Palm Beach, Fla., Sept. 6, 2023 FinancialNewsMedia.com News Commentary
/PRNewswire/ -- The smart homes market has been growing in recent years and is projected to continue for years to come. Smart homes are designed to automate various household appliances and electronics using an in-built monitoring system, thereby offering convenience, safety, efficiency, and security to the residents. The single interface system can monitor and control lighting, security, temperature, and audio/video systems. Security is a major focus of smart homes, and advanced security systems can notify homeowners of intrusions and provide room-by-room surveillance even when they are away. Access control systems play a crucial role in ensuring the security of residential areas. As a result of their high efficiency and sophistication, home automation and control systems are being increasingly used in smart homes to enhance security. According to a report from MarketsAndMarkets the Global Smart Home Market report size is projected to grow from USD 101.7 billion in 2023 and is anticipated to USD 163.7 billion by 2028; growing at compound annual growth rate (CAGR) of 10.0% from 2023 to 2028. The report said: "The importance of home monitoring in remote locations, and growing need for energy-saving and low carbon emission-oriented solutions are responsible to drive market growth during the forecast period. Factors such as integration of power line communication technology in smart homes provides market growth opportunities for smart home industry. Active companies in the markets this week include: SKYX Platforms Corp. (NASDAQ: SKYX), Resideo Technologies, Inc. (NYSE: REZI), ADT Inc. (NYSE: ADT), Johnson Controls International plc (NYSE: JCI), Cisco Systems, Inc. (NASDAQ: CSCO).
MarketsAndMarkets continued: "Proactive software and services (are projected) to register highest CAGR during forecast period Proactive software and services facilitate the transmission of energy consumption data to end users, along with the best possible solutions to be implemented. The market for proactive software is projected to grow at a higher CAGR during the forecast period. Proactive software enables the transfer of a higher volume of data than the behavioral versions; it can provide end users with inputs on effective energy usage and actions on the physical parameters, such as ambient humidity and temperature, to reduce energy consumption. The smart kitchen segment is expected to grow at the highest CAGR during the forecast period, owing to the growing preference for modular kitchens and the rise in disposable income among consumers in developing economies. Due to changes in lifestyles and increased time spent outside the home, the significance of a smart kitchen has risen. Additionally, the growing number of internet, smartphone, and tablet users has made it easier for users to monitor their appliances using their mobile devices, which is particularly appealing to those with busy lifestyles. Kitchen renovation activities have also increased substantially, particularly in developing economies, with a growing preference for modular kitchens."
SKYX Platforms Corp. (NASDAQ: SKYX) BREAKING NEWS: SKYX Signs Agreement with World Leading Architect Product Material Supply Company, Material Bank, with Over 100,000 Customers
- A Major Step to Enhance Market Penetration into Professional Segments
- SKYX Will Now Market Its Ceiling Smart Plug and Play Platform Products to Builders, Designers and 96,000 Architects Through Material Bank and SKYX's 64 Lighting and Home Décor Websites-
SKYX Platforms Corp. (d/b/a "Sky Technologies") ("SKYX," "we" or "the Company"), a highly disruptive smart platform technology company with more than 60 issued and pending patents globally and 64 lighting and home décor websites with a mission to make homes and buildings become safe and smart as the new standard, announced that it has signed an agreement with Material Bank, a world leading architect product material supply company with over 100,000 customers.
Material Bank is a world leading technology and product logistics company with logistics hubs based in the U.S. and worldwide. Its customers include leading architects, designers, and builders for both commercial and residential segments. Material Bank connects architects, designers, and builders to company's products, as well as provides products and material samples to professional segments worldwide.
Going forward, SKYX expects to continue enhancing market penetration and to leverage similar relationships in order to accelerate growth and disrupt the U.S. lighting and smart home industries.
SKYX has recently started to integrate its smart plug & play platform products into a variety of its 64 websites and intends to bolster its reach through Material Bank's strong network of builders, designers, and architects. Additionally, SKYX will market its technology to 96,000 architect members of the American Institute of Architects (AIA) - which included SKYX in its continuing education program for architects as part of their required annual architectural license renewal process.
Some of the leading websites that include SKYX's smart plug and play products are 1stoplighting.com, Lightingdesignexperts.com, Canadalightingexperts.com, Americanlightingstore.com, Homeclick.com, and Lunawarehouse.com among others.
Steve Schmidt, President of SKYX Platforms, said: "This is another strategic step for enhancing our market penetration. Accelerating our market penetration with our smart plug and play products is key, as we expect it to result in future recurring revenues from smart and standard fixture replacements - as well as from future potential monitoring and subscriptions through our smart products." CONTINUED… Read this full release and more news for SKYX Platforms at: https://ir.skyplug.com/news-events/press-releases/
Other recent developments in the markets include:
Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer and developer of technology-driven products and components that provide critical home comfort, energy management, and safety and security solutions and a leading wholesale distributor of low-voltage security, life safety, audio visual, data com, and other product categories, recently announced financial results for the second quarter ended July 1, 2023.
Financial Highlights Were: Net revenue of $1.60 billion compared to $1.69 billion in the second quarter 2022; Income from operations of $153 million, or 9.6% of revenue, compared to $186 million, or 11.0% of revenue in the second quarter 2022; Cash provided by operating activities of $121 million, up from $35 million in the second quarter 2022; and $150 million share repurchase program approved by Board of Directors
ADT Inc. (NYSE: ADT), the most trusted brand in smart home and small business security, recently announced that it has entered into a definitive agreement to sell its commercial security, fire and life safety business unit to GTCR, a leading private equity firm, for a purchase price of $1.6 billion, subject to customary purchase price adjustments. Proceeds from the sale, which is expected to close in the fourth quarter of 2023, will be used to reduce debt by $1.5 billion, with cash interest savings expected to offset the impact of divesting the commercial business.
Jim DeVries, ADT President and CEO, said, "The decision to divest ADT's commercial business is a value-enhancing transaction that focuses our portfolio on growth opportunities in our consumer markets. The sale enables ADT to monetize the commercial business at an attractive valuation and accelerate our debt reduction goals. With greater financial flexibility, we will be better positioned to grow through our strategic differentiators and innovative offerings, including our partnerships with Google and State Farm. We will continue our journey to be the premier provider of safe, smart and sustainable solutions that meet the evolved definition of what safety means to consumers today."
Johnson Controls International plc (NYSE: JCI), a global leader for smart, healthy and sustainable buildings, recently reported fiscal third quarter 2023 GAAP earnings per share ("EPS") from continuing operations of $1.53. Excluding special items, adjusted EPS from continuing operations was $1.03, up 21% versus the prior year period (see attached footnotes for non-GAAP reconciliation).
Sales in the quarter of $7.1 billion increased 8% compared to the prior year on an as reported basis and grew 9% organically. GAAP net income from continuing operations was $1.05 billion. Adjusted net income from continuing operations of $706 million was up 19% versus the prior year. Earnings before interest and taxes ("EBIT") was $873 million and EBIT margin was 12.2%. Adjusted EBIT was $981 million and adjusted EBIT margin was 13.8%, improving 160 basis points versus the prior year.
Cisco Systems, Inc. (NASDAQ: CSCO), the leader in enterprise networking and security, and Nutanix, Inc., a leader in hybrid multicloud computing, recently announced a global strategic partnership to accelerate hybrid multicloud deployments by offering the industry's most complete hyperconverged solution for IT modernization and business transformation.
IT organizations continue to face significant operational hurdles and urgent sustainability and security concerns as a result of increasing multicloud complexity. This new partnership answers these challenges by simplifying and accelerating the delivery of infrastructure and applications, at a global scale, through best-in-class cloud operating models, unparalleled flexibility, and automated resiliency with industry-leading customer support.
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