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2024 State Of The Industry: Guarded Optimism

“Companies will continue to adapt by finding new suppliers, adjusting product pricing, managing inventory more efficiently, and possibly rethinking entire supply chain strategies,” reports Elizabeth Parks, president and CMO of Parks Associates. “The new normal includes the continued rise in costs around materials, transportation, and labor seems to be becoming a more permanent fixture, impacting the bottom line.”

Optimism continues to abound about the potential of the Matter smart home standard. Parks Associates says 37% of U.S. internet households currently shopping for smart home products consider Matter certification to be important or even critical in their purchase decision.

“Consumers are increasingly looking for comprehensive offerings that go beyond hardware,” explains Parks. “Subscription-based services such as cloud storage, remote monitoring, and enhanced features are now critical differentiators. Companies are capitalizing on service revenue as a significant and stable income stream while solidifying customer loyalty.”

From the article, "2024 State Of The Industry: Guarded Optimism" by Stewart Wolpin

Previously In The News

Smart Home Systems Slow To Gain a Toehold

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As more devices become connected in the home, consumers may, for a price, be willing to share some of the data being generated by those devices. While that price may be financial through discounted...

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Even so, TV-curious tech companies keep trying. In recent years, Apple, Microsoft, and Amazon.com have considered taking a crack at the market. “In the next six months, we’re going to see a major bake...

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