It’s no surprise that smart homes are becoming more popular. Amazon’s acquisition of Ring, a provider of internet-connected doorbells and cameras, for an estimated $1 billion back in 2018 is an example of the rapid expansion of the smart-home ecosystem. Google purchased Nest (manufacturer of smart thermostats, smoke detectors, and other products) and SmartThings (creator of a smart-home platform). Meanwhile, Samsung purchased SmartThings (developer of a smart-home platform), and Apple invested in Echelon (another platform maker). Smart-home technology adoption is on the rise. This is because of the shift in customer perceptions. They now know that devices like voice-activated assistants and smart security systems are necessities rather than frills. Here are 5 facts about the NYC smart home market.
1 The NYC smart home market is on a steep rise
- Customers’ growing interest in home automation is a major market driver. Growing demand for a more comfortable and luxurious lifestyle is driving the growth of the smart home business in the United States. A CAGR of 12.18 percent was forecast for the US NYC smart home market between 2021 and 2018, with a market value of $22.74 billion in 2020 and $49.98 billion by 2026. When it comes to installing a professional home automation system, the price ranges from about $2,000 to more than $10,000. As a result, the demand for smart home devices will rise in tandem with the growth of home automation systems around the world, fueling market expansion over the forecast period.
- Demand for smart homes is expected to rise throughout the predicted period due to the growing need to address security. Wireless innovations in security and access, entertainment, and HVAC controllers are going to boost the industry in the coming years. Manufacturing companies have been influenced by recent improvements in the Internet of Things (IoT) that have resulted in price reductions for processors and sensors.
- The NYC smart home market is now dominated by high-end projects, like smart windows. Though not yet necessary in all home types, it is likely to become so soon. Cities are becoming increasingly popular destinations for the well-educated as they seek employment opportunities. Many urban dwellers want to possess a home that can keep up with the latest technological advances. This is exactly why smart houses are becoming increasingly popular. Due to its numerous advantages, the sector is experiencing significant expansion. In addition to the luxury market, smart houses and the advantages of home automation are projected to be supplied at affordable rates for customers from a wide range of market sectors.
2 Covid 19 has had a big impact on the NYC smart home market
The outbreak of COVID-19 has definitely had an impact on all industries, including the smart home industry. We’ve learned from Roadway Movers that, in addition to the smart home market, the moving industry has also taken a hit during the pandemic. However, the pandemic has raised the demand for smart home gadgets like smart speakers and home healthcare because the majority of people work from home. The production capacity of smart speaker manufacturing businesses hasn’t diminished. In actuality, the sales revenue for this product will probably improve in 2022 because it is not as sophisticated as other items such as smart furniture, HVAC controls, and smart kitchens. Also, consumers are more aware of the importance of keeping track of their health due to the COVID-19 epidemic. They are thus more likely to purchase home healthcare goods like fitness trackers and health status monitors.
3 Virtual assistants are still popular
Clearly, virtual assistants (AI companions in the form of smart speakers) took off in 2017. But since then, the market has expanded and evolved into an everyday occurrence. As AI capabilities advance, voice-activated assistants will continue to be in high demand for the next three to five years.
Smart speakers and digital assistants, like Amazon’s Alexa and Google’s Google Home, serve as entry points into the home as well as crucial control points for the smart home ecosystem. The amount of data that these gadgets will collect on human activity is enormous. And this data can be extremely useful to a wide range of businesses. Even Amazon and Google have a rivalry. The market for virtual assistants is becoming increasingly competitive, with a wide range of firms fighting for a piece of the action.
Because of the rising popularity of smart speakers, AI and natural language have experienced a significant surge in investment activity. That’s understandable, considering the growing popularity of Alexa, Google Home, as well as other voice assistants, such as Apple’s Siri. The $50 million venture round raised by Rokid, a Chinese startup focusing on AI development and robot research, in 2016 was the largest investment in smart-home AI technologies to date.
4 NYC smart home market drivers
Energy management will continue to play a major role in adopting Smart Home technology in the home. Globally, this is a major source of revenue. In 2015, the US smart home energy management market generated over $600 million in revenue. The Smart Home business may benefit from the development of security devices. Sick or elderly people may be able to stay in their homes for longer periods of time thanks to this technology. However, if they’re making a residential move, it’s best to rely on experts for that.
5 NYC smart home market on a global scale
According to a recent report, North America is going to hold the highest share of the global smart home industry in the next few years. Smart cameras and video doorbells, as well as smart light bulbs, locks, and speakers are all included in this category. More than only homeowners are adopting smart home technology. More than two-thirds of all electricity consumed in the United States comes from the building industry, resulting in significant greenhouse gas (GHG) emissions. In order to comply with government regulations and address environmental issues, it is vital that buildings reduce their energy use.
Summary
The NYC smart home market has never been stronger and better. We hope we have informed you sufficiently with everything we’ve provided in this article.
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