The global smart ovens market size was valued at USD 220.4 million in 2020 to USD 572.14 million by 2027, at a CAGR of 14.6% from 2021 to 2027. The smart ovens market has witnessed an upsurge in technological innovations in the last two years. The recent strides are now aiming at advancements of sensor technology, which will empower adaptable, smart systems targeting safety. Smart sensing in smart ovens has enhanced the overall safety of smart ovens during cooking. Unmonitored cooking is the leading factor that is responsible for a kitchen fire. As a result, advanced sensors are being developed to enable contextual data acquisition around the oven, alarming fire hazards to users. Such safety features are anticipated further to bolster demand for smart ovens during the forecast period.
Presently, consumers prefer appliances with advanced features and the latest technologies. Several companies operating in the market are offering smart ovens that can be operated through devices such as smartphones. The latest developments market includes the launch of GE PROFILE SERIES 30" microwave oven, which comes with functions that can be controlled wirelessly through a consumer's smartphone. Smart ovens adoption is higher in developed nations such as America and Europe. It is anticipated that developing economies such as India and Brazil would significantly contribute to the growth of the smart ovens market in the years to come.
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The global smart ovens market is analyzed based on its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global smart ovens market. These include market forecast, drivers, restraints, opportunities, and the role of key players operating in the market. The report is analyzed by type, which provides for built-in and countertop. The report also segments the market based on end-users, mainly resident