Global Home Automation Market Size Projected To Reach $168 Billion In 2032

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Nov 17, 2022, 08:45 ET

FinancialNewsMedia.com News Commentary - Consumer demand for home automation systems controls and monitors has been rising in recent years and is projected to continue to grow at a significant pace for years to come.

PALM BEACH, Fla., Nov. 17, 2022 /PRNewswire/ -- Smart Home Automation Market Drivers are Innovative smart devices that offer safety, convenience, efficient energy saving, and lower utility cost products, which is expected to benefit the smart home automation market growth. A report from Future Market Insights projected that the global smart home automation market is estimated to grow from US$ 72 Billion in 2022 to US$168 Billion in 2032 while displaying a CAGR of 8.84% during the 2022-2032 period. Increasing penetration of the Internet of Things (IoT) has evolved the machine to machine communication which has motivated users to adopt smart home automation technology. The report said: "Smart Home Automation Market Drivers are Innovative smart devices that offer safety, convenience, efficient energy saving, and lower utility cost products, which is expected to benefit the smart home automation market during the forecast period (2032). Smart homes can do complex functions, such as automatically lighting evacuation pathways in the case of a fire alert. The benefit of a smart home automation system is that it enables the customer to remotely monitor their entire home. There is more flexibility and lower installation and retrofitting costs. Users with remote access to home accessories can control their home appliances while they are away." Active companies in the markets this week include: SKYX Platforms Corp. (NASDAQ: SKYX), Alphabet Inc. (NASDAQ: GOOGL,) Snowflake (NYSE: SNOW), Apple Inc. (NASDAQ: AAPL), Mobileye Global Inc. (NASDAQ: MBLY).

It added: "The Rising Interest in Advanced Technologies, to Drive the US Market in Smart Home Automation. The United States is expected to emerge as the leading country during the predicted period. The country's preference for modern technologies such as artificial intelligence and the internet of things, along with increased disposable income, boosts demand for smart technologies. Many startups are sprouting in the region, adding to the market's growth. As a result, the market in North America is predicted to expand considerably throughout the forthcoming years. Asia Pacific region has the greatest market share. The Asia Pacific is predicted to rise rapidly throughout the projection period due to increased expenditure on smart technologies. Owing to the dominance of important smart device makers, China is likely to monopolize the region's share. Due to increased demand for automated solutions, India is likely to grow at a high CAGR throughout the upcoming years."

SKYX Platforms Corp. (NASDAQ: SKYX) BREAKING NEWS: SKYX Wins Consumer Electronics Show (CES) 2023 Innovation Award for Smart Home Category for Smart Sky Ceiling Plug - SKYX's Revolutionary Smart Ceiling Plug Recognized for its Safety, Smart Features and Groundbreaking Design by the World Leading Consumer Technology Association - SKYX Platforms Corp. (d/b/a "Sky Technologies") ("SKYX," "we" or "the Company"), a highly disruptive platform technology company with over 60 issued and pending patents globally whose mission is to make homes and buildings smart, safe and advanced as the standard, today announced that its Smart Sky Ceiling Plug has won the Consumer Electronics Show (CES®) 2023 Innovation Award for Smart Home Category.

The prestigious CES Innovation Awards honor outstanding design and engineering in consumer technology products and are given in advance of CES 2023. CES Innovation Awards judges are highly respected experts in their fields and include consumer technology industry designers, engineers, and members of the media. Entries are judged on their innovation, engineering and functionality, aesthetics, and design. Previous award winners in the Smart Home category have included Samsung and Ring, among other world leading companies.

SKYX's Smart Sky Ceiling Plug will be a main feature in the three CES press conferences in Las Vegas that will take place on January 3^rd, 4^th, and 5^th prior to the CES opening day on January 5^th, 2023. At CES, SKYX will present its line of safe-smart home products as well as its Innovation Awards Showcase in the main CES Smart Home Area of the Smart Home Exhibition Hall at the Venetian Convention Center in Las Vegas, Nevada from January 5-8, 2023.

"We are pleased that SKYX was honored in the highly sought after CES Innovation Awards," said Rani Kohen, Founder, Inventor and Executive Chairman of SKYX Platforms Corp. "I firmly believe that the simplicity, ease of use and safety benefits of our technology will make it truly ubiquitous in the future. With a market of hundreds of millions of lighting and ceiling fan installations in the U.S. alone, a safe plug and play option with smart capabilities is a necessity. I look forward to continued execution in the months ahead as we strive to create value for shareholders and consumers alike."

Steve Schmidt, SKYX Platforms President – Former CEO of Nielsen Corporation and Former President of Office Depot International – said: "This significant award win, decided by the world's foremost technology association, is a testament to the technological edge, continued innovation and the magnitude of SKYX's accomplishments. This exciting milestone, typically only achieved by tier-1 global companies, follows up on recent achievements such as our ANSI/NEMA standardization vote approval for our product specifications, our National Electric Code (NEC) generic name approval and yesterday's announcement that the American Institute of Architects (AIA) approved SKYX's course as part of its mandatory continuing education systems requirements. This foundation building positions SKYX for great success as we move into 2023 and beyond." CONTINUED… Read this full release and more news for SKYX Platforms at: https://ir.skyplug.com/news-events/press-releases/
Other recent developments in the markets include:

Alphabet Inc. (NASDAQ: GOOG, GOOGL) recently announced financial results for the quarter ended September 30, 2022. Sundar Pichai, CEO of Alphabet and Google, said: "We're sharpening our focus on a clear set of product and business priorities. Product announcements we've made in just the past month alone have shown that very clearly, including significant improvements to both Search and Cloud, powered by AI, and new ways to monetize YouTube Shorts. We are focused on both investing responsibly for the long term and being responsive to the economic environment."

Ruth Porat, CFO of Alphabet and Google, said: "Our third quarter revenues were $69.1 billion, up 6% versus last year or up 11% on a constant currency basis. Financial results for the third quarter reflect healthy fundamental growth in Search and momentum in Cloud, while affected by foreign exchange. We're working to realign resources to fuel our highest growth priorities."

Snowflake (NYSE: SNOW), the Data Cloud company, recently announced at its Snowday 2022 event, the final San Francisco stop on its Data Cloud World Tour, continued growth across the Data Cloud ecosystem, driven in part by Snowflake's cloud, data provider, services, technology, and Powered by Snowflake partners, alongside its customers. Launched over two years ago, the Snowflake Partner Network continues to serve as the engine that fuels the growth of the Data Cloud ecosystem, unlocking the potential of the Data Cloud with a broad array of solutions, applications, and partners that help mobilize the world's data.

"Together, Deloitte and Snowflake are supporting customers end-to-end through their data mobilization journeys," said Frank Farrall, Principal – Data and AI Alliances Leader, Deloitte Consulting LLP. "Our alliance with Snowflake allows us to be part of the process of helping to redefine the market for data technology, empowering our joint clients to achieve their digital innovation goals and unlock business value at scale."

Apple Inc. (NASDAQ: AAPL) Apple® recently announced financial results for its fiscal 2022 fourth quarter ended September 24, 2022. The Company posted a September quarter record revenue of $90.1 billion, up 8 percent year over year, and quarterly earnings per diluted share of $1.29, up 4 percent year over year. Annual revenue was $394.3 billion, up 8 percent year over year, and annual earnings per diluted share were $6.11, up 9 percent year over year.

"This quarter's results reflect Apple's commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it," said Tim Cook, Apple's CEO. "As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity's full creative potential."

Mobileye Global Inc. (NASDAQ: MBLY) recently announced the pricing of its initial public offering of 41,000,000 shares of its Class A common stock at an initial public offering price of $21.00 per share. The shares began trading on the Nasdaq Global Select Market on October 26, 2022 under the symbol "MBLY," and the offering closed on October 28, 2022, subject to customary closing conditions. In addition, Mobileye has granted the underwriters a 30-day option to purchase up to an additional 6,150,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. The net proceeds from the offering to Mobileye, after deducting underwriting discounts and commissions and estimated offering expenses payable by Mobileye, are expected to be approximately $0.8 billion, excluding any exercise of the underwriters' option to purchase additional shares. A significant portion of the net proceeds from this offering will be used for repayment on a note owed to Mobileye's parent company, Intel Corporation, and Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes.

In addition to the shares of Class A common stock sold in the public offering, Mobileye announced that General Atlantic will purchase 4,761,905 shares of Class A common stock in a private placement at a price per share equal to the initial public offering price, for gross proceeds of $100 million, subject to customary closing conditions. The sale of these shares will not be registered under the Securities Act of 1933, as amended. The closing of the initial public offering is not conditioned upon the closing of the private placement.

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