Technology is always evolving and expanding into all aspects of our lives. Advanced technical innovations have allowed much more automation to thrive, especially in our homes. The rise of the smart home industry has led to a range of new ways to monitor, control and automate functions around the home. From entertainment to security and access controls, the smart home capability expands to all facets of the house.
Market research firms all largely agree that the global smart home industry is on the verge of seeing turbo-charged growth over the next few years.
According to Mordor Intelligence, the global smart homes market was valued at $79.13 billion in 2020. By 2026, the firm estimates the market’s value will swell to $313.95 billion, which represents a compound annual growth rate (CAGR) of 25.3% between 2021 and 2026.
MarketsandMarkets estimates the global market to rise from $78.3 billion in 2020 to $135.3 billion by 2025, which represents a CAGR of 11.6% during the period.
Both market research firms see strong adoption in both developed and developing countries, as more people see expanding internet use, more disposable income, and a growing understanding of the technology’s benefits. Security and energy savings were largely seen as the two main drivers of new adoption within the smart home industry.
One company that just recently launched a line of new smart home products, including Apple ecosystem-compatible devices, is SPYR, Inc. (OTC Pink: SPYR).
SPYR Technologies: Overview
SPYR, Inc. (dba SPYR Technologies) is a Colorado-headquartered technology company that is focused on the emerging multi-billion dollar smart home industry. The company’s wholly-owned subsidiary, Applied MagiX, Inc., develops and sells Apple ecosystem-compatible products.
Applied MagiX, a registered Apple developer, was acquired by SPYR in October 2020. “With that acquisition, SPYR entered the global “Internet of Things” (IoT) market, and more specifically, the segment of the market related to the development, manufacture, and sale of devices and accessories specifically built on Apple’s HomeKit® framework. These products work within the Apple® HomeKit ecosystem and are exclusive to the Apple market and its consumers,” according to the SPYR press release from October.
Management notes that SPYR continues to search for further target acquisitions that can expand its product line within the smart home and related tech industries. In the meantime, Applied MagiX provides a great operational foundation for SPYR to build upon.
June 2021: First Official Branded Product Launch, MagixDrive
In early June 2021, SPYR officially launched its first branded Apple CarPlay product called MagixDrive. MagixDrive is currently available for purchase through the Applied MagiX website (https://appliedmagix.com/shop/carplay/magixdrive-wireless-carplay/) or eBay (http://bit.ly/eBay-MagixDriveWirelessCarPlay).
The MagiXDrive product allows iPhone and Apple users to access CarPlay wirelessly and “enjoy a premium experience.” “Apple’s CarPlay system has established itself as the de facto standard for in-vehicle navigation, information and entertainment. Applied MagiX enters the CarPlay market as an extension of its product development in the smart home market,” according to SPYR in a release.
Instead of taking your iPhone out of your pocket and connecting it to your car’s audio system to utilize the existing wired CarPlay installation, the MagixDrive essentially works as an adapter between the phone and the car’s infotainment system. This eliminates the need to establish a wired connection between the iPhone and the car, allowing users to access Carplay wirelessly, without the need to remove your iPhone from your pocket.
According to Dr. Harald Zink, Chief Executive Officer of Applied MagiX, “Most of us nerds here at Applied MagiX have upgraded, enhanced, and tweaked our cars’ systems and our CarPlay installations. We believe in sharing, so we want to bring these improvements to our customers through our line of CarPlay products.”
Onvis: Applied MagiX’s Smart Home Security Products
SPYR’s Applied MagiX is more than its sleek entertainment products. The company has a line of advanced smart home security products, ranging from cameras to contact and environment sensors, called Onvis. Like MagixDrive, Onvis smart products are built on Apple’s Homekit framework.
Currently, there are four Onvis smart home security products available on the market from Applied MagiX. Here is a quick breakdown of the products and their uses:
- Onvis CT2: window & door contact sensor
- Onvis CS1: security system & smart sensor alarm
- Onvis SMS1: motion & environment sensor
- Onvis C3: indoor security camera
The Onvis product line takes advantage of one of the fastest-growing subsegments of the smart home industry: security. A recent North American survey by Mordor Intelligence shows that security-centric smart home products were voted as a “significant motivator for adopting smart home technology,” according to the market research firm.
Overall, the smart home industry is ripe to see expanded growth rates as the decade progresses. With North America being the leading region for smart home adoption and security products seeing the highest demand, SPYR, Inc. and its subsidiary, Applied MagiX, are very well-positioned to benefit from the industry’s forecasted growth.
The recent official launch of the MagixDrive wireless Apple Carplay device further diversifies SPYR’s exposure to entertainment and auto-focused smart technology consumers. SPYR and Applied MagiX have laid a solid foundation for their exposure to the smart home industry. Expanding product lines and distribution sources will be a key to building on this foundation.
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