The smart home race is heating up as more technology companies move to capitalize on the next evolution of the housing industry. Like everything else, the housing market has turned to new technology to try to create a better value proposition for investors.
The smart home is now a key component of home improvement. As a result, technology companies have positioned themselves to capitalize on the expected growth.
Google parent Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), e-commerce company Amazon.com Inc. (NASDAQ:AMZN) and smartphone leader Apple Inc. (NASDAQ:AAPL) are currently topping the list of global players that are tapping into this market.
Amazon was first to hit the market back in 2014 when it launched Alexa, a virtual assistant originally designed for home entertainment purposes.
It has since grown to become a handy assistant across a variety of home appliances, including one of its most popular products, Alexa smart blinds, as well as controlling light bulbs and thermostats.
The online retail giant has also partnered with third parties to connect Alexa with more products, most notably Ford Motor Co.’s (NYSE:F) vehicle infotainment system and Kohler’s smart toilet. This illustrates the diversity of Alexa’s addressable market in a world that is becoming highly connected.
Statistically, Amazon’s Alexa has been the market leader in the smart home market, but its position is being strongly challenged by Alphabet’s Google Home. The Google Assistant Ride (highly marketed ahead of the 2019 Consumer Electronics Show earlier this year) is Alexa’s primary competitor, with Apple’s Siri falling behind in the race.
Alphabet joined the smart devices market in 2014 when it acquired NestLabs, but had to wait two years to launch Google Home. The company’s grand plan in the smart home market includes integrating its services with third-party products from Nest, Phillip Hue and Logitech. Based on the