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Smart Refrigerator Market size is set to grow by USD 6.72 billion from 2024-2028, New product launches boost the market, Technavio

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NEW YORK, June 24, 2024 /PRNewswire/ — The global smart refrigerator market size is estimated to grow by USD 6.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22%  during the forecast period. New product launches is driving market growth, with a trend towards growing adoption of iot-enabled devices. However, cyber-attacks due to security issues related to internet connectivity  poses a challenge. Key market players include Electrolux AB, General Electric Co., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA Group Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Smeg S.p.a., THOR Kitchen Inc., Toshiba Corp., and Whirlpool Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart Refrigerator Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 22%

Market growth 2024-2028

USD 6722.5 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

16.33

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 32%

Key countries

US, China, Germany, UK, and Japan

Key companies profiled

Electrolux AB, General Electric Co., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA Group Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Smeg S.p.a., THOR Kitchen Inc., Toshiba Corp., and Whirlpool Corp.

Market Driver

The Intelligent Digital Network (IDN) revolution in home appliances enables smart refrigerators to connect and be controlled online. Samsung’s launch of a 4-door French refrigerator with AI family hub in April 2024 is a significant development. This innovative product offers features like remote refrigerator monitoring, messaging, doorbell identification, thermostat adjustment, CCTV access, and recipe suggestions. These advanced functionalities are driving the expansion of the global smart refrigerator market. 

The smart refrigerator market is experiencing significant growth with advanced technologies such as voice recognition, touch screens, and connectivity. Tech-savvy consumers are increasingly preferring these modern appliances for their convenience and efficiency. Refrigerators with tech features like temperature control, food expiration alerts, and compatibility with smart home systems are trending. Brands are focusing on improving user experience and integrating these features seamlessly. The market is expected to continue growing as technology advances and consumer demand increases. Smart refrigerators offer a combination of functionality and innovation, making them a must-have in modern kitchens. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

•         The smart refrigerator market faces challenges due to vulnerabilities in device security. With increasing IoT integration, refrigerators and other household appliances become targets for cyber-attacks. Weak security parameters and connectivity with other devices pose risks to consumer data. Vendors are addressing these concerns by enhancing software and IoT features. However, the rush to launch new products may result in inadequate security measures, creating opportunities for hackers to exploit personal information or launch larger-scale attacks. This security issue may hinder market growth during the forecast period.

•         The smart refrigerator market is experiencing significant growth due to the integration of advanced technologies such as Wi-Fi connectivity, touchscreens, and voice recognition. However, there are challenges that need to be addressed to ensure the success of this market. One challenge is ensuring compatibility with various home automation systems and appliances. Another challenge is ensuring energy efficiency and reducing power consumption. Additionally, ensuring user-friendly interfaces and seamless integration with food delivery services are crucial for customer satisfaction. Furthermore, ensuring data security and privacy are essential to protect consumer information. Overall, addressing these challenges will help drive innovation and growth in the smart refrigerator market.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This smart refrigerator market report extensively covers market segmentation by  

Distribution Channel1.1 Offline1.2 OnlineEnd-user 2.1 Residential2.2 CommercialGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Offline-  The Smart Refrigerator Market is experiencing significant growth due to increasing consumer demand for convenience and technology integration in household appliances. These refrigerators offer features such as temperature control, inventory management, and compatibility with voice assistants, making them an essential addition to modern kitchens. Manufacturers continue to innovate, integrating new technologies like Wi-Fi connectivity and energy efficiency, further enhancing their appeal to consumers.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The smart refrigerator market is experiencing significant growth due to the integration of electricity-powered smart technologies in everyday appliances. These advanced devices offer both convenience and efficiency for tech-savvy millennials. Smart refrigerators, equipped with intelligent sensors, monitor power consumption and enable timely usage to prevent wastage. The market for smart home products, including smart refrigerators, is expanding as consumers seek to optimize their living spaces. Digital features, such as touch screens and RFID scanners, allow users to easily manage food items and access real-time information. Connectivity options enable remote monitoring and timetabled tasks, adding to the convenience and appeal of these intelligent appliances. Despite the benefits, restrictive containment measures may impact the market’s growth in certain regions. Overall, the smart refrigerator market is poised for continued success in the era of smart homes and advanced sensors.

Market Research Overview

The Smart Refrigerator Market is experiencing significant growth due to the increasing demand for advanced home appliances. These refrigerators are equipped with features like temperature control, inventory management, and energy efficiency. The integration of the Internet of Things (IoT) and artificial intelligence (AI) is enabling these appliances to learn consumer behavior and optimize energy usage. The market is driven by factors such as rising disposable income, urbanization, and changing consumer preferences. The use of sensors and connectivity is enabling manufacturers to offer personalized services and remote monitoring capabilities. The market is expected to continue its growth trajectory in the coming years, with innovations in technology and design being key drivers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineEnd-userResidentialCommercialGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Cat® Simulators New Hydraulic Mining Shovel System Builds Operator Skills for Mine Sites

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Simformotion™ LLC, a leader in heavy equipment simulator training solutions, announces the release of the new Cat® Simulators Hydraulic Mining Shovel System.

PEORIA, Ill., Sept. 23, 2024 /PRNewswire-PRWeb/ — Simformotion™ LLC – a leader in heavy equipment simulator training solutions – announces the release of the new Cat® Simulators Hydraulic Mining Shovel System. Operator trainees can utilize the system inside a classroom or at satellite mine locations.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites,” says CEO Lara Aaron.

The hands-on training system is set in a mining environment and teaches learners how to operate the Hydraulic Mining Shovel, including inspecting the machine, spotting and properly loading trucks, and more. Correct, efficient operation increases safety, production and cost savings. Simulation is a safe alternative to using actual machines for heavy equipment operator training. Students and operators can train anytime and anywhere using simulators — no need to take a costly machine out of production, worry about the weather or, most importantly, worry about the operator’s safety.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites. We often hear of the struggles to find skilled operators. Cat Simulators systems help companies build their own workforce,” says CEO Lara Aaron.

The Cat Simulators Hydraulic Mining Shovel system is available in multiple languages and includes SimU Campus™, a built-in reporting software that records and generates reports of learners’ simulation sessions and compares their performance to Caterpillar benchmarks. The system features authentic Cat controls, a motion system, exclusive walkaround machine inspection training, and a companion SimScholars™ curriculum, making the training package a unique offering.

The companion SimScholars online curriculum is a one-to-one match with the simulator model and can be used in the classroom or for remote learning. It is an interactive, turn-key solution complete with instructor guides, videos, quizzes and more. Integrate the Cat Simulators Hydraulic Mining Shovel system and its curriculum together for a unique, blended learning experience.

For even more training value and for a more immersive experience, add VR Edition. With the VR headset and patented VR Now technology, users experience a larger view of the virtual environment with greater depth perception. The simulator is portable and easy to move from a training room to a trailer to satellite locations.

About Simformotion™ LLC

©Copyright 2024 Simformotion™ LLC is a leader in heavy equipment simulator training solutions. Simulation can help address initiatives such as safety and production; while ensuring training can be delivered anytime day or night, regardless of weather conditions. Cat Simulators are chosen as training solutions in such markets as mining, construction, forestry, government, and trade and vocational schools. Simformotion™ LLC is a licensee of Caterpillar Inc. As used herein, “Simformotion” means Simformotion™ LLC, a Delaware limited liability company.

About Caterpillar Inc.

About Caterpillar Inc. With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow,” and the “Power Edge” and “Modern Hex” trade dress, as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission. www.cat.com / www.caterpillar.com Third party trademarks are the property of their respective owners.

Media Contact
Kim Roberts, Simformotion, 1 3096703200, kroberts@simformotion.com, https://simformotion.com/

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GR0 CEO Kevin Miller Snags C-Suite Insiders CEO of the Year Award for Brand Optimization

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GR0 Co-Founder and CEO Kevin Miller Honored for Excellence in Leadership, Innovation, and Industry Impact

LOS ANGELES, Sept. 23, 2024 /PRNewswire-PRWeb/ — Kevin Miller, Co-Founder and CEO of GR0, was awarded CEO of the Year for brand optimization from the prestigious C-Suite Leadership Awards Program. This recognition underscores Miller’s outstanding leadership, innovation, and transformative impact in the digital marketing industry.

Recognized for celebrating excellence in senior executives, the C-Suite Leadership Awards Program highlights remarkable achievements in business. Emphasizing the importance of exceptional leadership, innovation, and industry impact, the program honors high-performing executives who inspire success while shaping the future of their companies.

As Co-Founder and CEO of GR0, Kevin Miller has propelled his company to the forefront of the digital marketing industry. Leveraging extensive expertise from roles at Google and Open Listings, Miller has spearheaded notable successes for GR0, including accolades such as a Platinum dotCOMM award in 2024 and a Best SEO Company award from Clutch in 2021.

Assisting both D2C and B2B clients, GR0 is known for delivering measurable growth and impactful results as a trusted agency for businesses seeking transformative omnichannel digital marketing solutions.

Miller’s dedication to his team and commitment to fostering an exemplary working environment have not gone unnoticed. He was recognized with a Best CEO Award from Glassdoor and was instrumental in GR0 being named a Best Company for Women by Great Place to Work in 2024. These achievements underscore Miller’s holistic approach to leadership, focusing on business success and employee well-being.

For further details on Miller’s remarkable achievements and to explore GR0’s transformative digital marketing strategies, visit GR0’s website.

About GR0: A leading omnichannel digital marketing agency based in Los Angeles, GR0 delivers exceptional growth and impactful results for a diverse clientele. With a record of innovation and recognition in digital marketing, GR0 sets benchmarks and drives success stories for businesses worldwide.

Media Contact

GR0 Agency, GR0, +1 (310) 439-1887, performancepr@gr0.com, gr0.com 

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First Pacific Bank expands its instant payments offerings with Finastra, driving growth

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With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth. 

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

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