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P sai Krishna
Hey I am on Medialย โขย 4m
Apple now seems to be aggressively pushing into the smart home market to diversify its revenue streams, as the company is reportedly working on a smart doorbell device with the capability to unlock using the user's Face ID. If you're wondering why the iPhone maker is pushing into the smart-home tech sector, let's look at the industry data. According to Statista's data, revenue in the smart home market is projected to reach $6.5 billion in 2024. The market is expected to grow at an annual rate of 8.59% (CAGR from 2024-29), resulting in a projected volume of $9.8 billion by 2029. As per the forecast, household penetration will reach 77.4% in 2024 and is expected to grow to 87.7% by 2029. However, this market is not going to be easy for Apple, as other tech giants like Google and Amazon have already established a strong presence with their various products, including smart doorbells - Google Nest and Amazon Ring, respectively. .
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