6 Jun

Is Apple’s HomeKit Finally Coming of Age?

WRITTEN BY Ruchi Gupta

HomeKit waking up from slumber

HomeKit, Apple’s (AAPL) platform for smart home management, has seen a slow start since it launched in 2014, to the disappointment of many Apple investors. However, that’s starting to change.

The adoption of the platform has increased recently, with more homebuilders and product developers plugging into the software’s framework.

Is Apple’s HomeKit Finally Coming of Age?

On the builder front, US (SPY) homebuilder Brookfield Residential announced this month that all the new homes it’s building in southern California will come with Apple HomeKit accessories by default.

In making this announcement, Brookfield joined custom homebuilder Chalmers Homes in Florida, which has also said that its new buildings will feature HomeKit as the standard. Several other builders have also recently taken up HomeKit.

First security camera joins the network

Besides builders, several new devices and appliances have also been added to the HomeKit platform. General Electric (GE), for example, is making its C by GE light bulbs HomeKit-compatible, and earlier this year, D-Link became the first to market a HomeKit-compatible security camera.

Accessories connected to HomeKit can be controlled via the Apple Home app or through Apple’s voice assistant, Siri.

Home automation market is booming

The market for home automation systems, which is where HomeKit fits, is booming. As we can see in the chart above, this market is expected to be worth $78.3 billion by 2022. Amazon (AMZN), with its Echo smart speaker, is one of the players seeing early success in the smart home market.

For Apple, accelerating HomeKit uptake should help it push against Amazon and Alphabet’s (GOOGL) Google in the home automation space. Apple is rumored to be working on a smart home hub akin to Amazon’s Echo. Microsoft (MSFT) is also reportedly eyeing the market with a similar device.

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