The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Smart Remote Control market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Smart Remote Control
The report offers actionable and valuable market insights of Smart Remote Control. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Smart Remote Control Market across various industries and regions.
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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.
This newly published and insightful report sheds light on Market Insights of Smart Remote Control, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of 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.
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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.
Fact.MR study offers a long-term perspective of the smart remote control market for the period, 2019 to 2029. The smart remote control market is projected to record a volume CAGR of nearly 19% through 2029.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Smart Remote Control, Sales and Demand of Smart Remote Control, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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