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Smart Oven Market is Accelerating at 20.5% CAGR to Cross US$ 1.89 Billion by 2033: Fact.MR Study

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Rockville, Aug. 09, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a market research and competitive intelligence provider, the global Smart Oven Market is projected to expand at a robust CAGR of 20.5% and reach US$ 1.89 billion by the end of 2033.

The smart oven market is witnessing significant growth due to the increasing demand for smart appliances in modern households. Smart ovens are equipped with cutting-edge features and connected capabilities, enabling users to streamline their cooking experience and revolutionize the way they prepare meals.

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Smart ovens integrate state-of-the-art technologies, such as artificial intelligence (AI), Internet of Things (IoT) connectivity, voice control, and advanced sensors, to enhance cooking performance and user experience. With the help of AI algorithms, these ovens can automatically adjust cooking time, temperature, and settings based on the type of food being cooked, ensuring precise and consistent results. IoT connectivity allows users to control the oven remotely through smartphone apps, enabling them to preheat, monitor, and adjust cooking settings while on the go.

Energy efficiency is a significant concern for consumers and manufacturers alike. Smart ovens are designed to be more energy-efficient compared to traditional ovens. Their ability to adjust cooking time and temperature also helps in reducing energy wastage. Furthermore, the ability to schedule cooking times in advance allows users to take advantage of off-peak electricity rates, further optimizing energy usage.

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Key Takeaways from Market Study

  • The global smart oven market is valued at US$ 293.18 million in 2023.
  • Sales of built-in smart ovens are predicted to rise at a CAGR of 21.5% from 2023 to 2033.
  • Rising presence of tech-savvy consumers and growing awareness of connected appliances are driving the demand for smart ovens in the United States.
  • The German market for smart ovens is projected to expand at a CAGR of 15% through 2033.
  • Demand for smart ovens in Japan is forecasted to increase at a CAGR of 18.5% from 2023 to 2033.

“Manufacturers are developing dedicated mobile applications that pair with smart ovens to enhance the overall cooking experience, says a Fact.MR analyst.

Competitive Landscape

Leading companies manufacturing smart ovens are investing substantially in research and development activities to enhance the features of smart ovens and offer them at a cost-effective price. They are also focusing on acquisitions and partnerships to earn more. Partnerships can lead to bundled product offerings, cross-promotion, and high market visibility.

  • In February 2023, Tovala, a renowned company known for its innovative countertop smart oven, further expanded its line of cloud-connected smart ovens by launching the Tovala Smart Oven Air Fryer. This new gadget utilizes automated multi-mode cook cycles to achieve perfectly cooked food and is available in an elegant stone-grey design.

Key Companies Profiled

  • Breville Group Ltd.
  • BSH Home Appliances Corporation
  • Candy Hoover Group Srl
  • Dacor, Inc.
  • Electrolux AB
  • GE Appliances
  • LG Electronics Inc.
  • Samsung Electronics Co., Ltd.
  • Sub-Zero Group, Inc.
  • Tovala

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Performance of Smart Oven Sales in Germany

“Manufacturers Prioritize Innovation and Technological Advancements”

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The demand for smart ovens in Germany is predicted to exhibit substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 15% until 2033. A shift towards seamlessly integrated smart home appliances aligning with modern lifestyles is propelling this demand surge. Among these appliances, smart ovens stand out as a particularly sought-after addition in German households.

Key industry players such as BSH Hausgeräte GmbH and Robert Bosch contribute significantly to the growth of the German market. This growth is reinforced by Germany’s established reputation as a hub for technological advancements. The country’s role as a pioneer in innovation-driven industries greatly fuels the increasing desire for smart ovens among consumers.

Renowned for its engineering expertise and a thriving environment that fosters research and development initiatives, Germany’s landscape is a fertile ground for the incubation of cutting-edge technologies. This robust ecosystem further underpins the escalating demand for smart ovens, making the nation a pivotal player in shaping the trajectory of smart appliance adoption.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global smart oven market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033

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The study divulges essential insights on the market based on structure (built-in, countertop), connectivity (Bluetooth, Wi-Fi, NFC), capacity (20 to 25 liters, 26 to 30 liters, above 30 liters), application (residential, commercial), and distribution channel (online, offline), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).

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Combi Ovens Market: The global combi ovens market is valued at US$ 2.13 billion in 2023 and is forecasted to reach US$ 5.18 billion by the end of 2033, expanding at a CAGR of 9.3% over the next ten years.

High Speed Ovens Market: The global high speed ovens market is estimated at US$ 5.59 billion in 2023. Overall market value is expected to reach US$ 10.70 billion by 2033, expanding at a healthy CAGR of 6.7% from 2023 to 2033.

Smart Kitchen Appliances Market: The global smart kitchen appliances market stands at US$ 15.65 billion in 2023. Worldwide sales of smart kitchen appliances are estimated to reach a market value of US$ 50.37 billion by the end of 2033, increasing at a prolific CAGR of 12.4% between 2023 and 2033.

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Smart Clothing Market: The global smart clothing market through 2032, registering an impressive valuation of US$ 23.28 Billion. By the end of the 2022-2032 forecast period, the industry is expected to touch a valuation of US$ 23.28 Billion.

Smartwatches Market: In 2022, the global smartwatches market is valued at US$ 23.5 billion and is predicted to reach US$ 121.5 billion by the end of 2032. Smartwatch sales statistics, as per this revised Fact.MR study, predicts market expansion at a stellar CAGR of 17.8% through 2032.

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Artificial Intelligence

Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services

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LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation. 

Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
Visit ViCA.Chat to learn more.
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Artificial Intelligence

LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™

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CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Perimeter Security Market- Global Forecast to 2029
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Smart Water Management Market – Global Forecast to 2028
Rail Asset Management Market – Global Forecast to 2026
Get access to the latest updates on LoRa and LoRaWAN IoT Companies and LoRa and LoRaWAN IoT Industry
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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence

Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup

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HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.

Optimized Visuals Tailored for Football Dynamics
The Toshiba REGZA Engine ZRi in Z670 transports football fans into the heart of the action. With the AI Football Mode, they’ll be able to see fast-moving objects crystal clear and football field actions much enriched. To see their favourite player score that winning goal, the AI Picture Optimizer automatically adjusts visual contrast and precision adapted to the game. From vivid green fields and vibrant player kits, every play comes to life with AI 4K Upscaling and Quantum Dot Color, transforming lower-resolution broadcasts into near-4K quality and unleashing lifelike visual color.
Powerful Audio Effects for a Live Stadium Experience
The Toshiba TV Z670’s powerful audio system makes viewers feel like they’re right in the game. With the REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, they’ll experience heart-thumping 3D surround sound that captures the live stadium atmosphere. Whether it’s the roar of the crowd or the intensity of each play, the rich audio brings the excitement of each game right into their room.
Bringing Everyone Together for UEFA EURO 2024™
Available in sizes ranging from 55″ to 85″, Z670 is equipped with a Wide Viewing Angle and Anti-reflection features that ensures a clear picture from all viewing positions with the non-glare panel. Gather everyone for “Brilliant Every Moment” in UEFA EURO 2024™ with Toshiba TV!
Please find the high-resolution TVC here: Link
About Toshiba TV:
With 70+ years of history in TV production, Toshiba TV is known for its exquisite craftsmanship, innovative ideas and groundbreaking inventions. By prioritizing superior image quality and auditory experiences, Toshiba TV sets new standards in entertainment. Toshiba TV stems from the excellence quest of customers, providing the world with responsible products to make the world a better place. Emphasizing attention to product details and technological advancement, Toshiba TV integrates aesthetically pleasing design, quality assurance, and brand reputation to underscore its commitment to authenticity in the actual world and a sincere dedication to its consumers, showcasing Toshiba TV’s long-standing design philosophy and continuous pursuit of product quality.
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