Smart Remote Control Industry Analysis & Evolving Opportunities Studied for the Period until 2029 || Top Companies like Crestron Electronics Inc., HBC-radiomatic GmbH, Hetronic Group, Logitech International S.A.
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.
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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.
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.
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.
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.
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