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Smart Home Market size is set to grow by USD 188.3 billion from 2024-2028, Growing consumer interest in home automation boost the market, Technavio

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NEW YORK, July 3, 2024 /PRNewswire/ — The global smart home market size is estimated to grow by USD 188.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.21%  during the forecast period. Growing consumer interest in home automation is driving market growth, with a trend towards rising number of strategic partnerships and alliances. However, increase in issues related to interoperability  poses a challenge. Key market players include ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls, Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, and Vivint Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart Home Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 21.21%

Market growth 2024-2028

USD 188.3 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

17.25

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

APAC at 69%

Key countries

US, Germany, China, UK, and Canada

Key companies profiled

ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls, Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, and Vivint Inc.

Market Driver

The global smart home market is witnessing an increase in strategic partnerships among vendors, with a focus on product development to capitalize on growth opportunities. Smart home product and system manufacturers are collaborating with technology providers, home automation platform providers, and other market participants to ensure interoperability. Notable partnerships include Samsung with ABB Group, Google with ADT, and Amazon with iRobot. These alliances are expected to accelerate growth in segments such as energy management, light control systems, home entertainment, HVAC, smart appliances, safety, and security systems. 

The smart home market is experiencing significant growth with various technologies taking center stage. Speakers, thermostats, and security systems are popular trends. These devices can be controlled through apps or voice commands, providing convenience and efficiency. Smart bulbs and closets are also gaining traction, offering energy savings and improved organization. The use of voice assistants like Siri and Alexa is driving innovation, allowing users to control multiple devices with simple voice commands. The future of smart homes lies in connectivity and automation, making daily life easier and more efficient. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The smart home market is expanding, with vendors focusing on creating dependable home automation solutions for applications like energy management, lighting, home entertainment, HVAC, smart appliances, and safety and security systems. However, the market’s growth may be hindered by interoperability issues. These problems occur when smart home devices cannot work together seamlessly through various interfaces in real-time. For instance, smart security cameras may not be compatible with all smart devices and platforms. To address these challenges, vendors must invest in research and development and acquire the necessary expertise in smart home automation solutions. The prevalence of interoperability issues may negatively impact the growth of the smart home market during the forecast period.The smart home market is experiencing significant growth, with various technologies and devices in use. However, challenges persist in ensuring seamless integration and interoperability among different systems. One major challenge is the fragmentation of the market, with numerous players and proprietary technologies. Another issue is security concerns, as the increasing use of IoT devices in homes raises privacy and data protection risks. Additionally, cost remains a barrier for many consumers, as the initial investment for a fully-equipped smart home can be high. To address these challenges, industry players must focus on developing open standards and collaborating to create interoperable solutions. They should also prioritize security features and affordability to make smart homes accessible to a wider audience.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This smart home market report extensively covers market segmentation by  

Application 1.1 Home entertainment1.2 Smart appliances1.3 Energy management1.4 Lighting control system and HVAC1.5 Safety and security systemTechnology 2.1 Wireless2.2 WiredGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Home entertainment-  The Smart Home Market is experiencing significant growth, driven by increasing consumer demand for convenience and security. Smart home devices, such as thermostats, lighting systems, and security cameras, are becoming increasingly popular. Retailers and manufacturers are responding by expanding their offerings and improving product functionality. This trend is expected to continue, with the global market size projected to reach USD151.4 billion by 2023. Smart home technology is making homes more efficient and comfortable, providing homeowners with peace of mind and added value.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Smart Home Market is experiencing significant growth due to the increasing demand for home monitoring, energy-saving solutions, and the integration of advanced technologies such as 5G, IoT platforms, and Machine Learning. The industry caters to the safety and security needs of Internet users by offering smart home systems that include intrusion detection, cameras, and AI-powered virtual assistants. These systems provide convenience through the control of lighting, temperature, audio/video systems, and smart appliances like dishwashers, all accessible via smartphones and digital assistance. However, with the increasing number of IoT connections and devices, cyberattacks and security threats are becoming a major concern. AI and Machine Learning are being employed to enhance the functionality and security of these systems. Smart homes are transforming into intelligent living spaces, integrating Bluetooth speakers and other entertainment devices to create a more comfortable and connected living experience.

Market Research Overview

The Smart Home Market encompasses a range of technologies and devices designed to enhance convenience, security, and energy efficiency in residential spaces. These solutions include voice-activated assistants, thermostats, lighting systems, security cameras, and appliances, among others. Smart homes utilize various connectivity protocols such as Wi-Fi, Bluetooth, and Zigbee to facilitate seamless communication between devices. The market is driven by factors like increasing consumer awareness, technological advancements, and the growing preference for energy-efficient solutions. Smart homes offer numerous benefits, such as remote monitoring and control, automation, and improved comfort and safety. The market is expected to witness significant growth in the coming years due to these factors and the ongoing digital transformation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationHome EntertainmentSmart AppliancesEnergy ManagementLighting Control System And HVACSafety And Security SystemTechnologyWirelessWiredGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

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SOURCE Technavio

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Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

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BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

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SOURCE Niutech

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Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education

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SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.

“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”

Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine

“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”

With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.

“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”

Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine

The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.

GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.

“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”

Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency

As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.

For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

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SOURCE GLOBAL ULTRASOUND INSTITUTE

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Keuka College Notifies Individuals of Data Security Incident

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KEUKA PARK, N.Y., Sept. 20, 2024 /PRNewswire/ — Keuka College has learned of a data security incident that may have involved personal information.

On April 25, 2024, the College identified suspicious activity within its network environment and immediately took steps to secure the environment, restore its systems, and began an investigation to determine the nature and scope of the issue. Keuka College also engaged independent cybersecurity specialists to assist with the process. The comprehensive investigation, which concluded on August 21, 2024, could not determine definitively whether personal information related to current and former students and employees was affected.

Keuka College maintains a variety of records which can include: name, Social Security number, Driver’s license number, student id number, financial account information, and date of birth. Current students and employees were contacted by the College in May and provided with one year of free credit and identity monitoring services.

Keuka College has established a toll-free call center to answer questions about the incident and address related concerns. Call center representatives are available Monday through Friday from 9:00 am to 9:00 pm Eastern Time and can be reached at 1-833-913-7557. Please be prepared to provide the engagement number, B131983, for reference.

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SOURCE Keuka College

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