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Smart Home Market Size to Worth Around USD 581.85 Bn by 2032

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Ottawa, Feb. 14, 2023 (GLOBE NEWSWIRE) — The smart home market size was estimated at USD 80.45 billion in 2022. Growing customer need for simplicity and a tailored experience, rising consumer awareness of safety and security, and expanding use of cloud-based technologies are key market drivers.

Key highlights

  • The home healthcare segment is growing at the highest CAGR of over 31% during the forecast period.
  • The wired protocols segment is growing at a CAGR of over 26%.
  • The Asia Pacific region is poised to grow at a CAGR of over 31% over the forecast period from 2022 to 2030.
  • The Europe smart home industry is growing at a CAGR of around 24% over the forecast period from 2022 to 2030.

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Market overview:        

A smart house is a practical home design where electronics and appliances may be remotely controlled via the internet from any location using a smartphone or other networked device. The internet connects devices in a smart home, enabling users to remotely control features like temperature, lighting, security access, and home entertainment systems. Hardwired or wireless systems can be used to set up smart houses. Homeowners can save money and enjoy convenience thanks to smart home technologies. Digital assistants or home hubs make up a significant portion of smart homes.

Smart home system works for every part of the house including living room, bedroom, balcony, bathroom and kitchen. These products can take commands, answer questions, manage your calendar, schedule conference calls, and generate notifications. They are frequently used in voice-activated interactions. These digital assistants offer a wide variety of regulating smart assets, schedules, and statuses.

Regional snapshot:

North America leads the global smart home market and is expected to grow at a CAGR of 9.4% over the projected period of 2023-2032. The rising sale of smart appliances in the U. S and Canada is considered a major driver for the market’s growth. The main Smart Appliances in the area are connected small appliances like coffee makers, microwaves, vacuum and mowing robots, and large appliances like refrigerators, washing machines, and dishwashers. Increasing demand for energy-efficient home appliances is another market driving factor. Moreover, product invention and the presence of major key players in the region are supporting the growth of the smart home market in North America. In the North American market, significant participants include Control4 Corporation, Emerson Electric Co., General Electric Co., Honeywell International, and Apple.

Asia Pacific is estimated to observe the fastest expansion during the forecast period. In fact, the most populous region of the planet offers significant potential. The voice control front-end, smart lights, smart locks, smart plugs, and garage door sensors are just a few of the typical smart home devices that will experience significant growth in Asia in the future. Asia Pacific is home to a number of well-known vital players in the global smart home industry, including Sony Corporation, Samsung Group, Xiaomi, and Panasonic. As a result, the region’s revenue share has significantly increased. China creates the absolute conditions for Asia-Pacific smart home market dominance.

Europe is projected to grow significantly over the estimated period. A sizable number of components, devices, and systems manufacturers from different parts of the region are included in the value chain of the smart home business. Several governments in the region and businesses have launched a number of energy-saving measures which will accelerate the adoption of smart home goods and services. The government and corporations have launched several energy-saving measures to accelerate the adoption of smart home goods and services. For instance, the “Smart Energy Showcases – Digital Agenda for the Energy Transition” award project was established by the German Federal Ministry of Economic Affairs and Energy in February 2022. This effort aims to develop energy solutions while also involving market operators from all points. The European market has expanded due to businesses like ABB Ltd., Centrica Connected Home Limited, Johnson Controls Inc., and Schnieder Electric SE.

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Scope of the Report

Report Attributes Details
Revenue Forecast by 2032 USD 581.85 Billion
CAGR 21.88% from 2023 to 2032
New Construction Revenue Share 62% in 2022
Base Year 2022
Forecast Year 2023 to 2032
Key Players Amazon, Apple, Honeywell, Crestron Electronics, Ooma, Armorax, SimpliSafe, Canary and other

Report Highlights:

  • By application, the new construction segment is expected to achieve a significant growth rate during the projected period. Making a home smarter and more energy-efficient when it is being built is an excellent approach to preparing it for the future; this factor is boosting the growth rate of the new construction segment.
  • By product, the security and access control segment is the dominating one in the global smart home market. Being the most significant part of the smart home system, security and access control products permit and monitor the entry and enhance the security level of a home.
  • By sales channel, the indirect sales channel segment is expected to witness a significant increase in upcoming years. Due to intense competition and the enduring nature of internet sales, indirect sales channels are being put under strain across the global smart home market. The rising need to reach more customers in order to grow brand recognition has fueled the growth of the indirect sales channel segment.
  • By protocol, the wireless segment is expected to dominate the market owing to the rising need for smooth communication. Wireless smart home devices or systems do not require a bunch of wires or cables; this factor offers enhanced accessibility for users. The development of portable wireless smart home devices is considered to boost the growth of the wireless segment. Moreover, wireless smart home system cost reduction is likely to boost purchasing capability.

Market dynamics:

Driver:

Advancement in smart home technology in recent years

The market has the potential to expand owing to recent developments in smart home device technology. Modernizations include the use of integrated devices for improved control access, artificial intelligence, touchless technology, Bluetooth speaker control, smart health assistants, and smart health-at-home technologies have increased customer interest in the gadgets by functioning as a key market driver. Moreover, the work-from-home culture during the Covid-19 pandemic has offered lucrative market growth opportunities. The broad shift to working from home has drawn attention to smart home developments, particularly for home offices, which are still developing as businesses close more offices and even adopt hybrid or permanent work-from-home policies. The potential for expansion in this industry can be seen in technology ranging from noise-cancelling windows to block out external distractions to scheduling meetings.

Restraint:

Vulnerability of smart home devices or system

Smart home security systems make it easy to safeguard houses from burglary, damage, and accidents, but they also run the danger of compromising the security of personal data. Most data assaults can be carried out on conventional smart homes. Hackers have remotely turned on and streamed video from smart cameras, unlocked IoT-enabled doors, and controlled smart lights and smart TVs through smart homes. Such risks are believed to be caused chiefly by weak IoT connections and disrupted local internet connections. The potential dangers of cyberattacks prevent the market from expanding by decreasing consumer interest.

Opportunity:

Rising deployment of smart lock system

With the help of a smart lock system, without using a typical key, a homeowner can gain access to their home or grant access to others. The rising deployment of smart lock systems in urban areas to limit access due to rising concerns about home security will provide profit-making opportunities for key players. During the anticipated period, businesses that are focused on the development or distribution of smart lock accessories, such as battery holders, Printed Circuit Board (PCB) motherboards for smart locks, square shafts, smart lock motor modules, smart lock cards, replacement fingerprint modules, key covers, and WIFI gateways, will undoubtedly experience growth.

Challenge:

Lack of skilled professionals

Professionals with the necessary skill set are required to install and upkeep smart home systems. The market’s expansion is hampered by a lack of experts with sophisticated abilities who can handle both installation and maintenance. This gap might be closed by hiring additional IoT technicians and making user support services available through partnerships or vendors. Technical IoT practitioners can exchange knowledge and advance technology. Architects and civil engineers should make arrangements to install automated solutions when designing and constructing homes.

Related Reports

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Recent developments in the global smart home market:

  • In January 2023, SwitchBot launched the Matter interoperability standard supported by Hub2, which will make SwitchBot devices with Bluetooth compatible with Matter. The Hub 2 is a stylish smart home device with a display for integrated thermo-hygrometer capability. Users can now check the room temperature directly in the Apple Home app or on any other chosen platform.
  • In January 2023, At CES, TP-Link, the leading producer of networking and smart home goods worldwide, revealed ‘Tapo C325WB’, its array of robot vacuums, video doorbells, smart door locks, and Matter-compatible items. The Tapo C325WB is Tapo’s next-generation outdoor security Wi-Fi camera with ultra-low light color vision.
  • In January 2023, Alarm.com launched the Water Dragon Whole-Home Smart Leak Detection System at CES 2023. This revolutionary system for whole-home water protection is constantly on the lookout for leaks and unforeseen water use.
  • In September 2022, Amazon launched the Echo Auto, Echo Studio, Echo Dot, and Echo Dot with Clock, four new or updated smart speakers to support the smart home system.

Market Segmentation

By Application

  • New Construction
  • Retrofit

By Product

  • Light Control
  • Security And Access Control
  • HVAC Control
  • Entertainment Control
  • Smart Speaker
  • Home Healthcare
  • Smart Kitchen
  • Home Appliances 
  • Home Furniture

By Sales Channel

  • Direct
  • Indirect 

By Protocol

  • Wired 
  • Wireless
  • Hybrid

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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Artificial Intelligence

Ancoris Recognised as Top Place to Work for Second Year Running by The Sunday Times

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Ancoris recognised for fostering a sense of empowerment and respect within the workplace91% of Ancoris employees feel empowered at work93% of employees say that are treated with respectLONDON, May 21, 2024 /PRNewswire/ — Ancoris, a UK-based Google Cloud services provider, has been named a Top Medium Business in The Sunday Times 2024 Best Places to Work list. The accolade has been awarded for the second year in a row, and recognises Ancoris’ focus on DEI; its commitment to empowerment, reward, and recognition; and its wellbeing policies and frameworks.

“I am so pleased to see Ancoris recognised, once again, as a top place to work!” says Andre Azevedo, Ancoris CEO. “Ancoris is a place where we try our best to foster collaboration, empowerment, innovation, and respect – so to have our employees echo this and respond in the way they have is amazing.”
The Sunday Times survey captured Ancoris employees’ responses in a number of categories: Reward and Recognition, Information Sharing, Empowerment, Wellbeing, Instilling Pride, and Job Satisfaction. The independently managed survey showed Ancoris scoring “excellent” across all six engagement categories, with top scores in Empowerment, Wellbeing, Reward & Recognition. In response, 93% of employees say they are treated with respect; 92% feel trusted and able to make decisions; and 91% of employees feel empowered at work.
“We’ve seen a lot of change over the last 12 months. The rise of Generative AI has caused shifts in our market and  economic conditions are causing customers to really qualify where they make technology investments. These pivots undoubtedly have an impact on our employees and how people feel at work,” Azevedo continues. “I truly believe, however, the innovative work we are doing for our customers has helped us maintain and create an even stronger sense of collaboration and pride for our team members. We’re lucky to have so many smart people within our business, so continuing to give them interesting, challenging, and rewarding problems to solve for our customers is really key.”
About AncorisAncoris is a leading Google Cloud Services Provider, headquartered in the UK, on a mission to become the most innovative Google Cloud partner in the ecosystem. Ancoris leverages its strong problem solving skills and continuous improvement approach to help customers become AI Native and stay ahead of their competition. Ancoris has extensive experience in Google Cloud technologies helping enterprises integrate AI-native solutions into their business through expertise in Data & AI, Application and Infrastructure Modernisation, Workspace, and Maps. Ancoris was recognized as a Rising Star for Data, Analytics, and Machine Learning in the ISG Provider™ Lens for Google Cloud Partner Ecosystem in 2022 and 2023 consecutively, and awarded Google Cloud’s 2024 EMEA Public Sector Partner of the Year award. Ancoris employs the best in the business and was named in the Top 10 Sunday Times Best Places to Work 2023, and a Top Place to Work in 2024.
Contact: Holly [email protected]
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Department of Health – Abu Dhabi Partners with Roche Pharmaceuticals Middle East to Elevate Research, Clinical Trials, and Real-World Data

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ABU DHABI, UAE, May 21, 2024 /PRNewswire/ — The Department of Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the Emirate, signed a Memorandum of Understanding (MoU) with Roche Pharmaceuticals Middle East during Abu Dhabi Global Healthcare Week (ADGHW). Under the MoU, the two entities will advance critical research using real-world data to study and assess the spinal muscular atrophy burden in Abu Dhabi, as well as assessing potential conduction of research and the facilitation of real-world data collection to monitor Duchenne Muscular Dystrophy (DMD) disease.

 
 
In the presence of Dr. Rashed Alsuwaidi, the Executive Director of the Healthcare Workforce Planning Sector at DoH and Michael Oberreiter, Head of Global Access at Roche Pharmaceuticals, the MoU was signed by Dr. Asma Al Mannaei, the Executive Director of the Research and Innovation Centre at DoH and Mohamed Elshaarawy, General Manager Roche Pharmaceuticals, UAE.
Dr. Asma Ibrahim Al Mannaei, Executive Director of the Research and Innovation Center at the at DoH said: “Abu Dhabi has a track record of excellence and fast-growing, future-forward, data-enabled services. Serving as a hub for healthcare data, Abu Dhabi’s substantial computing power enables it to harness the potential within this data, transforming it into valuable information. This, in turn, allows us to innovate and develop novel approaches to shift healthcare towards prediction, prevention, and treatment, thereby accelerating the future of healthcare, not only for Abu Dhabi but for the global community. Through international collaborations, Abu Dhabi seeks to lead research groups supported by global partners to explore the resilience and sustainability of the healthcare sector worldwide as well as expand access to quality care for patients around the world.”
The two entities will work together to support the evolution of real-world data collection frameworks in Abu Dhabi. Enhancing DoH’s ability to track and monitor outcomes of therapies will support DoH in making informed clinical and policy decisions for better optimisation of patient outcomes. Furthermore, DoH and Roche will strengthen the research network across Abu Dhabi and improve accrual for potential clinical trials.
Mohamed Elshaarawy, General Manager Roche Pharmaceuticals, UAE said: “This MoU underscores our collaboration with the DoH which is fuelled by a shared vision of harnessing the power of data to drive informed decision-making within the healthcare system. Data-driven healthcare systems hold immense potential to revolutionise patient care and outcomes. Through the generation, utilisation, and realisation of data, healthcare professionals and policymakers can unlock valuable insights, identify trends, and make evidence-based decisions. This data-driven approach enables us to optimise resource allocation, personalise treatment approaches, and ultimately achieve better patient outcomes. By harnessing the full potential of data, we can improve the overall efficiency and effectiveness of the healthcare system, ensuring that every patient receives the highest quality of care tailored to their specific needs. We are sincerely grateful for the trust, confidence, and empowerment the DoH has placed in establishing this effective public-private partnership with Roche in the UAE.”
Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, ADGHW is a major government initiative by the DoH, which took place from the 13th -15th May 2024.
For more information please visit: https://www.adghw.com/
About Department of Health – Abu Dhabi (DoH):
The DoH is the regulatory body of the healthcare sector at the Emirate of Abu Dhabi and ensures excellence in healthcare by monitoring the health status of the population. DoH defines the strategy for the health system, monitors and analyses the health status of the population and performance of the system. In addition, DoH shapes the regulatory framework for the health system, inspects against regulations, enforce standards, and encourages adoption of world-class best practices and performance targets by all healthcare service providers in the Emirate. DoH also drives programmes to increase awareness and adoption of healthy living standards among the residents of the Emirate of Abu Dhabi in addition to regulating scope of services, premiums and reimbursement rates of the health system.
For further information on DoH, visit https://www.doh.gov.ae/ and follow on X, Instagram, Facebook, LinkedIn and YouTube.
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Biopharma Leaders Shape the Future of Drug Development at Veeva R&D and Quality Summit Europe

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Ascendis, Bayer, Boehringer Ingelheim, Jazz Pharmaceuticals, Novo Nordisk, Sanofi, and Teva to keynote sharing innovations to drive better patient outcomes
BARCELONA, Spain, May 21, 2024 /PRNewswire/ — Veeva Systems (NYSE: VEEV) today announced that leaders from Ascendis Pharma A/S, Bayer, Boehringer Ingelheim, Jazz Pharmaceuticals, Novo Nordisk, Sanofi, and Teva will be keynote speakers at Veeva R&D and Quality Summit, Europe, June 4-5 in Madrid, Spain. Life sciences professionals across the industry will come together to share how connected technologies across clinical, regulatory, safety, and quality are advancing innovations for patients.

As one of the largest gatherings of biopharma leaders in Europe, Veeva R&D and Quality Summit will bring together over 1,000 industry professionals to share learnings across more than 100 sessions. Bayer and Jazz Pharmaceuticals will join Rik Van Mol, senior vice president of Veeva Development Cloud, and Avril England, general manager of Veeva Vault, for the opening keynote to explore the future of development for new medicines and therapies.
The event’s zone keynotes include:
Ascendis and Bayer, sharing strategies to reduce costs and accelerate trials with a connected platform.Boehringer Ingelheim, detailing its shift toward data-centric regulatory information management.Novo Nordisk, showing how it uses data and AI to transform clinical research.Sanofi, explaining its innovative approach to advance quality through operational excellence.Teva, providing insight into its rapid journey from disparate safety systems into one streamlined global solution.A panel with Elpida Therapeutics CEO Terry Pirovolakis and Veeva experts will close the event with a discussion on how the industry can best accelerate the development of life-saving rare disease gene therapies.
“Connecting clinical, regulatory, safety, and quality is key to advancing the product lifecycle and delivering better outcomes for patients,” says Rik Van Mol, senior vice president of Veeva Development Cloud. “At Veeva R&D and Quality Summit, biopharma leaders can connect, exchange ideas, and share new strategies to advance the industry forward together.”
Veeva R&D and Quality Summit is open exclusively to life sciences professionals. Register and review the agenda at veeva.com/eu/Summit.
Additional InformationConnect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com/eu.
Veeva Forward-looking StatementsThis release contains forward-looking statements regarding Veeva’s products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-K for the fiscal year ended January 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 9 and 10), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Jeremy WhittakerVeeva [email protected]
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