Mergers and Innovative Products Promote The Global Smart Homes Market

Mergers and Innovative Products Promote The Global Smart Homes Market

The increase in unsafe environment in the society has led to rise in demand of smart homes market across the globe. It can be inferred from the report published by Progressive Markets, titled, Global Smart Homes Market- Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025, as it anticipated that the industry would register a CAGR of 15.2% during 20172025.

The South Korean mobile chat company by the name Kakao has signed three firms, viz., POSCO E&C, POSCO ICT, and GS E&C, to construct apartments for smart homes that use the KaKao I AI platform. This announcement was recently made by the companies. As POSCO E& C and its IT service affiliate POSCO ICT, this would aid Kakao to co-develop a chat based home control service. Apart from this, it would also permit users to control their home even when they are away from it. The other company in the collaboration viz., GS E & C would apply voice recognition and natural language processing technology to Xi brand of apartments. The owners would be able to use with either apple or smart phones or even Kakao mini to control lights, gas, temperature, and ventilation of their apartments.

The smart home market has witnessed increase in demand over the past few years, which has led to opening of numerous opportunities. Therefore, several new entrants have tried to avail this opportunity and latest among them is British Gas. The company is based in U.K. and has launched a new product by the name Hive. It has introduced the product with an eye on the U.S. market. The product is a smart home solution that offers access to users to a collection of devices without having the need to break the bank on individual gadget purchases. The firms has claimed that it would provide a subscription based service which makes it clear that users would have to subscribe the service every month. This would make the solution as more affordable in comparison to its competitors. It offers two plans, viz., home check and welcome home.

The welcome home plan is considered to be a lite offering since it would cost 5.99 a month. In addition, it comes with a hive hub, one motion sensor, two active light bulbs, and two active plug. It also comes with the Hive live which makes it essential for an ongoing warranty with perks, discounts, and free delivery. Furthermore, the home check plan is more robust and costly in comparison to other plan offered by the company. The home check costs around 24.99) a month and includes a camera, the hub, two window/door sensors, one motion sensor, two active light cool to warm white, and one 16 GB SD card. After one year from purchase, the plan reverts to 5.99 for just the ongoing Hive Live subscription.

Alternative factor that has driven the smart home market across the globe include it keeps energy level down while providing more automated applications. Therefore, it would be appropriate to sum up that with aforementioned factors and smart strategies the industry would witness growth in the coming years.
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