Edmonds, WA - As smart home and Internet of Things technology becomes widely adopted in the coming years, one of the areas in the home that will see the greatest change over the next decade is the kitchen. The growing impact of this new technology and the resulting "smart kitchen" will result in a $10.1 billion market opportunity by 2020 according to a new report from NextMarket Insights.
"Whether it's food storage, preparation, or the act of cooking itself, the arrival of new technologies will enable consumers to become more efficient, knowledgable and possibly even better cooks in coming years," said Michael Wolf, Chief Analyst with NextMarket Insights. "As a result, we believe that appliance makers, smart home companies as well as those who provide food to consumers will see both enormous opportunity as well as disruption to their existing businesses with the arrival of the smart kitchen."
According to a survey of over 500 households conducted by NextMarket Insights in October 2014, technology is already beginning to change the way consumers interact with food. 24% of those surveyed who were self-designated cooks currently use a tablet or smartphone "all the time" when in the kitchen to help them prepare food, while another 34% indicate they use a table or smartphone "sometimes".
"Appliance and device makers are integrating smart features at both the high and low end of the device spectrum," says Wolf. "We see significant investment in putting smart features in big ticket items such as refrigerators and ranges by major manufacturers, as well as strong interest in creating a new lines of smaller, more discretionary purchase lines of smart kitchen products such as smart thermometers and scales."
One other opportunity in the smart kitchen is using technology to better understand what we are eating and to better synchronize this knowledge with our own health and fitness information. NextMarket believes that coordination of technologies such as HealthKit with the smart kitchen technology such as molecular food sensors will enable consumers to make more informed personalized choices in future regarding food consumption.
The new report, The Connected Kitchen: A Market Analysis, Survey & Forecast of the Smart Kitchen Market, includes analysis of the smart kitchen market landscape, key product categories, consumer survey data and analysis and a market forecast of the overall market and nine smart kitchen product categories. You can download a complimentary executive summary for this report here.