Although shipments of smart appliances are project to exceed 24 million units by 2017, the smart appliance market has failed to proliferate as expected, according to research by ABI.

The predicted momentum could take a couple of years due to the high price of smart appliances; consumer demand should increase once prices come down.

The number of major appliance manufacturers at recent trade shows could indicate that the market may soon see substantial growth.

"LG Electronics, for example, along with fellow South Korean appliance manufacturer, Samsung Electronics, are two of the first companies to have already brought a comprehensive range of smart appliances to market," said Craig Foster, Senior Analyst, Home Automation and M2M, ABI Research. "Whirlpool, BSH, Miele, and Electrolux are among the other leading players to have unveiled one or more smart products."