Singaporeans are hungry for connected gadgets, suggested recent findings from market research firm GfK.
Connected devices are wireless and connected electronic/digital products such as computers, internet TV, smart cameras, PC accessories, headphones, headsets, routers, smartwatches and health fitness trackers.
While the connected devices sector in the republic was valued at only US$950 million in 2010, it has expanded substantially with sales reaching over USD1.8 billion in revenue last year. Gerard Tan, account director for digital world at GfK, attributed the growth to Singapore's "high internet usage and technology adoption rate."
It was also revealed that sales for connected gadgets reached a peak in 2013 with consumers splurging more than US$2.1 billion on over 5.2 million connected devices, following which market saturation led to a slowdown in 2014.
Despite the overall decrease in consumer demand, some connected gadgets continued to register growth last year. These gadgets included smartwatches, health fitness trackers, phablets, wireless printing devices, smart cameras, and loudspeaker soundbars. The top three popular connected devices in 2014 were docking/mini-speakers, phablets and loudspeakers/soundbars, said GfK.
Manufacturers were also found to be increasingly launching new models of connected devices despite the general slowing down of the market. According to GfK, the number of market offerings across all products rose by 15 percent, which is a strong indication of the positive market sentiment going forward.
"The soaring popularity of this market means we can anticipate more of such products being launched, and the introduction of more new and exciting features, for instance, the function of easy syncing across different products," said Tan.
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