Last Updated on January 30, 2024 by Asfa Rasheed
A home equipped with suitable appliances and technologies to automate, monitor or control various functions, including lighting. Heating, security, etc., are called smart homes.
As people want their homes to be convenient, comfortable, safe and energy-efficient, the market for smart homes is expanding.
This article will examine the current information on smart homes and projections for where this market is going and who the leading players are currently involved in. Then, it will provide a closer look at Roborock. What does it specialise in, and what kind of future can we expect from them moving forward?
Table of Contents
The Marketplace Now and Projections
The global smart home market is currently valued at USD 95.87 billion in 2023 and is projected to reach USD 296.04 billion by the end of 2028 and register a compound annual growth rate (CAGR) of 25.3%.
The main drivers of the market are:
- There is a growing need for portable and multi-functional devices.
- With the spread of online education and work-from-home, low-cost, high-performance devices are available.
- Rising awareness of environmental and energy problems.
The global smart home market is segmented by product type, technology and region. There are various product types, including:
- Smart speakers
- Smart lighting
- Smart security
- Robot Vacuum cleaners and more.
- Z-Wave and more
Big-Name Companies Involved in Smart Home Living
Among the significant players in this smart-home environment are as follows:
- LG Electronics Inc.
- Honeywell International.
- Roborock, of course, we’ll get to them in a moment.
The smart home market has too many companies associated with it for this article as there are significant companies that supply a myriad of products and solutions for the companies above, such things as:
- Voice assistants
- Smart displays and light bulbs
- Security cameras
- Phone locks
- WiFi plugs for remote control or monitoring devices
They also furnish anterior end parts (or a hub) that can connect the product, and some suppliers go further.
Artificial intelligence (AI), machine learning, and cloud computing boost the functions and efficiency of smart devices.
Health-related appliances such as fitness trackers mingle with sleep monitors or air purifiers for an element of health concerns added into the home-smart environment.
Ecosystems are being built based on Amazon Alexa’s model (or its functional analogue), so we are talking about a fast-moving and robust marketplace where you don’t know what to expect from it in 2024.
Roborock – Company History
Roborock is a company of Chinese origin that researches and manufactures intelligent home cleaning products. Established in 2014, the company is headquartered in Beijing.
It is a spin-off of Xiaomi, the famous Chinese multinational electronics company. At first, it only developed robotic vacuum cleaners. In 2016, they introduced their first product–the Xiaomi Mi Robot Vacuum–which consumers quickly embraced for its cutting-edge features and low price.
They also began designing other home cleaning products like robot mops or cordless stick vacuums. Today, the company’s products are sold worldwide and have earned themselves a name for excellent performance, unique features and easy operation.
As a company, they are still innovating and improving products, integrating advanced technologies like:
- Laser mapping
- Obstacle avoidance
- Smart home connectivity
Roborock and their Technology
The company is dedicated to developing smart home technology, particularly robot vacuum cleaners and mops. In fact, they stole a march early on almost everyone in the market with their robot vacuums.
Even today Roborock’s AI Q7 range of robot vacuums is at the top of the market.
Their products use sensors, mapping and artificial intelligence to help your vacuum cleaner navigate effectively as well.
Its products can also be integrated into other smart home devices and platforms, such as Amazon Alexa, Google Assistant or Apple HomeKit, for example, to control the appliance by voice commands.
Roborock Product Feautures and Benefits
So, we’ll take a closer look at some of the features and benefits of their smart home technologies.
Intelligent navigation – Their products are equipped with LiDAR, 3D structured light and infrared imaging to map your abode. Precise floor plans are drawn up, obstacles clearly marked out, and areas of interest pinpointed. Their products can also take the optimum cleaning route and respond to environmental changes.
Outstanding cleaning – Their products use high-powered suction, vibration and brushes to clear dust—dirt and hair from carpets, hardwood floors, tiles, etc. Roborock’s products also have adjustable water flow and pressure so that they can mop your floors, too. Just like that, they are sparkling fresh again.
Maintenance-free docking – When its products need recharging or emptying their dustbins, they will automatically return back to docking stations. Its design means they can also wash their mops and refill their water tanks, sparing you the time and bother.
Customise your cleaning – The Roborock app lets you adjust settings and schedules, choose from different cleaning modes or create a customised one. You can also monitor how your product is doing on the emulated grass bed with an imaginary roach.
Why are we Talking Roborock?
They are leading the smart home technology market!
People particularly cite its robot vacuum cleaners and mop as outstanding products.
Experts also say that in the future, the firm will vigorously develop new products and features to meet consumers ‘and businesses’ growing expectations.
Some of the possible developments are that they will incorporate cloud computing and machine learning to improve their devices ‘functionality and performance.
This opens the possibility of merging them with health-related applications such as fitness trackers or air purifiers/fitness monitors, building its own smart home environments like Amazon Alexa or Google Assistant, which can control different brands simultaneously.
As you can see above, the Smart Home market has a lot to offer, but with AI coming into the market rapidly, technology to incorporate it will move fast in 2024. Plus, as the statistics suggest, it will be a highly competitive niche over the coming five years. But hey, that’s always good for the consumer as it’ll push prices down! So, let’s see what 2024 and beyond brings.