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Smart Home Device Market is Projected to reach USD 302.02 Billion at a CAGR of 10.45% by 2030- Report by Market Research Future (MRFR)

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New York, USA, May 02, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Smart Home Device Market Research Report by Product, by Connectivity, by Platform/Virtual Assistant and by Region – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 302.02 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 10.45% during the assessment timeframe.

Smart Home Device Market Overview:

Smart home devices are connected electronics designed for home automation systems. These typically offer advanced automation and control capabilities to interact with other connected devices, enabling homeowners to control various aspects of their home, such as lighting, temperature, security, and entertainment, from a single app or device. 

Some smart home device examples are smart speakers, smart locks, smart lights, smart thermostats, and smart cameras. Smart home devices are used to make homes more comfortable, convenient, and secure to live, while increasing their energy efficiency. The increasing integration of advanced smart home device solutions and appliances drives the growth of the market.

Connected safety and security systems and devices with remote monitoring capabilities expand their share in the smart home device market. Furthermore, rising concerns regarding safety, security, and public convenience create significant market opportunities. Advances in smart living systems and products specifically designed for professional installers, providing unified and powerful solutions at a mainstream price, boost the market size.

Over recent years, investments in smart home device systems have been growing pervasively. Industry players intend to set new benchmarks with their value-for-money accessory range. Technological advances and rising numbers of smart and connected homes and workplaces foster market growth. With the wide uptake of smart home device DIY initiatives, the market is projected to witness a significant revenue rise in the next few years. 

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Players leading the smart home device market are-

  • ADT Inc.
  • SkyBell Technologies Inc.
  • Amazon.com
  • Robert Bosch
  • SimpliSafe Inc.
  • PHILIPS LTG
  • Honeywell International Inc.
  • Cree Inc.
  • Google
  • Samsung Electronics Co., Ltd.
  • Apple Inc, among others. 

Report Scope:

Report Metric Details
Revenue forecast in 2030 USD 302.02 Billion
Growth Rate CAGR of 10.45% from 2022 to 2030
Base Year 2021
Study Period 2022-2030
Key Market Opportunities The presence of major integrators and early adoption of technologies such as IoT and artificial intelligence.
Key Market Drivers The increasing adoption of smart homes. Increased use of the Internet of Things (IoT)

Browse In-depth Market Research Report (111 Pages) on Smart Home Device Market:

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Industry Trends

The smart home device market growth is primarily driven by rapidly improving connectivity and the rising demand for easy-to-integrate smart home solutions. Besides, the growing smart home trend and increasing integration of advanced smart home devices and appliances increase the market shares. Also, the wide uptake of smart home DIY initiatives supports market growth. 

Almost half of US households use smart home devices, and most smart house owners keep upgrading their ecosystems with newer products such as lights, thermostats, and security cameras. However, these DIY enthusiasts continually experience installation, compatibility, and security issues as they try to create their own truly connected smart homes. The emergence of Matter 1.0, the unified standard, will likely address and solve those interoperability, simplicity, and security issues.      

Increasing developments of connected safety & security systems and devices with remote monitoring capabilities boost the smart home device market size. Advances in smart living systems and products that can offer unified support and powerful solutions at a mainstream price create significant market opportunities. Furthermore, rising concerns regarding safety, security, and public convenience influence market shares. 

Over recent years, investments in smart home systems have been growing pervasively. Industry players aim to set new benchmarks with their value-for-money smart home device range. As the smart home device market grows, privacy and security devices will continue to top the smart home product category list. Technological advances and rising numbers of smart and connected homes & workplaces foster market revenues. 

Segments

The smart home device market analysis is segmented into products, connectivity, platforms, and regions. The product segment is sub-segmented into smart hubs & controllers, smart surveillance, cameras, smart locks & security systems, smart HVAC, smart lighting systems, smart kitchen appliances, and other smart home devices. 

The connectivity segment is sub-segmented into Bluetooth, Wi-Fi, Zigbee, and others. The platform segment is sub-segmented into Amazon Alexa, Apple Siri, Google Assistant, Samsung Bixby, and others. By regions, the smart home device market is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.

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Geographical Analysis

North America dominates the global smart home device market. The largest market share is attributed to rising smart home device projects and improved living standards due to high disposable income. Besides, government initiatives to promote energy-efficient solutions providing benefits such as increased energy savings and reduced costs & greenhouse gas emissions substantiate the market value. The US market accounts for the dominating market in the region with technological advancement and increased adoption. 

Competitive Analysis 

Fiercely competitive, the smart home device market appears fragmented, with many large & small players forming a competitive landscape. Players operating in this market are focused on building the omnichannel business in the home automation market. They strive to develop integrated smart home products custom-designed to deliver home automation solutions.

They set up their assembling units to provide a highly curated range of smart home products & solutions to customers with a firsthand experience of smart home living under one roof. They ensure that their experience center houses a series of home automation products. Most industry players offer products with a complete retrofit design that enables easy fitting to any existing switchboards without needing new wiring or remodeling.

Also, they focus on developing a complete range of wireless smart home automation and security solutions under a single roof. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from recent market proceedings.

For instance, on Dec.22, 2022, Meizu, a Chinese phone maker, announced that it is expanding into AR and smart devices in smart home systems. The company plans to enrich its product ecosystem, including new categories of devices, AR glasses, watches, tablets, and smart home products from 2023 to 2025. Meizu will also partner with Geely’s auto brands on its in-car system Flyme Auto. 

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In another instance, on Jun 21, 2022, Tuya Smart, a leading global provider of IoT development platform services, announced a strategic partnership with Denver A/S, a leading European consumer electronics distributor, to boost smart home adoption in Europe. 

The partnership aims to jointly develop and promote smart home products to provide European consumers with more comprehensive and targeted solutions to meet the increasing trends of connected homes in the region. The wide range of smart home products includes smart home & security products and various other electronics that can be linked & controlled by one single mobile app developed by the Tuya platform.

Related Reports:

Smart Home Energy Management Device Market: By Components, By Hardware, By Communication Technology– Forecast till 2027

Smart Home and Office Market Research Report: By Product, by Standard, By E

DIY Smart Home Market, By Technology, By Product, By Software – Forecast 2030

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Contact Us:

Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
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First Comprehensive Report on Public Web Data Released by Bright Data

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Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.

Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
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OSIA becomes an official International Telecoms Union (ITU) standard

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ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).

The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html 
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor.  More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/ 
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
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SciBase will present at the Redeye Medtech Event on April 24th

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STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.

On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
 

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