Smart Washing Machine Market Size Worth $21.82 Billion By 2027

The global smart washing machine market size is expected to reach USD 21.82 billion by 2027, expanding at a CAGR of 20.5% during the forecast period, according to a new report by Grand View Research, Inc. Rising shift towards the adoption of water-efficient washers in order to maintain a healthy environment is anticipated to drive the market. Rise in luxury living owing to rapid urbanization as well as increasing disposable income among buyers has also resulted in an increase in the penetration of the product in the residential as well as commercial sectors.

Smart washing machines offer added advantages through technology integration, such as remote control using an app, automatic program selection, auto-dosing, troubleshooting, memory feature, safety, and energy use. Moreover, these appliances help download cycles and tailor them to customer’s specific needs through features of cycle customization.

Technological advancement in the smart homes category is leading to higher demand for connected appliances, such as smart washers, as a source of luxury and convenience. Additionally, automatic washing process acts as an essential part of everyday housekeeping activity among Europeans, thereby increasing adoption of these appliances in the residential sector. Smart washers with Energy Star ratings can save a lot of water as compared to conventional washing machines. For instance, Samsung’s 6.0 cu. ft. FlexWash™ Washer in Black Stainless Steel model of product with an Energy Star rating and Wi-Fi connectivity uses 4,278 gallons of water per year. Whereas, conventional washing machines wash approximately 300 loads of clothes a year and consume about 12,000 gallons of water in a year.

Front load smart washer held a share of 54.6% in 2019 owing to the water and energy efficiency of the product as well as large loading capacity. Despite higher prices, the product is witness growing demand. For instance, in January 2020, SAMSUNG launched a new AI-powered front load washing machine and dryer.

The residential application segment is expected to expand at the highest CAGR from 2020 to 2027 owing to greater visibility and new product development. Installation of smart washing machines in residential areas helps in tracking and controlling the wash to avoid unnecessary wash cycles and water usage, thereby incurring higher demand among residential consumers.

Asia Pacific held the largest share in 2019 and is expected to expand at the fastest CAGR of 20.8% from 2020 to 2027. Rising introduction of new products in the market are paving the way for increased adoption of these appliances in the region. For instance, in December 2018, Xiaomi Global Community launched a fully automatic smart washing machine in China with a load capacity of 10 kg. The product is equipped with the latest BLDC variable frequency motor and is priced at around USD 290.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/smart-washing-machine-market

Further key findings from the report suggest:

Asia Pacific held the largest share of the overall revenue in 2019
By product, the front load segment is expected to expand at the fastest CAGR over the forecast period due to rise in demand from the residential sector
The commercial application segment is projected to expand at a CAGR of 23.2% from 2020 to 2027
The smart washing machine market is characterized by high competition due to the presence of key players, including Honeywell International Inc.; Koninklijke Philips N.V.; Sunbeam Products, Inc.; Xiaomi Corporation; Blueair; Coway Co., Ltd..; Whirlpool; Americair Corporation; and Sharp Corporation

Intelligent Virtual Assistant Market Size Worth $45.1 Billion By 2027

The global intelligent virtual assistant market size is expected to reach USD 45.1 billion by 2027, expanding at a CAGR of 34.0%, according to a new report by Grand View Research, Inc. The growing use of smart speaker-based technologies for home automation and digitization in the retail sector has led to the implementation of conversational e-commerce is the major driving factor of the market. Intelligent virtual assistants (IVAs) help consumers to find relevant information and perform tasks with actionable advice. The inputs received from IVAs assist the organizations in designing and developing various marketing strategies and implementing those in real-time. Many retail stores have implemented IVAs in their processes, adding a new dimension to their customer engagement, further enhancing the customer shopping experience. For instance, Walmart customers can shop for groceries just by talking to the intelligent virtual assistant in their smartphones. Development in voice recognition and speech technologies has been the driving factor behind the proliferating growth of the market.

Chatbots and smart speakers listen, recognize, and respond to the individuals’ requirements and assist them in various tasks. Thus, the devices are gaining popularity among the consumers for a variety of functions such as calling, shopping, reminders, setting the alarm, music streaming, and consulting. Amazon Alexa and Google Home accounted for a majority of the intelligent virtual assistant (IVA) market share of the smart speaker segment in 2019. Chatbot has enabled ease of accessibility in banking, retail, education, e-commerce, travel, and hospitality sectors.

IVA assists in simplifying human efforts in making processes efficient, which is highly beneficial for all organizations. The IVA implementation has resulted in achieving productivity, work quality, and has reduced the risk in scaling operations. Thus, there has been an increased adoption of the device across several applications, including retail, BFSI, healthcare, automotive, consumer electronics, IT and Telecom, education, and travel and hospitality. IVA providers are engaged in executing organic and inorganic growth strategies such as new product launch, expansion, collaboration, and partnership. For instance, in 2018, Transcom and Creative Virtual entered into a partnership to provide virtual agents and chatbot solutions in the artificial intelligence domain.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/intelligent-virtual-assistant-industry

Further key findings from the report suggest:

The smart speakers product segment emerged as the fastest growing segment over the forecast period
Text to speech technology emerged as the largest segment in 2019 and is estimated to generate revenue over USD 27.1 billion by 2027
North America held the largest revenue share in the intelligent virtual assistant market in 2019, whereas Asia Pacific is anticipated to witness the highest CAGR of 35.3% over the forecast period
Key players include Amazon.com, Inc.; Google Inc.; IBM Corporation; Nuance Communications; eGain Corporation. The players accounted for the majority share of the overall market in 2019.

Light Sensor Market Size Worth $6.39 Billion By 2027

The global light sensor market size is anticipated to reach USD 6.39 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 10.9% from 2020 to 2027. Market growth can be attributed to the growing implementation of light sensor functions in the automotive industry and consumer electronics, such as smartphones, televisions, and laptops. Advancements in smart lighting and its applications in smart homes and outdoor lighting are also expected to increase the utility of light detectors. In addition, the increased usage of connected devices and the Internet of Things (IoT) technology in the development of smart cities is expected to propel the growth of the market.

Currently, manufacturers of consumer electronics are under pressure to bring differentiated and unique products into the market. With the inclusion of optoelectronic detectors in smart devices, major mobile manufacturing companies, such as Samsung Electronics Ltd., are collaborating with light sensor manufacturers to integrate various technologies into their smartphones. The increasing use of connected devices in the automotive, industrial, and electronics industries has led to the trend of multi-sensor integration among manufacturers. Moreover, the growing demand for LiDAR sensors in applications, such as corridor mapping and topographical survey, aerospace and defense, mining, automotive, and oil & gas, has created growth opportunities for the market across industries.

Top vendors such as AMS AG; STMicroelectronics NV; Analog Devices, Inc.; Broadcom Inc.; and Vishay Intertechnology Inc. are focused on developing small, efficient, and low-cost sensors to meet the needs of their customers. Enhancements in the sensing technology and miniaturization have enabled consumer electronics device manufacturers to introduce various functions, such as brightness control, display dimming, extending battery run time, and power-saving features. However, the additional costs for incorporating sensors into smart devices and subsequent reduction in the life of devices are anticipated to hamper the market growth. The COVID-19 outbreak worldwide is also expected to slow down market growth over the next few years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/light-sensor-market

Further key findings from the report suggest:

Based on function, the gesture recognition segment is predicted to register the highest CAGR over the forecast period owing to the evolution of Graphical User Interface (GUI) technology, increasing demand for gesture-enabled electronic devices, and developments in Artificial Intelligence (AI)
By output, the digital segment is anticipated to register the highest growth rate over the forecast period. The proliferation of smart sensors across numerous applications, multi-sensor integration in IoT devices, and increasing automation in the automotive sector are expected to drive the segment over the forecast period
On the basis of end use, the healthcare segment is expected to expand at the highest growth rate over the forecast period owing to the rapid adoption of digital technologies in the manufacturing of medical instruments. Moreover, the increasing use of oxygen measuring and heart rate monitoring devices operated by light sensing technology is expected to create growth opportunities for the market in the healthcare segment
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the presence of major semiconductor manufacturing and assembly hubs in China, Thailand, and the Philippines. Moreover, the increasing usage of automobiles and consumer electronics in China and India is expected to boost the market growth in the region