What is the Smart Clock Market size?
The global smart clock market size is expected to reach USD 2.29 billion by 2025 registering a CAGR of 25.4%, according to a new report by Grand View Research, Inc. Increased spending on smart home automation products on account of changing lifestyles is projected to boost market growth. Major companies in the market including Amazon, Lenovo Group Ltd., and SDI Technologies are investing in R&D for the development of advanced products. For instance, in June 2019, Lenovo Group Ltd. launched an innovative AI-assisted smart clock featuring Google Assistant.
The device has a fabric cover with a four-inch smart display. North America was the largest regional market in 2018. Increased adoption of the Internet-of-Things (IoT) in U.S. has fueled the home automation industry over the past few years. Manufacturers are offering innovative smart home products including clocks and speakers. These devices offer remote monitoring of common household electrical products including lights, fans, ACs, TVs, etc. Prominent companies have undertaken marketing strategies, such as product development and business expansion, to cater to the increasing demand across the globe.
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www.grandviewresearch.com/industry-analysis/smart-clock-market
Further key findings from the study suggest:
- Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 26.4% from 2019 to 2025
- North America was the largest market in 2018 and is projected to expand further retaining its leading position throughout the forecast years
- Online distribution channel was the largest segment in 2018 and accounted for more than half of the overall market share
- Specialty stores is expected to be the fastest-growing distribution channel segment over the forecast period
- Key companies in the global smart clock market include Amazon.com, Inc.; Lenovo Group Ltd.; SDI Technologies, Inc.; and Kickstarter
