The smart consumer electronics market is projected to grow rapidly from this year, and to enjoy an average of 134 percent growth each year for the next 5 years.
Market research firm IHS iSuppli recently predicted that the level of smart consumer electronics production around the world would increase from less than 1 million units in 2014 to 223 million units in 2020. The projection is about household electric appliances like washing machines and refrigerators. If small household appliances such as rice cookers and microwaves are included, the number is likely to reach around 700 million units by 2020.
IHS iSuppli said that the smart home tech markets would be combined within 2 to 3 years, and be settled into only several Internet access platforms and operating systems. This kind of integration will reportedly make it easier to purchase smart electronics.
Accordingly, household appliance makers and IT companies are focusing on emerging companies and their technologies in the Internet of Things area through M&A deals.
Last Aug., Samsung Electronics bought SmartSync, a U.S.-based open source platform provider, securing remote control technology. Google's Nest also purchased smart home hub startup Revolv in October 2014, strengthening its competitiveness in the smart ecosystem.