Smart homes and smart cities are becoming more widespread thanks to growing smartphone and internet use. Data-driven decision making is helping to improve the efficiency of homes and cities, enabling a more sustainable mode of living that discourages wastefulness. Still, major challenges persist such a cost of investment and data regulations are stemming growth. Despite COVID-19’s detrimental impact to the global economy, smart solutions will continue to become more abundant in the long run.
This report comes in PPT.
Smart home devices such as robot vacuum cleaners and wireless speakers help to save consumers’ time thus supporting convenient consumers’ lives.
Smart homes can leverage the higher value on construction, telecommunication firms and appliances and electronics manufacturers. This creates emerging business opportunities across stakeholders.
Overcoming barriers such as data privacy, lack of an international standard, business model and potential conflicts between stakeholders will accelerate the smart home growth.
Smart principles can improve the efficiency of various city management systems including waste, energy and utilities by using data to better execute decision making.
Data are the key ingredients of smart cities. However, without adequate security of citizens’ data, this may provide an obstacle to future smart city projects.
Co-operation between the various partners involved in smart cities is tantamount. Partnerships between public and private entities ensures and the free flow of data between the parties involved. Smart city planners should ensure that they choose the appropriate business model for partnerships that addresses their financial capabilities and their ability to manage city assets.
Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.
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