Connected appliance volumes posted a 42% CAGR over 2015-2019. Connected security, an integral part of connected homes, has gained growing interest due to its technical benefits. This report examines the opportunity of connected security, as well as current challenges, and direction of future developments. The discussion is built on combined data sources including consumer appliances, population and income, digital landscape, and preliminary findings on Coronavirus (COVID-19) impacts.
This report comes in PPT.
Statistics on property crime and fire accidents confirm the need for advanced home security measures. Growing investment in home furnishing and appliances exposes homeowners to higher risk of cases of unfortunate incidents.
A connected security system essentially captures live updates from sensors and other monitoring devices, enabling immediate actions from users upon detection of changes or threats.
As consumers are more likely to spend time at work or travelling, the ability to remotely manage and control security devices brings peace of mind. Added benefits on convenience also appeal to audiences seeking simplicity in life.
The rapid growth of connected consumer appliances implies potential of connected security products. China, the US and South Korea lead sales of connected appliances.
The millennial and Gen Z cohorts are forecast to experience the biggest income growth by 2029. They will be the dominant population segments too. Their high interest in connected security represents an opportunity for manufacturers.
The majority of consumers are not ready to share data. Many are also unwilling to spend more on smart products. Data security laws, price positioning and channel distribution are some aspects to consider to combat current challenges.
Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.
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