Rise in smart city projects and innovations in home automation are driving smart lighting market forecast significantly. The growing urban population has triggered initiatives by the government to provide access to efficient LED lights, along with deploying AI and IoT in building automation systems for commercial, residential and industrial spaces. The Ministry of Housing and Urban Affairs in India had set up a smart cities mission with a view of developing over 100 cities in the country over a span of five years.
Regional authorities are increasingly partnering with technology companies to implement their vision of a smart and connected city. Intel and the City of San Jose, California have collaborated on a public-private project to deploy the company’s smart city demonstration platform to boost the Green Vision initiative of the city. Smart city infrastructure facilitates efficiency, cost reduction and provides an improved livelihood for city occupants. Rise in smart city initiatives worldwide has led to increased impetus for smart lighting market size.
Over the years, there has been a considerable rise in the infrastructural development of residential, commercial and industrial spaces owing to the rise in disposable incomes in both developed and emerging nations. Technological advancements and growing innovations aiming to simplify the condition of living is steering home automation. Energy savings, home security, enhanced comfort, home control monitoring and user convenience are some the vital factors resulting in the rising adoption of home automation globally.
With increasing implementation of home automation around the globe, smart lighting industry will witness a robust growth rate in the years to come, further driven by key factors listed below:
LED bulbs replacing traditional lighting systems
Owing to high energy efficiency along with development in lighting technologies, LED (light-emitting diode) has gained worldwide popularity for substituting the traditional incandescent lighting systems. Reportedly, residential LEDs use 75% less energy as opposed to its substitutes. LED has a wide application base in residential, industrial and commercial sectors.
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According to data, in United States the widespread usage of LED lights may save up to 348 TWh of electricity by 2027, resulting in cumulative savings of over USD 30 billion according to current electricity prices. In developing regions such as India, government is realizing the benefits of LED and is substantially promoting the usage of the same.
Ministry of Power in India had launched a which focuses on promoting efficient energy usage in residential sector, spreading awareness among consumers regarding energy efficient appliances and stimulating the use of LED lights. Till date, with the distribution of LED light by the government the country has saved over INR 18,623 crores. The vital features of LED and its assistance in energy cost efficiency is positively influencing smart lighting market share.
Increased deployment of light control sensors
According to the U.S. Energy Information Administration (EIA), the total electricity used for lighting residential and commercial sector in the United States was estimated at 232 billion kWh in the year 2018. Flourishing infrastructural development in different sectors is pushing the demand for lighting and innovations in lighting systems is extremely important for sustainable usage of electricity and reducing cost of operation.
Light controls sensors allow remote operations of lighting systems via mobile phones, that help in controlling the usage of lighting and eliminate wastage of the energy. Motion sensors for outdoor lighting, network lighting control systems and occupancy sensors for indoor lighting are some types of light control sensors that are witnessing rising demand in the market. Reduction in energy consumption, electricity cost savings, and simplified lighting solutions are some of the vital features of sensors which will complement smart lighting industry outlook.
Growing number of smart initiatives in Europe
Europe is expected to evolve as one of the most significant revenue pockets for smart lighting market, owing to the significant number of smart city projects and increased adoption of smart LED lighting systems. The European Union innovation partnership on smart cities and communities is a program established by the European Commission that brings together small businesses, industries and cities together. The aim of the program is to enhance the urban lifestyle through sustainable solutions and addresses specific challenges across varied policy areas such as mobility, energy and transport.
Additionally, Europe is witnessing a rise in usage of LED owing to widespread awareness of sustainable sources of energy. Reports estimate that global smart lighting market size will surpass USD 23 billion valuation by 2025, with Europe accounting for a notable portion of the overall share.
Author Name : Shreshtha Dhatrak
Geofencing market to witness a staggering CAGR of 28% over 2017-2024, retail sector to drive the application landscape
With evolving emphasis on location-based marketing in retail space, geofencing market has indeed gained a widespread recognition in the mainstream tech cosmos. Over the recent years, it has been observed that the share battle between online and offline business platforms is intensifying. As a result, bricks and mortar giants have been increasingly looking for ways to implement e-commerce alternatives, the fundamental factor that has impelled geofencing industry share. Quite comprehensible from the terminology, geofencing is a service that, via an app utilizes RFID or GPS technology to increase the virtual boundary around a particular geographic location. Apparently, the technology is being extensively deployed in retail stores nowadays in an attempt to enhance in-store consumer experience. In fact, on grounds of its far-reaching acclaim, numerous tech behemoths have been trying their hands with the technology in recent years, attempting to bring forth a slew of innovative applications in geofencing market.
Geofencing Market Size, By Application, 2016 & 2024 (USD Million)
Unveiling geofencing market trends with reference to its application landscape:
- American Eagle, one of the renowned clothing and accessories retailers, in the year before last, launched a groundbreaking reward scheme for its customers to encourage purchase. Reportedly, the U.S. headquartered company has utilized geofencing technology to create this app, which in a way is pushing consumers to add more items in their shopping carts to see what they can receive in return. Since the strategy compels the users to at least consider the items that might be otherwise left on the rail, the probability of more purchases undoubtedly increases. This absolutely innovative strategy applied by the American retail giant grabbed the headlines back then and has been stamped as a benchmark in geofencing market growth.
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- 2016 has indeed been a breakthrough year for geofencing market, with leading food giants striving hard to exploit the potentialities of this technology in their business model. McDonalds, for instance, had started incorporating geofencing service in its mobile app for optimizing the food preparation time. Sources claim, the fast food giant’s decision of implementing this app comes in the wake up of long wait queues in front of McDonalds outlet and amidst the chances of receiving cold food. The geofencing based app designed by the company aptly detects when the customer gets closer to the counter and simultaneously alerts the staff to start preparing the order. Needless to mention, growing deployment of these kinds of innovative technologies have enhanced instore consumer experience, which by extension has stimulated geofencing market expansion.
The application matrix of geofencing industry is not just replete with retail domain, though it is undeniable this sector is a lucrative growth avenue for the entire business space. Besides, retail space, geofencing market share stands to gain much from security and defense applications. Numerous companies participating in the business space have been creating a whole hog to bring about significant advancements in the capabilities of this solution with enhanced integration and accuracy functionalities. In this regard, China has recently made it to the headlines with the announcement of its decision of integrating geo-fencing based facial recognition system for security and surveillance in Xinjiang. Reportedly, these geofencing tools alert authorities when targeted people venture 300 meters beyond the designated safe area zone. These kinds of appreciable efforts undertaken by tech giants and governmental bodies toward promoting geofencing technology is certain to bring forth a plethora of opportunities for geofencing industry participants in the coming years. Validating the declaration is the estimate by Global Market Insights, Inc. that forecasts the global geofencing market to surpass a valuation of USD 1.7 billion by 2024.
Author Name : Satarupa De
Real-time tracking systems to augment smart luggage market revenue over 2017-2024, North America to emerge as a lucrative business destination
The fact that smart luggage is now a buzzword for the tech-savvy traveler legitimizes the massive commercialization matrix of smart luggage market. A prime factor that has augmented the popularity of this product is the substantial rise in the number of air travelers that has led to strict security compliance at airports. Furthermore, there has been an increase in the cases of baggage theft and luggage damage during travel lately, which has pushed the demand for connected suitcases and bags, thereby stimulating smart luggage industry share. The escalating penetration of IoT in the baggage fraternity has prompted manufacturers to include smart features such as remote locking system, Wi-Fi spots, GPS, Automatic built-in weighing, Bluetooth, USB chargers, built-in batteries, and SIM cards in luggage. Say for instance, Bluesmart, a key manufacturer of smart products for travel industry, recently introduced second generation technology referred to as Series 2 in its product line. The new smartphone-controlled locking & site tracking system is expected to lessen the trouble for passengers and airport officials during baggage check-ins.
U.S. Smart Luggage Market Size, By Application, 2016 & 2024 (USD Million)
The concept of zipper-less baggage has been gaining traction in smart luggage industry. For instance, Trunkster, a U.S. based baggage startup has recently introduced smart zipper-less luggage – a self-weighing waterproof suitcase comprising sliding doors, offering secured as well as easy access to the luggage contents as compared to the zipped ones. Further on, Delsey, a France smart luggage market player is developing a unique fingerprint ID endowed with numerous features – it automatically locks and unlocks bags, is capable of checking the mobile application of the end-user to verify that the bag is actually locked, and provides a notification to the user during bag transit. The aforementioned instances testify that the launch of state-of-the-art technologies is thus likely to transform smart luggage market trends.
Smart luggage technologies are deployed to implement digital scaling, real-time tracking, remote locking systems, and proximity sensing devices. Real-time tracking technology, for instance, is heavily utilized in airports in cases of baggage loss. Luggage thefts and security violations have changed traveler preferences rapidly, enabling them to invest in smart luggage equipped with remote locking systems & proximity sensing devices. Furthermore, manufacturers have been focusing on preventing any kind of inconvenience to the traveler due to overweight baggage, which has resulted in the production of digital scaling systems. The development of unique smart technologies to be incorporated in suitcases and bags is thus certain to augment smart luggage market size.
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Speaking in the terms of geographical aspects, the product has been increasingly penetrating the APAC zone, given the growing frequency of air travel, subject to increasing consumer disposable incomes and the subsequent rise in their purchase parity of consumers. The robust surge in the demand for smart luggage foe security and comfort will thus generate a profitable growth map for Asia Pacific smart luggage industry. Countries such as Singapore, India, Thailand, China, and Malaysia being prime tourist destinations will, further contribute toward the revenue generation of this regional market.
North America, being one of the hubs of smart technology, is a profitable growth avenue for smart luggage market. The large-scale deployment of connected baggage has prompted companies to brainstorm and develop innovative products, which would considerably impel North America smart luggage industry. In fact, estimates claim North America to account for a rather huge share in smart luggage market.
With IoT firmly having established its predominance in the travel arena, smart luggage market is likely to emerge as one of most remunerative business spheres in the ensuing years. Companies partaking in smart luggage industry share have been hinting at incorporating a lot more user-friendly features in their products, which would considerably impel this business space. According to the Global Market Insights, Inc., smart luggage industry will hit a revenue of over USD 2 billion by 2024.
Author Name : Dhananjay Punekar