The global Smart Clock Market size is projected to touch USD 2.29 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 25.4% through the forecast period of 2019-2025. Rising spending on smart home automation products owing to change in lifestyle or rising standards of living is anticipated to propel the product demand. Key companies functioning in the market like SDI Technologies, Amazon, and Lenovo Group Ltd. are investing majorly in R&D for developing innovative products. For example, Lenovo Group Ltd. introduced a new AI-assisted smart clock that featured Google Assistant, in June 2019. The device had a four-inch smart display along with a fabric cover.
On the basis of distribution channel, the online segment dominated the sales in 2018 and expected to remain dominant over the forecast period. The segment occupied more than half of the revenue in 2018. Other sales channels including specialty stores are projected to witness rapid growth from 2019 to 2025.
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North America dominated the regional market in 2018. Increasing adaption of Internet-of-Things (IoT) has propelled the growth of home automation industry in U.S. over the last few years. Manufacturers are introducing innovative smart home products like speakers and clocks. These devices can be used as a remote for monitoring common household electrical products like TVs, ACs, fans, lights, etc. Leading companies adapt marketing strategies like expansion of business and developing new products to meet the rising demand all over the world.
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Further key findings from the report suggest:
• Asia Pacific is anticipated to grow at the fastest CAGR of 26.4% over the forecast period
• North America dominated the market in 2018 and is anticipated to further grow at a significant rate to maintain its peak position over the forecast period.
• Online distribution channel dominated the market with over 50% of share in 2018
• Specialty stores is anticipated to grow at fastest rate in the forecast period
• Major companies operating in the smart clock market are Kickstarter; SDI Technologies, Inc.; Amazon.com, Inc.; and Lenovo Group Ltd.
Million Insights has segmented the global smart clock market on the basis of distribution channel, and region:
Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2025)
• Specialty Stores
Regional Outlook (Revenue, USD Billion, 2016 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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