Global Smart Bottle Market 2018-2022
About Smart Bottle
Smart bottles are technologically advanced bottles that incorporate wireless communication capabilities for connecting with computing devices. Smart bottles are generally used to update the consumer on levels of hydration in the body and medication dosage. These bottles are made from raw materials such as plastic, aluminum, and glass.
Technavio’s analysts forecast the global smart bottle market to grow at a CAGR of 14.75% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart bottle market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of smart bottle.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Bottle Market 2018-2022
Technavio recognizes the following companies as the key players in the global smart bottle market: Thermos LLC, Hidrate Inc., Pillsy , TRAGO, Kuvee, and AdhereTech
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing consumption of bottled water. Since 2010, there has been a surge in the per capita consumption of bottled water worldwide. For instance, bottled water sold in Mexico was more than 350 million liters to 360 million liters during 2015- 2016. In addition, Thailand's per capita consumption of bottled water has boosted from 98 liters to 240 liters during 2009-2016.”
According to the report, one of the major drivers for this market is Surge in IoT. Smart products are created by connecting various existing products such as mobile phones, watches, bottles, and refrigerators to web construct channels for which digital services are personalized through IoT technologies that enable one-to-one communication. This system also links the creator of product and the consumer to obtain real-time information about the usage.
Further, the report states that one of the major factors hindering the growth of this market is Increased cost of smart bottles. The process of taking any product and making it smart is expensive because of the addition of smart components and connectivity. In addition, one must build software apps to run on the product and integrate it with the product’s back end. Smart products need constant upgrades in technology as they work in sync with smartphones. It all adds up quickly, which is the main reason for the surge in the cost of smart products.
Thermos LLC, Hidrate Inc., Pillsy , TRAGO, Kuvee, and AdhereTech