Berlin, Germany - Samsung Electronics (KRX: 005930) announced its smart home strategy at IFA 2023.
Why it matters:
The blueprint outlines the company's approach to meeting consumer demand for technology that improves quality of life and energy efficiency.
The Key Points
Samsung's smart home strategy, announced at IFA 2023, focuses on several areas, including energy efficiency, health and food technology, entertainment, security, and environmental sustainability.
- Market Positioning: Samsung has been the leading TV brand for 17 consecutive years, according to Omdia, solidifying its dominant market position.
- Consumer demand: A Europe-wide survey of 2,500 adults found that 71% of consumers believe technology positively impacts their lives. In addition, 77% are looking for technology products that are energy efficient, highlighting an opportunity in the energy-saving technology sector.
- The SmartThings ecosystem: The platform has 285 million users and offers control of multiple devices from one app.
- SmartThings Energy: It aims to help users reduce energy consumption, an essential point as 72% of consumers surveyed are concerned about the cost of running appliances due to rising energy prices.
The Big Picture
Samsung's Food app, launched in 104 countries, aims to integrate with Samsung Health to offer meal plans tailored to individual dietary needs.
This is in line with growing consumer demand for health tech solutions.
In entertainment, new product offerings such as the 98-inch Neo QLED 8K and 4K Q80C TVs and the second-generation Freestyle projector are under development.
In-home security, Samsung is partnering with companies like Yale to address the 54% consumer interest in remote home monitoring capabilities.
The company has also demonstrated its environmental commitment to using recycled materials in manufacturing.
It has developed a filter that reduces up to 98% of microplastic emissions from laundry cycles.
Future collaborations with ABB Smart Buildings and SMA aim to pre-install smart technology in homes, an attractive prospect for a quarter of Europeans surveyed.