NEW YORK, NY, April 07, 2021 (GLOBE NEWSWIRE) — SPYR Technologies (OTC Pink: SPYR) has officially joined the soaring multi-billion-dollar smart home camera market with its wholly owned subsidiary, Applied MagiX, Inc., and the launch of 4 different sourced products, including an Apple® HomeKit® Secure Video Camera. Surveillance cameras can be found in nearly a third of all smart homes in the U.S., UK, Germany, and France according to new research published in Strategy Analytics’ report “Smart Home Survey – Surveillance Cameras.”
Meanwhile, the latest Home Automation Ownership & Usage Report from NPD Group’s Connected Intelligence, states that half of U.S. consumers own at least one smart home device, up from 35% in January of 2020, and security cameras remain the most commonly owned device of all the smart home devices.
In general, security is a key motivator in smart home device purchases, NPD’s research found that security cameras have been the leading volume driver for the last 4 years. In fact, according to the firm, security cameras made up nearly one out of every four smart home device purchases at retail in 2020, the most of any device type. Because the home security camera is the marquee device favored by those outfitting their homes to become more automated and “smart,” it’s an ideal product for Applied MagiX to add to its smart home product lineup.
Applied MagiX launched 4 products last week with the aim of driving revenue into the company immediately, while SPYR’s California-based subsidiary continues to develop and launch its own proprietary products. The company’s smart home camera is the highlight product among those first 4 Apple HomeKit offerings, which Applied MagiX sourced from its trusted technology partner, Onvis. And, it has introduced the product, the “Onvis C3 HomeKit Secure Video Camera,” with an extremely competitive price of $59.99. (Same product found on Amazon for $89.99) https://appliedmagix.com/shop/onvis-c3-camera
Bill Ablondi, Director of Strategy Analytics’ Smart Home Strategies advisory service, said of the camera market, “Surveillance cameras are potent assets smart home companies can use to attract new customers, as they provide consumers the feelings of safety and security in and around their homes, a potentially powerful value proposition that can be replicated in all markets.”
Just two years ago, in 2019, the global smart home security camera market was valued at around $3.9 billion, but according to KBV research, the market size is expected to reach $10.4 billion by 2026, rising at a CAGR of 16.5% during the forecast period. The same market is anticipated to reach $11.89 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.7% over the forecast period.
Industry experts cite a host of reasons for the explosive growth in the size of the smart home camera market, including the rapid adoption of the Internet of Things (IoT) in smart homes, a rise in crime, and homeowners spending more time at home during the COVID-19 pandemic living, working and learning. These factors and others have created a rise in first-time home automation customers, who are looking for quick and easy ways to focus on security, while, at the same time, pushing enthusiasts to continue upgrading their homes with new and improved smart home devices so that their homes remain safe and secure.
Jack Narcotta, Senior Industry Analyst in Strategy Analytics’ Smart Home Strategies advisory service, said, “The two most powerful purchasing drivers for surveillance cameras are how they help consumers feel secure and how they give consumers peace of mind to know their families and homes are safe.”
According to NPD’s Future of Tech report, sales of smart home devices are forecasted to continue their growth this year (2021), with sales up 9% over 2020. So, as consumers look for products that protect the home and can also be integrated with other smart home devices that they’ve previously installed, smart security systems that are compatible with door locks, light switches, and sensors will increase in popularity and continue to drive the expected year over year sales increases.
Applied MagiX also has 3 different smart sensors available on its online web store, including the:
The company will continue to add Apple HomeKit products and accessories to its lineup, as well as launch Apple Watch® accessories, and Apple CarPlay® products and accessories. Additionally, Applied MagiX will introduce its own signature line of proprietary and branded smart home products and accessories later this year.
Read SPYR Technologies’ press releases at https://www.nasdaq.com/market-activity/stocks/spyr/press-releases
About SPYR Technologies
SPYR Technologies is a technology company that, through its subsidiary, Applied MagiX Inc., develops and resells Apple® ecosystem compatible products with an emphasis on the growing multi-billion-dollar smart home market. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence and smart-technology products.
About Applied MagiX, Inc.
Applied MagiX is an Internet of Things (IoT) company headquartered in Manhattan Beach, California, with an office in Hong Kong. The company is a registered Apple® developer that develops and resells Apple ecosystem compatible products with an emphasis on the growing multi-billion-dollar smart home market.
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