- The ‘Internet of Things’ market is expected to reach a value of between $5.5 trillion and $12.6 trillion by 2030, from $745 billion in 2019, driven by contributions from both businesses and consumers
- SPYR Inc., through its subsidiary Applied Magix Inc., is considering aligning its interests to tap into this anticipated rapid growth
- The company is considering developing software for non-branded smart products, adding smart LED lighting products to its portfolio of HomeKit-enabled smart products, and acquiring new product lines or intellectual property
Research released late last year by multinational consulting firm McKinsey posits that the Internet of Things (“IoT”) space will grow through 2030, unlocking a potential economic value of between $5.5 trillion and $12.6 trillion, up from recorded spending of $745 billion in 2019 (
https://ibn.fm/Kh1EA). Central to this economic-value potential is the contribution of the customers of IoT products, who are expected to be drawn from both the business-to-business (“B2B”) and business-to-consumer (“B2C”) segments (
https://ibn.fm/Z3dyV).
“B2B applications are where the majority of IoT value can be created, with around 65% of the estimated IoT value potential by 2030. But the value of B2C applications is growing quickly, spurred by faster-than-expected adoption of IoT solutions within the home,” the McKinsey report reads.
SPYR (OTCQB: SPYR), dba SPYR Technology, whose Applied Magix, Inc. subsidiary develops and resells Apple(R)-ecosystem-compatible products, is aware of this potential and is positioning itself to tap into the expected growth through a multipronged forward-looking expansion strategy. First, SPYR is considering developing software for non-branded smart products to augment the user experience (“UX”), expanding its portfolio of products without having to undertake new hardware development (
https://ibn.fm/xsZx8).
“In our research into viable products to manufacture or carry, we have come across a number of manufacturers in China with well-engineered, often excellent hardware, yet abysmally poor software. Since the software is the main point of interaction for customers, badly designed software inevitably results in a bad customer impression of the product,” commented Applied Magix CEO Dr. Harald Zink. “By selecting well-engineered products and re-engineering a better software to accompany them, we hope to gain the best of both worlds – low development costs (as we don’t have to develop new hardware) and additions to our product line in the form of both the software product, as well as reselling the hardware product with minimal overhead.”
SPYR is also probing the addition of the MagixLux LED lighting line of HomeKit-enabled smart LED lighting products to its existing portfolio of HomeKit-enabled smart products (
https://ibn.fm/QLQH0). “There are a number of good LED lightning products already on the market – many of which we recommend – but I felt that we can round out our product line by offering HomeKit compliant LED lighting bulbs and atmosphere-enhancing LED light strips to complement the various HomeKit sensors we are already offering,” noted Zink.
Mordor Intelligence projects that the global smart lighting market, valued at $12.72 billion in 2020, will grow at a CAGR of about 20.26% between 2021 and 2026, nudging the value upwards to top out at $37.41 billion by the end of the forecast period. The firm’s analysts opine that the societal benefits of energy-efficient LED technology could prompt a prodigious number of consumers to adopt smart LED lighting (
https://ibn.fm/7LTxY). And SPYR could benefit from this increased interest should it go ahead with its plan.
The company has also set its sights on acquisition targets to add new product lines as well as intellectual property (“IP”) to its current portfolio (
https://ibn.fm/yWGud). “I’m always looking for new and innovative technologies, and as a result, have come across several potentially awesome IP targets that may be worth acquiring,” said Zink. “Some of these are AI-based and would complement and expand some of our existing product lines really well. Others represent some significantly innovative technologies that could be at the core of new product lines.”
On his part, SPYR Technologies CEO Tim Matula expressed his appreciation for the work Zink and Applied Magix are doing, further noting that the acquisitions, while complementary, could potentially bring new revenue streams.
It is noteworthy that each of the products and plans that form part of the forward-looking expansion strategy is merely a consideration and is currently speculative. Nonetheless, the company expects to update the general public as soon as the considerations morph into actualized developments.
For product information, please see the Applied Magix website at
https://AppliedMagix.com, or specific product sites:
For more information, visit the company’s website at
www.Spyr.com.
NOTE TO INVESTORS: The latest news and updates relating to SPYR are available in the company’s newsroom at
https://ibn.fm/SPYR
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