Apple now seems to be aggressively pushing into the smart home market to diversify its revenue streams, as the company is reportedly working on a smart doorbell device with the capability to unlock using the user’s Face ID. According to a report by Bloomberg’s Mark Gurman, in addition to AI and robotics, the tech titan is now exploring new growth opportunities in the field of smart home technology. This seems more evident, as earlier this November, reports suggested that the Cupertino giant is planning to introduce a new AI-powered display to serve as a central control hub for connected home devices.
With the title of the world’s most valuable company (valued at over $3.8 trillion), Apple may make this smart doorbell compatible with third-party locking systems using its existing Apple HomeKit support. Alternatively, there is also a possibility that the company could partner with a specific smart lock manufacturer. At present, Apple’s HomeKit enables users to securely control their home’s connected accessories via Siri or the Home app on their iPhone, iPad, Apple Watch, and Mac.
If you’re wondering why the iPhone maker is pushing into the smart-home tech sector, let’s look at the industry data. According to Statista’s data, revenue in the smart home market is projected to reach $6.5 billion in 2024. The market is expected to grow at an annual rate of 8.59% (CAGR from 2024-29), resulting in a projected volume of $9.8 billion by 2029. As per the forecast, household penetration will reach 77.4% in 2024 and is expected to grow to 87.7% by 2029. Additionally, the average revenue per installed smart home device is projected at $17.02, while a global comparison indicates that the United States will lead in revenue generation, totaling about $38.8 billion in 2024.
However, this market is not going to be easy for Apple, as other tech giants like Google and Amazon have already established a strong presence with their various products, including smart doorbells – Google Nest and Amazon Ring, respectively. Meanwhile, returning to the latest effort, the doorbell is said to wirelessly connect to a deadbolt lock, which automatically unlocks the door by scanning the user’s face – yes! just like how Face ID works on iPhones.
Speaking about revenue for Q1 2024, Apple recorded $96.5 billion in products and $23 billion in services. The interesting part is that the iPhone remains the company’s biggest revenue driver, contributing around $69.7 billion. Meanwhile, the wearables, home and accessories category brings in $12 billion for the company.
