US.: +1-650-918-5898
UK.: +44-020-8133-4027
AUS.: +61-2-4786-0457
INDIA: +91-848-285-0837
Conventional smartphones, laptops and other communication devices have witnessed saturation and the global demand has declined significantly over the past few years. Conventional technologies are being replaced by smart alternatives featuring connectivity, innovative applications, and artificial intelligence for independent decision making. Moreover, inclination of industry participants and consumers towards these technologies is expected to transform the global landscape of consumer products, home products, and business solutions over the forecast period. Such state of the art technologies are presented as part of this segment study.
Smart Home
Smart home products can be broadly categorized into lighting control, security & access control, HVAC control, home healthcare, smart kitchen, and entertainment. Lighting control is expected to present major growth opportunities over the forecast period owing to its ability to reduce energy consumption through the incorporation of smart sensors to optimize the intensity according to the natural light. However, the entertainment industry held the largest market share owing to the extensive range of products under this segment. The improving standard of living across the globe has led to the advent of smart entertainment systems that integrate multi-room systems control to regulate audio and other media controls through centralized systems. This industry is characterized by a number of product innovations to enhance consumer experience. Some of these include:
Thermostats: These provide the ability to control the temperature of air and water in homes through smartphones, tablets or computers. Some of the recent models have incorporated artificial intelligence that allow users to customize the appliances according to their habits and preferences.
Smart Kitchen: Smart Kitchen products allow monitoring of the cooking processes remotely through smart products and connected devices. Products such as iKettle 2.0, Belkin’s WeMo series are examples of smart kitchen products. Samsung’s smart fridge is another product that enhances the usability through its incorporated display featured with whiteboard, web browser, calendar, and inside view.
Security & access control: Security and access control includes equipment that allows users to block unauthorized access to information through both virtual and physical channels. Danalock V2, Tile Mate, Skybell HD, and Dojo Pebble are some of the novel security and access control products that enhance the home security from any form of physical and virtual attacks.
Other miscellaneous home automation products: Automated vacuum cleaners, social robots, centralized power control devices, smart scales for fitness tracking, lawn mowing robots, and universal remotes to control any remote controlled device are some of the other home automation products that have gained traction in the recent past.
Growing per capita disposable income has influenced demand for high-end products and increased convenience at homes. Moreover, introduction of advanced automated products to enhance user comfort is expected to provide the necessary boost to the market growth over the forecast period.
Smart Consumer Products
Smartphones, tablets, and laptops are expected to witness steady demand in the near future. However, smart wearable electronics that include implantable devices, smart watches, smart jewelry, fitness trackers, smart clothing, and head-mounted displays are expected to present substantial growth prospects over the forecast period. Smart watches accounted for over half the revenue share of wearable devices segment in 2016. Moreover, products such as smart eyewear and head-mounted displays are expected to further gain traction with introduction of augmented/virtual reality. In addition to enhanced gaming experience, these products are expected to find huge application in designing architectures phobia therapies, and emergency response training among others. Chief global players such as Apple, Samsung, and Facebook are implementing strategies to establish their foothold in the industry. For instance, in July 2014, Facebook completed acquisition of Oculus Rift for around US$ 2 billion. Increasing incidence of data loss and security breaches over the last few years has increased demand for data security among the populace. Given the proliferation of connected devices, providing enhanced security is likely to be one of the major focuses of players operating in this industry.
Smart Industries
Utilization of cyber-physical systems and industrial robots integrated with internet of everything (IoE) with smart learning capabilities are expected to gain major traction over the following years. Moreover, reduction of human errors, high precision outputs, and long working cycles of these portfolios is expected to generate major profits for end-use industries. Use of 3D printing in the manufacture of automotive and other equipment. According to Capgemini’s Digital Transformation Institute, smart factories could increase the global economic productivity to US$ 1.5 trillion by 2022, and double the average profit margins. Some of the major players in the industrial automation segment include ABB Ltd. Fanuc Corp., Yaskawa Electric Corp., Adept Technology, and Apex Automation and Robotics.
Smart Utilities
Increasing global population has increased the strain on existing resources and is expected to present a significant challenge to the growth of the utilities industries. Advent of different communication means, software, and smart meters have enabled safe and measured utilization of resources such as gas, water, and electricity. These smart meters offer accurate consumption measurement and on-demand remote access to related information. Owing to these advantages, the technology has gained global acceptance, and government authorities are expected to invest significantly in their installation. For instance, the U.K. government has mandated installation of smart meters in every household in England, Wales and Scotland by 2020. This unprecedented national infrastructural project is expected to enable better energy efficiency of systems in the U.K.
Smart Agriculture
Smart agriculture includes precision farming, livestock farming, fish farming, greenhouse, orchid farming, forestry, and horticulture. These methodologies have gained wide scale acceptance in developed economies and are projected to witness major demand in emerging economies over the forecast period. Smart agriculture incorporates next generation technology to monitor and control different aspects to enhance the yield. Yield monitoring is among the major applications that are expected to offer a huge growth potential. It entails monitoring field information such as soil properties, fertilizers, and weather conditions. Agricultural drones have gained significant consumer favorability owing to their ability to display issues concerning irrigation treatment, distressed plants and soil variation through the incorporation of GPS modules, MEMS sensors and digital radios with the drones.
Some other smart innovations include the smart renewable power systems, neuromorphic chips (by Qualcomm) and Microscale 3D printing (still in development phase). These advancements are likely to positively impact the smart technology landscape over the next few years. Increasing adoption of IoT, AR/VR, machine learning, automation, and physical digital integrations to enhance the technology applications across major industrial segments is expected to favor growth of this industry.
Published Date : Dec 2023
The carbon offset market refers to a platform that allows individuals and organizations to compensate for their carbon footprint by purchasing carbon credits from emission reduction projects. Over the past few decades, global emissions have steadily increased due to r... View more
Published Date : Dec 2023
Weeds compete with desirable plants for nutrients and moisture. Whether they are toxic, unpleasant to eat, or look unattractive, they interfere with the production and maintenance of crops and pastures. Preventative weed control strategies include using only certified... View more
Published Date : Dec 2023
The solar lease industry is growing fast, providing a chance for people and businesses to use solar power without having to spend a lot of money upfront. With this service, customers can rent solar panels and equipment from solar power companies, giving them access to... View more
Published Date : Dec 2023
Omnichannel retailing is an approach to sales, marketing, and customer service that allows customers to interact with businesses on their preferred channels and provides a connected experience regardless of the channel they use. Omnichannel retailing allows for better... View more
Published Date : Dec 2023
Virtual charter schools are publicly funded schools that are mainly or entirely online. They provide K-12 education exclusively through internet-based methods rather than a physical classroom setting. There are two primary types: school-within-a-school models and full... View more
Published Date : Dec 2023
The advent of climate change and rising carbon emissions have posed significant threats to our environment and way of living. There is a growing global consensus on the need to transition to a low carbon economy and achieve carbon neutrality by mid-century. This has l... View more
Published Date : Nov 2023
The corporate relocation service market plays a crucial role in facilitating the smooth transition of employees and their families when they are required to move to a new location for work purposes. This market encompasses a range of services such as transportation, l... View more
Published Date : Nov 2023
A decarbonization service is a service or set of services designed to help individuals, organizations, or industries reduce their carbon emissions and transition to more environmentally sustainable practices. Decarbonization, in this context, refers to the process of ... View more
Published Date : Nov 2023
Virtual shopping assistants are revolutionizing the way consumers shop in the digital era. These intelligent software applications, powered by artificial intelligence (AI) and natural language processing (NLP) technologies, aim to enhance the online shopping experienc... View more
Published Date : Nov 2023
The Global SSL certificate market size was valued at US$ 187 Mn in 2023 and is expected to reach US$ 413.5 Mn by 2030, grow at a compound annual growth rate (CAGR) of 12% from 2023 to 2030. The SSL certificate market has emerged as a critical component in today's digital landscape, playing a pivota... View more
Published Date : Nov 2023
The global computer software assurance (CSA) market is estimated to be valued at US$ 8.48 Billion in 2023 and is expected to reach US$ 20.00 billion by 2030, growing at a compound annual growth rate (CAGR) of 13% from 2023 to 2030 The Computer Software Assurance (CSA) market is a dynamic and rapidl... View more
Published Date : Nov 2023
Global cost reduction services market is estimated to be valued at US$ 101.9 million in 2023, and is expected to reach US$ 199.9 million by 2030, exhibiting a compound annual growth rate (CAGR) of 10.1% from 2023 to 2030 Cost reduction services market plays a crucial role in helping businesses to o... View more
Published Date : Nov 2023
The global cable assembly market has been witnessing steady growth over the past few years owing to increasing demand from various end-use industries including electronics, IT & telecommunication, automotive, industrial, and defense among others. Cable assemblies ... View more
Published Date : Nov 2023
The global offender management system market size is expected at US$ 4.87 Billion in 2023 and is expected to reach US$ 7.71 Billion by 2030, growing at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. The Offender Management System market refers to the market for software solutions a... View more
Published Date : Nov 2023
The global ghost kitchen market has witnessed significant growth in recent years owing to the expansion of online food delivery platforms and rising demand for delivery and takeout food. A ghost kitchen, also known as a virtual kitchen or dark kitchen, refers to a com... View more
Published Date : Nov 2023
Advanced oxidation technologies offer innovative solutions for treatment of hazardous and toxic pollutants in water and wastewater. These technologies utilize oxidation process such as ozone, hydrogen peroxide, ultraviolet or titanium dioxide to degrade organic pollutants into non-toxic compounds... View more
Published Date : Nov 2023
Global Assessment services play a crucial role in various domains, including education, recruitment, and professional development. These services provide valuable insights and evaluation to support informed decision-making. Assessments involve systematic data collecti... View more
Published Date : Sep 2023
A smart mirror refers to a highly functioning advanced mirror that is manufactured by the integration of embedded electronics such as sensors, cameras, and displays. Smart mirrors provide a number of features such as internet connectivity and touchscreen option. Memor... View more