The demand for virtual kitchens is growing, according to a new 100-page report from Market Research Future. From relatively simple technologies such as Samsung’s Virtual Flame Technology installed in the brand’s induction hobs, which uses blue LEDs to create a virtual flame whose brilliance tells the user how hot it is; to the more complex and immersive virtual kitchen experiences offered by Virtual Worlds, this new technology is on the rise. Specifically, the report claims the global virtual kitchen market is growing rapidly, currently exceeding 43% CAGR, and is expected to achieve USD $3,586 Million by the end of 2023.
North America is said to have the fastest growing demand for virtual technology, accordingly due to the new conveniences it affords both commercial and residential consumers. The most prominent companies in the report are those who have managed to offer these new conveniences to customers at reduced cost, suggesting cost is the major factor in the uptake of this trend.
Though North America has a prominent stronghold, Europe is estimated to be the second largest market share for virtual kitchens, while Asia Pacific – where the current market is relatively small – is expected to achieve the highest CAGR in the coming years.
The prominent players in the global virtual kitchen market were found to be the Microsoft Corporation, HTC Corporation, IKEA, Samsung Group, LG Electronics Inc., Homer TLC, Inc., Clicky Media, The National Kitchen & Bath Association, Aetna Inc., Cawdor Stone Gallery, The Saturn Corporation, and Micro-Star International.
Market Research Future | marketresearchfuture.com