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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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.
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.
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.
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.
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