The potential reward is huge. The smart home market is expected to grow into a $53 billion industry by 2022, according to Zion Market Research. With Amazon taking an early lead in this space, it could open up a massive new revenue channel for the company going forward. The new microwave and amplifier bring Amazon into the home appliance and entertainment system space for the first time.
But perhaps the bigger revelation was Amazon’s ability to generate excitement around its hardware launch. The rapid-fire event, which featured the introduction of 15 new products over 90 minutes, created consistent oohs and ahhs, with the microwave oven sparking the most interest.
It was hard not to contrast the reaction with Apple‘s big annual iPhone event held last week. Apple introduced only three new phones and a watch in about the same period of time, and the company continues to have a limited product set, with most of the details leaking out well ahead of time. (Not that Apple shareholders are complaining, given how many iPhones Apple continues to sell.)
When it comes to the smart home, Apple hasn’t shown much of late, leaving many unanswered questions around how its HomePod device and Siri voice assistant will compete with Amazon’s products.
Investors are bullish on both — they’re the two most valuable companies in the world. But Amazon has been rapidly catching up, with the stock doubling in the past year, while Apple has gained 41 percent.
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