Thus far, the Smart Home market has been faced with challenges in terms of compatibility between devices. Different ecosystems, various communication protocols, and the lack of a universal standard limit consumer options and often cause complications during installation. In light of this, the new common standard called Matter (formerly “Connected Home over IP” or “CHIP”), which is supported by 200 companies including Amazon, Apple, Google, and Samsung, presents a promising phase for Smart Home technologies. It would enable communication between all devices that use the standard, regardless of manufacturer. The first products using Matter are set to be released in late 2022, which could cause a noticeable increase in smart home adoption by 2023. At the same time, the proliferation of 5G networks worldwide will also influence the capabilities of smart home devices. 5G, the fifth generation of wireless technology, is expected to reach speeds ten to fifty times faster than current 4G networks. With it, more data can be shared between smart home devices, and these devices will be able to connect with other data-intensive applications such as 3D games, augmented reality and virtual reality, smart city technologies, and self-driving cars. The transition to 5G networks perfectly coincides with the adoption of the new Matter standard, and these two factors combined could provide a significant boost for the Smart Home market from 2023 onward.
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