June 10, 2020
According to the research report titled ‘Smart Home-Based Beverage Machine Market Size By Product, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global smart home-based beverage machine market is expected to generate lucrative revenues by the year 2026.
Rising adoption of smart technologies such as automated solutions and popularity of digital applications along with rapid technological advancements are major factors driving the growth of smart home-based beverage machine industry. Emergence of smart factories due to fourth industrial revolution and Integration of robotics, artificial intelligence (AI) and IoT (Internet of Things) in food & beverage manufacturing processes have not only improved the efficiency but also reduced the production costs.
Numerous market majors are focusing on developing innovative beverage machines which are equipped with smart home ecosystems such as Google Home or Amazon’s Alexa. These systems enable users to turn on or off the beverage machine remotely. Smart beverage machines are capable of producing healthy and fresh beverages as well as coffee of varied intensity in short period of time. Moreover, easy installation, stainless-steel strainers and compact design are stimulating the product adoption.
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As per the product type, smart water machine market segment is predicted to expand with a CAGR of 6% during 2020-2026. Increased pervasiveness of water-borne diseases is propelling the popularity of smart water machines across the globe.
Considering the geographical landscape, smart home-based beverage machine industry in Latin America is slated to record momentous growth during the study period. Growing trend of adopting smart home technologies and rising per capita income are swaying the business dynamics in Latin America.
The prominent companies operating in smart home-based beverage machine industry are Hurom Co. Ltd., Smart Soda Holdings Inc., Nestle Nespresso SA, Mittemitte GmbH, Lavazza, KUVINGS (NUC Electronics Co. Ltd.), Koninklijke Philips N.V., Keurig Green Mountain Inc., JURA Elektroapparate AG, Illy (Illycaffe S.p.A.), De’Longhi S.p.A., Coway Co. Ltd., BSH Hausgerate GmbH, Breville Group Ltd., Bevi (Hydration Labs Inc.) and Behmor Inc. among others.