Artificial Intelligence
The Global Smart Home Hardware Market size is expected to reach $48 billion by 2028, rising at a market growth of 12.5% CAGR during the forecast period
New York, June 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Smart Home Hardware Market Size, Share & Industry Trends Analysis Report By Product, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06289289/?utm_source=GNW
It can also be utilized for remote monitoring via a laptop, mobile device, or desktop computer. It is popular because it is energy efficient and can handle multiple tasks at once. The smart home hardware are driven by the increasing use of smart home devices and the rising importance of home monitoring systems. Other factors driving market demand include the rising growth of broadband and the widespread use of smartphones to manage smart devices remotely.
The gadgets that operate as the brains of a smart home system, processing, and sensing data and communicating wireless, are known as smart home hardware. It’s a smart device which can connect to smart home systems, communicate with other devices, and make a decision on its own. The smart home hardware is linked to the internet, stores data in the cloud, and responds to the user’s actions. Televisions, alarm systems, doorbells, speakers, and other devices and appliances are among them. Smart home devices are appropriate for a home setup in which devices may be operated remotely utilizing a mobile or other networked device from any Internet-connected location in the world. The consumer can control features such as security access, lighting, temperature, and home theater in a smart home by connecting its gadgets to the Internet.
The ’new normal,’ as described by the social distancing practice, forced real estate firms and the architect ecosystem to get back to the drawing board and re-imagine residential real estate products by incorporating new-age design, innovation, and efficiency. The necessity for a whole new set of amenities has reappeared and gained relevance as the makeover takes place. In the aftermath of the COVID-19 pandemic, what the consumer would need in the ’new normal’ has experienced a revolution, resulting in a paradigm shift in living environments.
COVID-19 Impact
The spread of COVID-19 pandemic has had a favorable impact on the smart home hardware market. The orders and shipments for voice control devices have increased by a significant rate. For instance, as per Xiaomi research, more than 51% of customers purchased at minimum one smart home gadget at the time of the COVID-19 pandemic. COVID-19 has thrown a wrench in everyday life, forcing individuals, organizations, and governments to rethink the policies, goals, and actions. Such advances are encouraging technical improvement and innovation. Although, in current history, the home automation industry has risen significantly, spurred in part by COVID-19 and the reality that lockout limitations have pushed individuals to invest additional time in the houses. Due to reasons like more enterprises entering the market and a growing proportion of online and internet sales, the industry has grown to include a broad range of low-cost home automation and mid-range and entry-level products.
Market Growth Factors
Growing implementation of Internet of Things (IoT) solutions
One of the most important overall economic drivers for smart home hardware market growth is the Internet of Things platform. This IoT-based technology offers energy-saving capabilities at home. For instance, as per IoT connections will reach a significant level of multiple billion in coming years. The factor indicates that enormous clusters of devices, sensors, and objects will interact via high-speed technologies such as 5G in a few years. The market is experiencing a substantial growth in number of IoT devices. With the evolving period of time, various smart hardware devices are incorporating the solutions of the internet of things.
Huge development in technologies
The huge reach of home automation devices has occurred due to technological advancements and improved security alternatives. With the emergence of innovative wireless technologies such as ZigBee and Bluetooth, the creation of automated control systems has been simplified, and multiple standards for home automation controls, such as EnOcean and Z-wave, have expanded the flexibility of diverse components. The growth of the market is anticipated to be accelerated by growing implementation of home monitoring systems, increasing the requirement for home monitoring from remote areas, and rising consumer awareness of the comfort of smart home devices, such as lighting and automated security systems.
Market Restraining Factors
Greater security risks are impeding market expansion
The growing cyber-attack in high-end connected technology is a big barrier to commercial expansion. All of the linked endpoints pose a security risk to smart home technology. As the intelligent technology is linked to each and every system and gadget in the home, hackers can obtain access to sensitive and personal data if it is not fully protected. For instance, as per Rambus Incorporated, a chip interface technology designer, developer, and licenser, a significant amount of IoT devices are prone to a range of attacks. Connecting previously standalone smart devices such as lighting, appliances, and locks raises a slew of new cyber security issues.
Product Outlook
Based on Product, the market is segmented into IoT Hardware for Control & Connectivity Devices, IoT Hardware for Security & Surveillance Equipment, and IoT Hardware for Smart Appliances. The IoT hardware for smart appliances segment acquired a substantial revenue share in the smart home hardware market in 2021. The COVID-19 pandemic has boosted demand for smart appliances even more as most people now work from home, resulting in greater investment in smart appliances. In addition, because smart home appliances may be operated remotely, it has a significant need for IoT hardware for smart appliances, which leads to market growth.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific emerged as the leading region in the smart home hardware market with the largest revenue share in 2021. Smart refrigerators, washing machines, kitchen appliances, and other smart house hardware are created with technological advancements and are very inexpensive in the region, resulting in a large desire for the smart home hardware market. Moreover, in the Asia Pacific, economic growth, rapid urbanization, and a large telecom industry have raised the demand for smart home devices.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, LLC. are the forerunners in the Smart Home Hardware Market. Companies such as Samsung Electronics Co., Ltd., ABB Group are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, Amazon.com, Inc., Schneider Electric SE, Honeywell International, Inc., ABB (ASEA Brown Boveri) Group, Johnson Controls International PLC, Panasonic Corporation, Legrand S.A., Samsung Electronics Co. Ltd., and General Electric (GE) Co.
Recent Strategies Deployed in Smart Home Hardware Market
Partnerships, Collaborations and Agreements
Apr-2022: Samsung Electronics came into a partnership with ABB, an industrial technology giant. This partnership aimed to unify SmartThings with ABB’s free@home solutions and enable people and businesses to control the multitude of smart home devices from ABB’s automation fleet with Samsung phones.
Mar-2022: Samsung Electronics joined hands with CommScope RUCKUS, a brand of wired and wireless networking equipment and software. This collaboration aimed to allow landlords and building owners to provide better experiences to tenants and residents. In addition, the RUCKUS portfolio of converged Wi-Fi 6 and IoT access points would gain Works as a SmartThings Hub (WASH) functionality, permitting property owners to turn their apartment buildings into smart homes, and residents to link to thousands of devices over hundreds of brands.
Nov-2021: ABB came into a partnership with Sevensense, a Swiss-based start-up. This partnership aimed to better ABB’s new autonomous mobile robotics (AMR) offering with artificial intelligence (AI) and 3D vision mapping technology. In addition, this partnership would give customers unprecedented levels of flexibility as mobile robots would be able to move autonomously in complex, dynamic indoor and outdoor environments close to people.
Aug-2021: General Electric came into a partnership with Google Cloud, a suite of cloud computing services. This partnership aimed to integrate both companies expertise to provide new smart home technologies and better experiences.
May-2021: Johnson Control came into a partnership with DigiCert, the world’s leading provider of digital certificate services and PKI solutions. This partnership aimed to deliver customers the most advanced safe, trusted interconnectivity for smart building technology. In addition, this partnership would enable Johnson Controls OpenBlue’s digital solutions suite to utilize the DigiCert ONE PKI platform.
Apr-2021: Johson Control entered into a partnership with Pelion, the connected IoT device service provider, and a subsidiary of Arm. This partnership aimed to fasten innovation in security, intelligence, and connectivity at the edge of Johnson Controls OpenBlue technology.
Sep-2020: Google came into a partnership with Lenovo Group, a Chinese multinational technology company. This partnership aimed to resolve issues related to video conferencing with dedicated partnerships that certify the unification between software and hardware to enable hardware to have a great opportunity to succeed in demanding, real-life collaboration scenarios.
Aug-2020: Google formed a partnership with ADT, a leading provider of security and smart home solutions. This partnership aimed to build the next generation of smart home security offerings and make a helpful smart home and unified experience for customers all over the United States.
Product Launches and Product Expansions
Dec-2021: Panasonic introduced Swidget devices, an end-to-end smart home ventilation solution as the exclusive distributor of Swidget smart controls. This product launch aimed to build a complete smart home ventilation eco-system. In addition, Swidget devices can be paired with most of Panasonic’s portfolio of ventilation solutions, comprising its renowned Whisper ventilation fans and its advanced energy recovery ventilators (ERVs).
Sep-2021: Amazon.Com introduced a home robot called Astro. This product launch aimed for the robot to look animated and friendly, with eyes, and expressive body movements that react to user engagement. Astro is equipped with a rotating screen that is mounted on a base with wheels as well as Amazon’s Alexa voice assistant. In addition, Astro would set and deliver reminders, serve up entertainment like TV shows or podcasts and control smart home devices, among other tasks.
Aug-2021: Legrand expanded its product line by including smart lighting solutions of Netatmo smart home technology in collections of designer switches and outlets. This product expansion aimed to provide the advantages of smart lighting control with unprecedented reliability and agility. In addition, with a selection of smart switches, outlets, and dimmers, the solutions would be available from both of Legrand’s design-inspired collections- adorne and radiant.
Jul-2020: ABB expanded its product line with a package of new upgrades for its successful ABB-free@home system. This product expansion included the latest ABB-free@home DALI Gateway to enable DALI lighting to be simply unified into any ABB-free@home system, without the requirement for a separate USB programming device, or additional DALI power supply.
Acquisitions and Mergers
Jan-2022: Johnson Control took over FogHorn, the leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This acquisition aimed to resolve some of the world’s most dynamic challenges of sustainability and energy efficiency, decarbonization, indoor air quality, and smart, secure buildings.
Aug-2020: Johnson Control took over Qolsys, a leading commercial and residential security and smart-home manufacturer. This acquisition aimed to attain operational efficiencies and spread throughout the complete market, along with improving the suite of products and services given on the digital platform.
Scope of the Study
Market Segments covered in the Report:
By Product
• IoT Hardware for Control & Connectivity Devices
• IoT Hardware for Security & Surveillance Equipment
• IoT Hardware for Smart Appliances
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Google LLC
• Amazon.com, Inc.
• Schneider Electric SE
• Honeywell International, Inc.
• ABB (ASEA Brown Boveri) Group
• Johnson Controls International PLC
• Panasonic Corporation
• Legrand S.A.
• Samsung Electronics Co. Ltd.
• General Electric (GE) Co.
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Riyadh leads the GCC’s rise as a retail innovation hub, hosting global retail leaders to address market resilience, AI-powered growth, and sustainabilityPanda Retail Company joins as a Strategic Partner and Apparel Group as a Headline Partner to support the Forum’s focus on ‘Rebuilding a Shared Future’The Forum marks the next phase of the Retail Leaders Circle’s decade-long mission to connect and empower leaders within the retail sectorRIYADH, Saudi Arabia, Oct. 1, 2024 /PRNewswire/ — The RLC Global Forum will hold its inaugural Annual Meeting on February 4-5, 2025, in Riyadh, a landmark event for the global retail sector. As the GCC strengthens its position as a hub of resilience and growth, fueled by Saudi Arabia’s Vision 2030, the Forum will bring together the world’s leading retailers, policymakers, investors and innovators to discuss the future of the industry, driven by AI, sustainability, and global collaboration.
Under the theme “Rebuilding a Shared Future,” the RLC Global Forum will tackle the most pressing challenges facing global retail today, including technological transformation, cross-border commerce, market resilience, and geopolitical shifts. The Forum will serve as a critical platform for fostering cross-industry partnerships and innovative strategies to drive the sector forward.
“Our evolution into the RLC Global Forum reflects a broader, more inclusive vision for the global retail sector,” said Panos Linardos, Chairman of the RLC Global Forum. “This inaugural Annual Meeting will offer unique insights into how we can navigate the complex landscape of retail, from AI advancements to building sustainable and inclusive industry growth.”
Panda Retail Company, one of the top retail chain businesses in the Middle East and the lead grocery retailer in Saudi Arabia, joins as a strategic partner. “Our strategic alliance with the RLC Global Forum marks Panda’s dedication to innovation and excellence in the grocery sector,” said Dr. Bander Hamooh, CEO of Panda Retail Company. “We look forward to leveraging this partnership to pioneer new solutions and advance the retail landscape in Saudi Arabia.”
Additionally, the multi-award-winning global fashion and lifestyle retail powerhouse, Apparel Group, joins as a Headline Partner. “At Apparel Group, we are always eager to foster discussions on crucial themes that impact both the global landscape and our industry,” stated Sima Ganwani Ved, Founder and Chairwoman of Apparel Group. “Our strategic partnership with the RLC Global Forum highlights our commitment to engage with pivotal topics and drive meaningful dialogue that shapes the future of retail and beyond.”
The inaugural 2025 RLC Global Forum promises to be a defining event, setting the stage for retail’s next chapter of innovation, collaboration, and growth.
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Artificial Intelligence
Cyber-Physical Systems (CPS) Market worth $255.3 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 1, 2024 /PRNewswire/ — The global cyber-physical systems market is expected to be valued at USD 124.1 billion in 2024 and is projected to reach USD 255.3 billion by 2029; it is expected to grow at a CAGR of 15.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Higher growth in industrial automation coupled with the influence of IoT is boosting the growth of the cyber-physical systems market. The growth of the industry of industrial automation is mainly influenced by the importance of the integration of cyber-physical systems and the Internet of Things. CPS involve the connectivity of sensors and actuators, which improves manufacturing efficiency and flexibility while heightening the operational capabilities of a factory, thus a shift toward smart factories in the industry 4.0 era. The influence of IoT will further be the enablement of real-time data exchange along with advanced analytics on predicting maintenance and optimization of resources that would make automation faster. The CPS systems are expected to expand rapidly with each adoption in the various industries across the market because of the inherent innovations coupled with competitiveness across a number of industries.
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Browse in-depth TOC on “Cyber-Physical Systems (CPS) Market” 210 – Tables70 – Figures298 – Pages
Cyber-Physical Systems (CPS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 124.1 billion
Estimated Value by 2029
$ 255.3 billion
Growth Rate
Poised to grow at a CAGR of 15.5%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Type, Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Complexities associated with integrating various components
Key Market Opportunities
Rising preference for sustainable energy
Key Market Drivers
Growing trend of industrial automation
The operational technology (OT) holds a significant share in cyber-physical systems market.
The operational technology (OT) segment holds a significant share in the cyber-physical systems market due to higher demand from process industries such as oil & gas, chemical, and petroleum. This technology enables these industries to manage and control critical industrial processes in real time. These systems integrate hardware and software that collects the data, visualizes it, and takes control of the processes. Also, the industries such as energy and manufacturing rely on OT for performing operations such as process control, safety management, and monitoring. Furthermore, integrating OT with IT systems has enhanced the execution of complex industrial tasks. As industries increasingly adopt automation and smart technologies, the reliance on robust OT systems ensures its substantial share in the CPS market.
Digital twin technology to exhibit the highest growth rate in the cyber-physical systems market.
The digital twin is anticipated to hold the highest growth rate in the cyber-physical systems market. This is attributed to their unique gadgetry, which completely transforms how industries manage and optimize their assets. Digital twins can imitate real-life systems, allowing businesses to monitor, predict and simulate how they operate in real-time. This capacity is vital in sectors such as manufacturing, healthcare, and aerospace, where there is an emphasis on the careful handling of machines and techniques. The emergence of Industry 4.0 kindled by the expanding incorporation of AI with IoT technologies, has since contributed to expediting the use of digital twins due to their ability to facilitate preventive maintenance, reduce downtimes, and enhance the decision-making process among manufacturers. Given that organizations are increasingly leaning towards productivity improvement ideas, demand for digital twin technology will be expected to keep rising, resulting in the highest CAGR in CPS markets throughout the forecast period.
Manufacturing vertical dominates the cyber-physical systems market over the forecast period.
Manufacturing is the largest vertical of the cyber-physical systems market, as heavy machinery works with advanced automation technologies to implement the most modern manufacturing process. Smart manufacturing avails itself of CPS technologies such as IIoT, robotics, and digital twins, enabling capabilities like real-time monitoring, predictive maintenance, and optimized production workflows. These are really important to enable companies to compete in a global marketplace, supporting manufacturers in increasing their efficiency, reducing charges, and offering better quality products. The emphasis on digitalization and the integration of manufacturing systems propagated by Industry 4.0 has positioned CPS technologies as the dominant sector in the market, especially for manufacturing.
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North America region holds the largest share of cyber-physical systems market during the forecast period.
North America holds the major share of the cyber-physical systems industry due to the presence of key players in the region. The region is strategically vital for advanced R&D initiatives focusing on transformational technologies such as IIoT, smart grids, and autonomous systems. Steadily rising demand from manufacturing, automotive, and healthcare sectors eager to adopt and implement new and transformative technologies constantly pushes innovation. In addition to this, early adoption of the practices of Industry 4.0 across the region, along with a regulatory framework favorable to encouraging innovation in technologies, has enabled North America to continue dominating the global cyber-physical systems market.
Key Players-
The report profiles key players in cyber-physical systems companies such as ABB (Switzerland), Honeywell International Inc. (US), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Continental AG (Germany), General Electric Company (US), Hitachi, Ltd. (Japan), Toshiba Corporation (Japan), and Robert Bosch GmbH (Germany) among others. These players have a strong market presence in cyber-physical systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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Artificial Intelligence
Matterport Fall 2024 Release: Insights Meets Imagination elevates the platform with generative AI and more
Matterport introduces essential new tools for real estate agents, contractors and designers
SUNNYVALE, Calif., Oct. 1, 2024 /PRNewswire/ — Matterport, Inc., today unveiled a groundbreaking suite of new tools designed to reshape the way professionals design, build, and market properties. Through the power of generative AI, Matterport users can now easily reimagine the potential of any space, transforming digital twins from static replicas into dynamic canvases for creativity.
“Our Fall 2024 Release empowers users to unlock the full potential of Matterport,” said RJ Pittman, Chairman and CEO of Matterport. “Imagine being able to defurnish a home with one click or generate stunning property descriptions automatically, using just the data from your digital twin. These tools save time, elevate listings, and simplify complex workflows for everyone—from real estate agents to contractors and enterprise teams. And with features like 3D model merge, field tags, and one-click bill-back processing, we’re helping customers manage spaces at scale with unprecedented speed, efficiency and precision.”
New tools for agents:
One of the most revolutionary additions in the Fall Release is Matterport’s AI-powered defurnish tool, designed to solve a common challenge for home sellers and agents: clutter. With a single click, users can now transform a cluttered living room or messy garage into a clean, open space—allowing potential buyers to visualize the home’s true potential. Whether it’s “erasing” an outdated couch or clearing out the dining room set, defurnish gives agents a powerful yet simple tool to make every property shine.
And coming soon, Matterport’s interior design tools will unlock creativity for everyone—letting users digitally furnish and redesign spaces with ease and offering a glimpse of what the future could hold.
The AI-powered property description tool is another game-changer, crafting detailed, engaging written descriptions in just seconds. Brokers and marketers can select the style and tone, ensuring each listing is perfectly tailored—whether it’s a sleek, modern downtown loft or a charming suburban home. And by leveraging the precise spatial data of every digital twin, the tool creates content that is not only beautifully written but also accurate down to the last detail, saving hours of work and producing results that even seasoned experts will admire.
New tools for property managers, contractors, and designers:
For large-scale projects, Matterport’s new Merge tool enables users to seamlessly “snap” together multiple digital twins. Imagine creating a full digital model of an entire hotel, floor by floor, or merging every floor of a high-rise office tower into one cohesive 3D tour of the building. Merge also allows multiple team members to scan different sections of a property simultaneously and integrate them later, making it possible to capture and manage even the most expansive buildings quickly and efficiently.
Field Tags further enhance the efficiency of on-site work by allowing users to add on-site observations and tags during the scanning process. No more repeat visits to capture missed details—everything can be documented in real-time, ensuring accurate, comprehensive records of the space are captured at the moment they matter most. This feature keeps teams aligned and projects moving forward without unnecessary delays.
Lastly, Matterport introduces one-click bill-back processing, a highly anticipated feature for enterprise customers. This simple yet powerful tool removes the headache of manual invoicing and cost allocation, allowing organizations to easily distribute expenses across departments and external partners. By automating billing processes, Matterport reduces administrative burdens and empowers teams to focus on what matters most.
About MatterportMatterport, Inc. (Nasdaq: MTTR) is the World’s #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal, and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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