- The smart home sector has seen dramatic growth over the past 3 years, with 34% of households owning at least one device
- Apple has been a dominant player in the smart home sector through its HomeKit ecosystem
- SPYR Inc., through subsidiary Applied Magix Inc., is seeking to capitalize on the rising demand for these Apple-compatible smart home and connected car devices
- The annual value of the smart home sector is projected to grow to $187 billion by 2025, representing a 5-year CAGR of 15.75%
Smart home products have become more popular than ever before.
Sales data has revealed that more time spent at home during the COVID-19 pandemic has led to an increased demand for tech goods — a trend that has resulted in the rapid digitization of private households, especially over the past two years.
SPYR (OTCQB: SPYR), dba SPYR Technologies, intends to capitalize on this burgeoning trend through its Applied Magix subsidiary. This tech company plans to develop and resell Apple-compatible products with an emphasis on the growing, multibillion-dollar Internet of Things (“IoT”) Smart Home and Connected Car markets.
While still in its infancy, the smart home technology market has been growing at breakneck speed. According to research by Parks Associates (https://ibn.fm/cnidd), 34 percent of broadband users today own a smart home device, a significant increase from the 24 percent only three years ago. Additionally, the average number of devices owned per household rose in 2020 from 6.8 to 7.4. Perhaps most significantly, the survey also showed that upwards of 86 percent of smart home device owners wanted unified control of all their smart home products via a single app, a trend that has contributed to the growth of Apple’s home product ecosystem, known as HomeKit.
Apple officially launched HomeKit on Sept. 17, 2014 with the goal of providing third-party apps with the ability to interface with HomeKit devices using its proprietary Siri voice assistant, while allowing remote access through home hubs. The company has since released a series of products such as the Apple TV set-top box, the HomePod smart speaker, and the HomePod mini in recent years. However, the key functionality of the Apple product ecosystem remains within the Home App’s compatibility with third-party accessories — a broad array of products which range from air conditioners and cameras to lights, locks, speakers and smart televisions (https://ibn.fm/T11yc).
In 2020, SPYR acquired Applied Magix Inc., a registered Apple developer and reseller of Apple-ecosystem-compatible products, to enter the global IoT (Internet of Things) market, initially through the development, manufacture and sale of devices and accessories specifically built on Apple’s HomeKit framework. Apple’s consumer base has historically shown a propensity to pay a premium for quality products, spending twice as much, on average, on technology relative to other smartphone users. By focusing on creating smart hardware and software solutions exclusively for Apple consumers, SPYR’s Applied Magix subsidiary is addressing a key problem faced by the Apple consumer market — having a relatively limited selection of smart devices that integrate with Apple’s HomeKit, despite the target market’s relative affluence and desire to purchase Apple-branded products.
Applied Magix has concentrated its initial foray into the Apple HomeKit and CarPlay connected car ecosystems on five key consumer products — the MagixDrive Wireless CarPlay adapter; the HomeKit Secure Video Camera with iCloud Storage; the Multipurpose Sensor with Alarm; the Environment and Motion Sensor; and the Window and Door Contact Sensor.
With Apple set to be a dominant player within the sector alongside former rivals Google and Amazon, and the global smart home market expected to grow to an annual size of $187 billion by 2025, representing a 5-year CAGR of 15.75 percent, SPYR Inc. looks well-positioned to capitalize on the exponential growth rate of a consumer market still in its relative infancy.
For more information, visit the company’s website at www.Spyr.com.
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