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Who will lead the trillion dollar market?
Recently, the Ministry of Commerce and 12 other departments jointly issued the "Notice on Several Measures to Promote Home Consumption", aiming to unleash the potential of home consumption, and proposed to innovate and cultivate intelligent consumption, supporting enterprises to accelerate the research and development of smart home products by using cloud computing, AI and other technologies.
Smart home refers to an intelligent home management system that integrates home-related devices using technologies such as integrated wiring, automatic control, network communication, audio and video, and security protection, with the residence as the platform.
From the perspective of development history, China's smart home industry started relatively late, with only more than 20 years of development history. By 2021, the household penetration rate in the domestic market was only 14.5%, lower than the 32.9% in the UK and the 36.6% in the US during the same period.
But with the younger generation becoming the mainstream consumers, the domestic smart home market has great potential for development. According to data from the China Commerce Industry Research Institute, the domestic smart home market size was about 651.56 billion yuan in 2022, and it is expected to reach 715.71 billion yuan by 2023.
Recently, with the integration of ChatGPT, GPT4.0 and other large language models by many leading companies in various industries and fields overseas, the smart home market has also ushered in a wave of capability improvement, and the industry development has pressed the "acceleration button".