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Biometrics to fuel smart home market growth of $127B by 2027

Biometrics to fuel smart home market growth of $127B by 2027
 

Rapid development of advanced technologies like biometrics is fueling the growth of the global smart home market. Verified Market Research reports the value of the smart home market at 80.8 billion USD last year and predicts it will grow to 207.9 billion by 2027, which would be a CAGR of 13.5 percent over the next seven years.

Consumer demand for convenience-led biometric solutions in the home, like facial recognition-based entry, is expected to help, but Verified Market Research suggests demand for home monitoring systems, as well as new solutions like remote HVAC and access control will spur the market.

The report identifies Assa Abloy, Siemens, Johnson and Honeywell among key figures in the market. Some of the major products, the report notes.

Verified Market Research remarks that of the five continents on which there exists a market for smart home technology, North America accounts for 40 percent. Closely following, and anticipated to have the most rapid growth in the sector, is the Asia Pacific region; due to population increases, urbanisation and massive economic change.

Canadian companies release biometric smart residential building platform

Two Canadian companies, building management software provider 1Valet and Rogers Communications have partnered to launch the new Rogers Smart Community platform.

This platform is an advanced biometric software enabling more efficient and secure living for building residents and staff. It includes facial recognition for building entry, hands-free building access and video guest verification through a smartphone app. The platform aims to enhance lifestyle and property management capabilities in multi-residential neighbourhoods within 1Valet’s single-user interface, according to the announcement.

The technology has already been introduced in three Canadian provinces.

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