IKEA Announces The Biggest New Business They Are Establishing Is In The Smart Home Market
IKEA is now investing heavily in smart home products. It is one of the company’s biggest investments after Children’s IKEA. They have started manufacturing furniture or home accessories, such as lamps and shelves that also double as a wireless speaker that users can control via an app. The idea behind this is that smart home devices be both appealing and useful. IoT products need to help the users with their everyday life, only then it is useful. For instance, a smart refrigerator can help you keep up to date on what you have and what you need to purchase. IKEA also came up with smart blinds.
They don’t have cords, which are a big safety risk for many homes. And since you can control them from a distance, you can install them on windows you can’t physically reach.
With the demand and awareness of smart home products increasing rapidly, the market is expected to offer $3.2 billion in global annual revenues this year. The figure is expected to grow to $14.3 billion in another 10 years. With an existing customer base of nearly 2.5 billion, IKEA can afford to go ahead with its smart home projects. With the introduction of 5G, these ideas look all the more appealing. 5G will be the reason for profits for many IoT companies. They have also manufactured smart light bulbs, smart speakers, and many more.
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