Allied Market Research published a report, titled, “Smart Home Devices Market by Component (Solution and Services) and Type (Lighting Control, Security Access Control, HVAC Control, Entertainment & Other Controls, Smart Kitchen, Home Appliances, Smart Furniture, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″ According to the report, the global smart home devices market generated $101.6 billion in 2022 and is estimated to reach $707.2 billion by 2032, exhibiting a CAGR of 21.5% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Rising demand for convenience and rise in awareness of energy conservation are driving the market growth. In addition, enhancements in communication technology primarily drive the growth of the market. However high initial cost primarily is expected to hamper the growth of the market. Furthermore, integration with new technologies is expected to create lucrative growth opportunities for the market.
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Report coverage & details:
Market Size in 2022
Market Size in 2032
Component, Type and Region.
Rising demand for convenience
Rise in awareness of energy conservation
Enhancements in communication technology
Integration with new technologies
High initial cost
In the COVID-19 scenario, smart home gadgets have become even more important since they include a number of functions that encourage hygiene and reduce physical contact. Users may manage different parts of their houses with voice-activated smart home gadgets without having to touch surfaces, which lowers the chance of the virus spreading. Because temperature and humidity levels affect the survival and spread of viruses, smart thermostats assist maintain a clean and healthy atmosphere.
The ability to program smart lighting systems to simulate occupancy increases security and deters prospective criminals by creating the appearance that someone is home even when homeowners are outside.
In high-touch areas, smart appliances that reduce the need for physical contact and promote hygiene, including voice-activated kitchen appliances and touchless faucets, are essential. Integrating health monitoring devices, such fitness trackers or smartwatches, may provide useful information about a user’s health and wellbeing. This information is often used to monitor vital signs or detect symptoms early. By enabling people to manage their homes remotely and through mobile apps, smart home equipment may be accessed and controlled from a distance, decreasing the need for outside help and limiting the risk of infection.
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The Solutions segment to rule the market
By component, the solutions segment held the major share in 2022, garnering nearly two-thirds of the global smart home devices market revenue, owing to the growing integration of artificial intelligence (AI) and machine learning (ML) into smart home solution propels the market growth significantly. The service segment would also display the fastest CAGR of 22.8% throughout the forecast period, owing to the growing need for comprehensive service packages that come with increasingly integrated smart homes.
The Smart Kitchen segment to dominate by 2032
By type, the lighting control segment accounted for nearly one-third of the global smart home devices market share in 2022 and is expected to rule the market by 2032, owing to offer users the ability to adjust color temperatures, brightness levels, and even create personalized lighting scenes to suit various moods and activities which propels the market growth significantly. The smart kitchen segment would also display the fastest CAGR of 23.5% throughout the forecast period, owing to offer users to control ovens, refrigerators, and other devices through natural language commands.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global smart home devices market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increase in adoption of smart security systems, providing homeowners with real-time monitoring and alerts through connected devices aiding the growth of the Smart home devices market. The Asia-Pacific region would also portray the fastest CAGR of 26.1% during the forecast period, owing to the fast-paced urban lifestyle in the region, maintaining homes needs to be convenient and efficient, which is expected to fuel the market growth in Asia-Pacific.
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Leading Market Players
Johnson Controls International PLC
Honeywell International, Inc.
Robert Bosch Gmbh
Raytheon Technologies Corporation
The report analyzes these key players in the global smart home devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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The post Smart Home Devices Market to Reach $707.2 Billion by 2032 at 21.5% CAGR: Allied Market Research appeared first on HIPTHER Alerts.
Klarna says its AI assistant does the work of 700 people after it laid off 700 people
The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.
Klarna is bullish on bots.
One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.
The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.
Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”
The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.
Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”
That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.
Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.
“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”
Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.
Source: Fast Company
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ASTRI fully supports Budget to invest in the future
The Hong Kong Applied Science and Technology Research Institute (ASTRI) welcomes the Financial Secretary’s robust and actionable initiatives outlined in the latest Budget, reinforcing Hong Kong’s status as a leading international hub for innovation and technology (I&T). These strategic moves are designed to enhance the city’s appeal for investment and talent, catalysing the growth of I&T ecosystem with a focus on fostering a green future and advancing digitalisation, injecting fresh impetus into Hong Kong’s high-quality development.
ASTRI is at the forefront with a cache of mature innovative technologies, ranging from AI, Blockchain, Cybersecurity, Digital Twins, Eco-Tech, FinTech and Micro-electronics, that are ready for commercialisation and adoption. These technologies are poised to expedite the green and digital transformation of local businesses, and support Hong Kong to develop as an international green financial centre and establish a highly efficient data ecosystem.
Realise I&T commercialisation
Ir Sunny Lee, Chairman, ASTRI, expressed gratitude for HKSAR Government’s unwavering support towards innovation and technology, bringing new partners and investments for the sector. ASTRI is committed to collaborating with the government, and developing more applied technologies that positively impact the business and society, with a focus on commercialisation and industrialisation for the greater good.
He added that the I&T sector is actively engaged in the national development plan, seizing “Greater Bay Area” (GBA) and “Belt and Road” (B&R) opportunities, and promoting high-quality development with a focus on technological advancement and green sector. “With ASTRI’s newly-opened office in Shenzhen Futian District, we will further promote GBA companies to adopt Hong Kong-invented innovative technologies to upgrade and transform. With the advanced Hong Kong platform, we aim at helping technologies developed in the region to go global, tapping into B&R countries and beyond.”
Focus on Fintech and Green Tech
Dr Denis Yip, Chief Executive Officer, ASTRI said he is pleased that more resources will be allocated on supporting I&T sector, building I&T ecosystem and strengthening collaboration among government, industry, academia and research institutes, investing the future together. “Technology and finance are the twin engines for the city’s economic development. ASTRI-develop fintech and green tech would revolutionalise traditional industries, and promote the development of new sector such as digital assets, bringing new opportunities for I&T companies and new areas of growth.”
Dr Yip stressed that apart from promoting green finance and digitisation, ASTRI is also committed to the development of the whole I&T ecosystem. He added that three alliances have been set up in the past year, namely, Microelectronics Technology Consortium, Smart Mobility Technology (C-V2X) Alliance and Fintech and ESG Alliance. The fourth one on ConTech and PropTech is on the way, facilitating knowledge transfer and technology innovation. ASTRI will also facilitate industrial transformation and economic growth through I&T. Looking ahead, ASTRI will continue incubating new blood through various talent programmes, expanding the I&T talent pool in the city.
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Natural Personal Care Ingredients Market worth $7.9 billion by 2028 – Exclusive Report by MarketsandMarkets™
The report “Natural Personal Care Ingredients Market by Type (Emollients, Surfactnats, Rheology Modifiers, Preservatives, Active Ingredients), Application (Skin Care, Hair Care, Make-up, Oral Care), and Region – Global Forecast to 2028″, Natural Personal Care Ingredients Market size was USD 5.3 billion in 2022 and is projected to reach USD 7.9 billion by 2028, at a CAGR of 8.3%, between 2023 and 2028.
The market is projected to grow because of the evolving lifestyle across globe. These natural Ingredients play a crucial role in various skin care, hair care, oral care, make-up, and other applications such as foundations, serums, shampoos, bath soaps, shower gels, creams, face masks, sun care products, lip balms, lipsticks, color cosmetics and others. In addition, due to the increasing population, increasing demand for natural ingredients, technological advancements and changing consumer preferences the demand for natural personal care ingredients can increase due to various applications.
Browse in-depth TOC on “Natural Cosmetics Ingredients Market”
198 – Tables
68 – Figures
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“Surfactants are projected to register the highest CAGR, in terms of value, of the global natural personal care ingredients market during the forecast period.”
Surfactants are expected to grow rapidly in the natural personal care ingredients market due to increased demand for sustainable products in cosmetics and personal care, as well as their use in pharmaceuticals. They function as surface-active agents, meaning they help reduce surface tension between different substances, allowing them to mix more effectively. Therefore, surfactants are crucial in skincare, haircare, and cosmetics like creams and lotions. Also, the rising awareness of natural ingredients in personal care boosts the demand for natural surfactants. Thus, surfactants are widely used in applications such as skin care, hair care, make-up, oral care, and others, which will increase demand for them in the future.
“The hair care is estimated to be the second-largest application of natural personal care ingredients market, in terms of value, during the forecast period.”
As individuals tackle with a different hair-related issues, ranging from hair loss and thinning to dryness and damage, the demand for effective solutions continues to rise. Combined by the diverse array of hair types, each with its unique needs, such as curly, straight, fine, or coarse, the market for tailored hair care products grows rapidly. Moreover, escalating levels of pollution, characterized by airborne toxins and particulate matter, further exacerbate hair woes, triggering issues like scalp irritation, dullness, and accelerated hair aging. Consequently, the hair care application within the natural personal care ingredients market stands composed for sustained growth, driven by the imperative for complete solutions that address these multifaceted challenges while prioritizing natural and sustainable ingredients.
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“Europe is estimated to be the largest market for the natural personal care ingredients market, in terms of value, during the forecast period.”
The adoption of natural personal care ingredients in this region has increased due to changing environment, concerns about increasing health hazards linked to synthetic ingredients, and shift in lifestyle preferences towards eco-conscious and sustainable products. Moreover, The European region is estimated to be the second-fastest growing regions in the world, with rising disposable incomes. This is creating a favourable environment for the growth of the natural personal care ingredients market. Accordingly, Europe will be the largest market for natural personal care ingredients market during the forecast period.
The key players profiled in the report include BASF SE (Germany), Croda International Plc (UK), Ashland Inc. (US), The Lubrizol Corporation (US), Evonik Industries AG (Germany), Dow Inc. (US), Symrise AG (Germany), and others.
Browse Adjacent Market: Specialty Chemicals Market Research Reports & Consulting
Green Preservatives Market – GLOBAL FORECAST TO 2028
Biosurfactants Market – GLOBAL FORECAST TO 2028
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