the report provides exhaustive assessment on the smart remote control market’s structure, in tandem with all the leading companies profiled in the report.
Chapter 16 – Company Profiles
Key companies profiled in the smart remote control market report include Logitech International S.A., Ruwido, Seoby Electronics, Innotech Systems, HBC-radiomatic GmbH, Universal Electronics, AMX, Crestron Electronics, Inc., PRO Control, RCS Remote-Control Solutions, Koninklijke Philips N.V, SMK-Link Electronics, Infrared Remote Solutions, Hetronic Group, and Leviton Manufacturing.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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