Smart plugs are power receptacle devices that plug into traditional electrical outlet and integrate into smart home. Rise in disposable income of customers and change in lifestyle are further projected to accelerate the global smart plug market in coming years. Increase in adoption of energy efficient home appliances and innovative product in smart homes will drive the market growth.
The increasing advancements taking place in the ICT industry has enabled the introduction of new and innovative technologies that appear promising and are expected to create positive disruptions in the industry. The cloud computing technology is expected to witness considerable growth in the future, owing to the rising adoption of everything-as-a-service (Xaas) solutions have enabled faster and easier product innovations, and increased consumer accessibility to cutting edge technologies and services offered by the ICT industry players. The cloud computing technology has brought enhanced flexibility and control for ICT operations.
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Increase in technological advancements and investments by prominent players are the key driving factors which are expected to boost the global smart plug market growth. Furthermore, growing need of consumers for a convenient lifestyle, advancements in the IoT framework, and improved energy saving will have the positive impact on market growth. Moreover, smart devices are becoming popular due to benefits such as remote control, remote monitoring, and other features enabling cost savings and convenience will propel the market growth during this forecast period. Also, implementation of smart homes due to government initiatives to enhance standard of living, will significantly grow global smart plug market.
However, security concerns associated with smart plugs are the major restraining factors which are expected to hamper the global smart plug market growth.
Global Smart Plug Market is segmented into technology such as Bluetooth, and Wi-Fi. Further, market is segmented into end user such as Automotive, Healthcare, Aerospace & Defense, Power & Energy, Consumer Electronics, IT & Telecommunication, Industrial, and Others.
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Global Smart Plug Markethas been segmented into Europe, the Americas, Asia Pacific, and the Middle East & Africa. This part of the report provides an exhaustive view of the regional scope existing in the global Smart Plug Market. The recent market trends and preferences dominating each region have a direct impact on the industries. The report tries to exploit the recent trends and preferences prevailing in a region to provide the users with a clear picture of the business potential existing in that region.
Market Key Players
Various key players are discussed in this report such as
- Belkin International
- SDI Technologies
- EDIMAX Technology
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