The analysts forecast global connected bulb market to grow at a CAGR of 50.32% during the period 2016-2020. This report covers the present scenario and the growth prospects of the global connected bulb market during 2016-2020. To calculate the market size, the report considers the total unit shipments of smart LED connected bulbs worldwide in the residential segment. Connected bulbs for the residential segment include:
- LED smart bulbs
- LED smart bulbs with inbuilt speaker
- White LED smart lightbulbs
- Color LED smart lightbulbs
- Smart LED lighting starter sets
- Flood LED smart bulbs
The following companies are the key players in the Global Connected Bulb Market: Belkin, Cree, GE, LiFi Labs, OSRAM SYLVANIA, and Philips.
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According to the Connected Bulb market demand for electricity is growing due to rapid industrialization and a rise in population and energy consumption across the globe. The prices of raw materials used by power generation and distribution companies have increased sharply, putting pressure on companies to raise electricity prices in a bid to maintain smooth operations and secure profits.
The global Connected Bulb market capitalize on the growing demand for connected bulbs, many established connected bulb manufacturers are collaborating with smart home platform providers. Consumers focus on compatibility with existing devices and ease of use while making a purchasing decision. The collaborations will provide consumers more options to connected IoT devices, including connected bulbs, without worrying about compatibility.
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Global Connected Bulb Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Connected bulbs refer to smart bulbs that are embedded with wireless chips to communicate wirelessly with mobile computing devices such as smartphones and smart watches. A connected bulb comprises of the Internet of Things (IoT) interconnected through various networking technologies. The IoT is a network of physical or tangible devices such as smart appliances and smart TVs that can communicate among themselves and with the external environment when required using the internet.
Further, the report states that though the total cost of owning a connected bulb is low compared to traditional incandescent and halogen bulbs, the high initial cost acts as a hindrance for consumers.
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