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Smart Home Technologies Market Projected to Reach $166.7 Billion by 2028: BCC Research

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BCC Research Study Anticipates Robust Growth in Smart Home Technologies Market, with a Compound Annual Growth Rate (CAGR) of 10.3% Expected from 2023 to 2028, Surpassing $166.7 Billion by the End of the Forecast Period

BOSTON, March 1, 2024 /PRNewswire/ — Step into the world of Smart Home Technologies: Global Markets, where innovation meets convenience and transforms the way we live. From lights that respond to your voice commands to security systems that ensure peace of mind, smart homes are redefining our relationship with technology. Imagine walking into a room and the lights coming on automatically or unlocking your door with just a tap on your phone – these are just a glimpse of the incredible possibilities this market offers. With companies worldwide creating new and exciting ways to make our homes safer, more efficient, and simply more enjoyable, there’s something here for everyone. Whether you dream of a home that knows your preferences or one that can entertain you with a simple command, this global market promises to make your vision a reality.

 

“According to the latest research study, the demand for Smart Home Technologies: Global Markets expected to increase from $102.3 billion in 2023 to $166.7 billion by the end of 2028 at a compound annual growth rate (CAGR) of 10.3% during the forecast period 2023 to 2028.”

This report offers a thorough examination of the worldwide smart home technologies market, focusing on networking technology, components, applications, and geographic regions. It provides an overview of global market trends, using 2022 as a baseline and projecting estimates for 2023 through 2028, including forecasts of Compound Annual Growth Rate (CAGR). Additionally, it discusses technological advancements, regulations, competition, economic factors, major drivers, regional dynamics, and current industry trends. The report concludes with detailed profiles of key vendors in the global smart home technologies market.

Voice-controlled smart home devices like Amazon’s Alexa and Google Assistant are gaining popularity, simplifying tasks for millions of households. This surge highlights the increasing reliance on voice as a primary means of interacting with technology at home. Meanwhile, the advent of smart home security systems equipped with advanced computer vision and facial recognition is revolutionizing home security. These systems can distinguish between family members and intruders, offering customized alerts and bolstering security and convenience. Notably, software incorporating these technologies is expected to see rapid growth, at 11.5% during the forecast period. Additionally, the emphasis on interoperability and open standards in the smart home sector is fostering compatibility between devices from different brands, empowering consumers to create comprehensive smart home setups tailored to their preferences.

Unlock the potential of the booming Smart Home Technologies market. Click here to explore the full research findings and strategic insights.

Key Market Drivers of Smart Home Technologies: Global Markets:

Growing Acceptance of Smart Home Technology: simply means that more and more people are embracing and using smart devices in their homes. These devices can do cool things like controlling the lights with your voice or adjusting the thermostat from your phone. As technology improves and becomes more affordable, people are finding smart home gadgets helpful and convenient for everyday life. Whether it’s for saving energy, increasing security, or just making life easier, the growing acceptance of smart home technology shows that it’s becoming a normal part of modern living.Enhanced Cellular Network and Internet Connectivity: mean that our phones and devices can connect to the internet faster and more reliably than before. This improvement allows us to do things like stream videos, make video calls, and download files more quickly without interruptions. With better connectivity, we can stay connected to the internet even in areas where signals were weak before. This enhancement makes it easier for us to use our devices wherever we are, making our online experiences smoother and more enjoyable.Growing Impact of Early Adopters as Trendsetters: as Trendsetters means that people who try new things early on have a big influence on what becomes popular later. Early adopters are like pioneers who try out new technologies or trends before others. When they like something and start using it, their friends and family often follow suit. This trendsetting effect spreads the word and makes the new thing more popular. So, the choices of these early adopters can shape what becomes trendy or widely accepted in the future.Increase in Demand for Convenience and Accessibility at Home: means that more people want things in their homes that make life easier and more convenient. This could be anything from smart devices that automate tasks like turning off lights to features that make homes more accessible for people with disabilities. As our lives get busier, we look for ways to save time and effort, and having convenient and accessible features in our homes helps us do just that.Heightened Focus on Enhanced Energy Management Strategies and Practices: means that people are paying more attention to how they use energy and are looking for ways to use it more efficiently. This could involve things like using smart thermostats to regulate heating and cooling, switching to energy-efficient appliances, or installing solar panels to generate renewable energy. By managing energy better, people can save money on their utility bills and reduce their environmental impact by using less electricity and gas.

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Report Synopsis        

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$93.5 billion

Market Size Forecast

$166.7 billion

Growth Rate

CAGR of 10.3% for the forecast period of 2023-2028

Segment Covered

Networking Technology, Component, Application, Region

Regions covered

North America, Europe, Asia-Pacific, Rest of the World (RoW)

Key Market Drivers

•  Growing Acceptance of Smart Home Technology

•  Enhanced Cellular Network and Internet Connectivity

•  Growing Impact of Early Adopters as Trendsetters

•  Increase in Demand for Convenience and Accessibility at Home

•  Heightened Focus on Enhanced Energy Management Strategies and Practices

 

Report Segmentation & Focus Areas:

Networking Technology: Networking technology refers to how devices in a smart home connect and communicate. Wireless systems, like Wi-Fi and Bluetooth, enable devices to link without physical cables. Wired systems use cables for connections, offering reliability but may require installation. Computing networks integrate devices through shared servers or the internet. Power lines facilitate communication through electrical wiring. Other methods may include emerging technologies or proprietary systems designed for specific purposes.

Component: Components in smart home technology are the essential building blocks that make everything work smoothly. Hardware includes physical devices like smart speakers and sensors. Software comprises the programs and applications that control these devices, enabling them to perform various tasks. Services encompass the support, maintenance, and additional features provided by companies to enhance the functionality of smart home systems. Together, these components form the backbone of the smart home ecosystem, creating seamless and interconnected experiences for users.

Application: Applications in smart home technology represent the different functions and uses of smart devices within a household. Safety and surveillance applications include security cameras and motion sensors to protect homes from intruders. HVAC systems regulate heating, ventilation, and air conditioning for comfort and energy efficiency. Entertainment applications involve smart TVs and audio systems for immersive media experiences. Lighting controls enable users to adjust brightness and colour for ambiance and energy savings. Fire safety devices detect and respond to smoke or carbon monoxide threats. Elevator and parking systems streamline transportation and convenience within smart buildings. Water management solutions monitor and control water usage to prevent waste and damage. Other applications may include health monitoring, smart appliances, or home automation for specific tasks. Together, these applications enhance convenience, efficiency, and safety in modern homes.

this report on the smart home technologies: global markets provide comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the market? 

The market is projected to reach $ 166.7 billion by 2028, growing at a CAGR of 10.3%

What are the key factors driving the growth of the market? 

The key factors driving the market include the growing acceptance of smart home technology, enhanced cellular network and internet connectivity, increasing influence of early adopters, increase in demand for convenience and accessibility at home, increasing usage of managed smart home services, increasing awareness of energy management, etc.

What segments are covered in the market? 

By Networking Technology 
By Component 
By Application 
By Region

By Networking Technology, which segment will dominate the market by the end of 2028? 

By Networking Technology, Wireless segment is expected to dominate the market by the end of 2028.

Which region has the highest market share in the market? 

North America holds the highest share of the global market.

Some of the Key Market Players Are:

ABB LTD.ACUITY BRANDS INC.ADVANTECH CO. LTD.AMAZON.COM INC.APPLE INC.ASSA ABLOY ABCLIPSAL ELECTRIC PTY LTD. (SCHNEIDER ELECTRIC SE)CONTROL4 CORP. (SNAP ONE LLC)CRESTRON ELECTRONICS INC.CYTECH TECHNOLOGY PTE. LTD.CENTRICA PLCGENERAL ELECTRICGOOGLE INC. (ALPHABET INC.)HONEYWELL INTERNATIONAL INC.IBM CORP.INGERSOLL-RANDJOHNSON CONTROLS INTERNATIONAL PLCLEGRAND S.A.LUTRON ELECTRONICS CO. INC.SIGNIFY HOLDINGSAVANT SYSTEMS INC.SCHNEIDER ELECTRIC SESIEMENSSYNAPSE WIRELESS INC.TELETASK BVBAVIVINIT INC.

Browse More Related Reports:

Wireless Sensors: Technologies and Global Markets: is a study about the use of wireless sensors worldwide. These sensors are small devices that can detect and transmit data without needing wires. The report looks at the different technologies used in these sensors and how they’re being used across the globe. It covers various industries like healthcare, manufacturing, and environmental monitoring. The study also examines factors affecting this market, such as advancements in sensor technology, demand for real-time data, and government regulations.

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.   

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us
Corporate HQ: BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com  or visit our media page for access to our market research library.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. 

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SOURCE BCC Research LLC

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As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

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December 22, 2024

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Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

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DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

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5 hours ago

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December 22, 2024

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NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web:  www.edelson-law.com 

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP

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Earth’s pulse monitored: a review highlights remote sensing time series progress

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9 hours ago

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December 22, 2024

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As urbanization accelerates and environmental dynamics shift, the need for accurate and timely terrestrial monitoring has never been more urgent. A review has introduced a novel approach to remote sensing time series analysis, integrating multi-source data to enable near real-time monitoring. This innovative methodology promises to transform environmental conservation and urban planning by providing unprecedented insights into terrestrial changes and offering a more precise understanding of environmental dynamics.

GUANGZHOU, China, Dec. 22, 2024 /PRNewswire-PRWeb/ — An international team of researchers from South China Normal University, the University of Connecticut, and the Chinese Academy of Sciences has made a significant breakthrough in remote sensing. Their review, published (DOI: 10.34133/remotesensing.0285) in the Journal of Remote Sensing on December 11, 2024, addresses key challenges in remote sensing, such as incomplete data and noise interference. The team’s new time series analysis technique leverages advanced data reconstruction and fusion methods, significantly enhancing the precision and efficiency of remote sensing for monitoring environmental changes.

The research team has developed an advanced time series analysis technique that combines deep learning algorithms with traditional remote sensing methods to integrate data from various remote sensing sources. This innovative approach allows for the extraction of subtle patterns from large, complex datasets, which is crucial for monitoring critical environmental parameters such as land use and vegetation health. Unlike conventional techniques that struggle with incomplete or noisy data, this new methodology offers enhanced accuracy and more reliable insights into terrestrial dynamics, paving the way for more effective environmental monitoring.

Central to the study’s success is the integration of Long Short-Term Memory (LSTM) networks and Generative Adversarial Networks (GANs) to address the challenges posed by missing or noisy data. The LSTM networks capture temporal trends over time, while the GANs generate synthetic data that mimics real-world observations to fill gaps and correct for atmospheric distortions. This dual approach has resulted in a cleaner, more accurate time series dataset, which was validated against independent ground truth measurements. The researchers demonstrated significant improvements in key vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), setting a new benchmark in the field of remote sensing.

Experts in the field have lauded the study’s potential to revolutionize remote sensing applications. They see the method as a transformative tool for enhancing high-resolution monitoring and extending its coverage, particularly in agricultural surveillance, urban planning, and environmental management. “This method represents a crucial advancement in our ability to monitor environmental changes,” says Professor Fu. “As it evolves, it could play a key role in addressing climate change and other global challenges.”

The methodology’s future applications are vast, especially in global environmental monitoring and supporting sustainable development goals. By integrating multi-temporal data from Landsat and Sentinel-2 satellites, the team has created a framework for accurate and continuous terrestrial analysis. As computational power advances and algorithms improve, this technology is expected to become a vital tool for natural resource management, disaster response, and climate change mitigation. In the years to come, it could provide critical data to help policymakers address pressing environmental issues on a global scale.

References

DOI

10.34133/remotesensing.0285

Oiginal Source URL

https://doi.org/10.34133/remotesensing.0285

Funding information

This work was supported by the National Nature Science Foundation of China (grant numbers 42425001 and 42071399).

About Journal of Remote Sensing

The Journal of Remote Sensing, an online-only Open Access journal published in association with AIR-CAS, promotes the theory, science, and technology of remote sensing, as well as interdisciplinary research within earth and information science.

Media Contact

George Hua, Chuanlink Innovations, 1 8656606278, TranSpread1@gmail.com, http://chuanlink-innovations.com/

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SOURCE Journal of Remote Sensing

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