Issue link: https://te.mouser.com/i/1501303
Smart Homes A Look into Today's Trends and Opportunities APPLIANCES / TREND PAPER 3 Technology and Market Trends Underlying the smart home market are technological advancements and market trends facilitating growth. This includes: • Enhanced technologies: Smart homes rely on the strength and bandwidth of wireless technologies to effectively operate. With the advent of 5G, the deployment of the Internet has been boosted to support an increasing number of internet users and allow for connectivity across a wider range of smart home devices. The result has been the emergence of new and advanced smart home automation systems covering a spectrum of capabilities from centralized streaming entertainment devices and robotic vacuum cleaners to smart safety and surveillance systems. In addition, the integration of Artificial Intelligence (AI) has enabled devices to offer more advanced capabilities, as well as digital sound. For example, through personalization features, the devices can learn about users' behaviors thereby eliminating the need for direct input. • Economic factors and greater ease: Greater disposable income has positively impacted smart home growth as consumers are willing to spend on the heightened accessibility, availability and convenience smart home applications offer. This is particularly true in the developing economies of the Asia Pacific. Dramatically improved standards of living, and a desire for smart and luxurious lifestyles, are driving smart home growth in the region to be the highest in the world. In addition, as consumers look to enjoy more personal time, they have started deploying smart and intelligent solutions in everyday tasks to reduce workloads at both home and the workplace. It is expected that the use of smart home devices will have a particular impact on chore automation, cutting an average of 100 labor hours annually for a typical household. • Government intervention amidst energy concerns: Energy efficiency and savings are important aspects of any nation's economic development. These concerns have become even more critical in the face of rising concerns over global warming. As a result, regulatory bodies in North America, Europe and the Asia Pacific, are putting forth requirements and incentive programs that call for energy-saving and low carbon emission-oriented solutions. Smart homes, which heighten control of energy usage and emphasize the use of non-greenhouse gas emitting electrical appliances, are well-positioned to address these new climate-related mandates. • Surge in smart buildings: One of the great drivers in the growth of smart homes is the actual development of smart buildings. With growing urbanization and the prospect of smart cities becoming more of a reality, a surge in smart buildings will only continue to bolster the market's overall growth. While this is a global phenomenon, it is a particularly relevant to the North American market.