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Smart Thermostats Market size is set to grow by USD 5.51 billion from 2024-2028, Growth in number of HVAC equipment users boost the market, Technavio

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NEW YORK, Aug. 6, 2024 /PRNewswire/ — The global smart thermostats market size is estimated to grow by USD 5.51 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  24.07%  during the forecast period. Growth in number of hvac equipment users is driving market growth, with a trend towards increasing focus on integrated building management systems. However, high initial prices affect demand for smart thermostats  poses a challenge. Key market players include Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., Control4 Corp., ecobee, EcoFactor Inc., Emerson Electric Co., GridPoint Inc., Honeywell International Inc., Johnson Controls International Plc., Legrand SA, NETATMO SAS, Nortek, Radio Thermostat Co. Of America, Robert Bosch GmbH, Robertshaw Controls Co., Schneider Electric SE, tado GmbH, and Venstar Inc..

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Smart Thermostats Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 24.07%

Market growth 2024-2028

USD 5511.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.08

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 56%

Key countries

US, Canada, Germany, China, and Mexico

Key companies profiled

Alphabet Inc., Carrier Global Corp., Centrica Plc, Computime Group Ltd., Control4 Corp., ecobee, EcoFactor Inc., Emerson Electric Co., GridPoint Inc., Honeywell International Inc., Johnson Controls International Plc., Legrand SA, NETATMO SAS, Nortek, Radio Thermostat Co. Of America, Robert Bosch GmbH, Robertshaw Controls Co., Schneider Electric SE, tado GmbH, and Venstar Inc.

Market Driver

The demand for energy efficiency and cost savings in both residential and commercial buildings is driving the growth of advanced systems for lighting, cooling, heating, and ventilation. Integration of these systems, such as lighting and HVAC, under one platform is optimizing energy usage and improving building management systems. This integration enables the regulation of temperature, humidity, and light based on occupancy levels, leading to energy savings and a more comfortable environment. Smart thermostats are a key component of these integrated systems, allowing for the adjustment and control of heating and cooling based on occupancy and energy usage patterns. The trend towards smart buildings is increasing, with the installation of these advanced systems to accommodate integration with existing building automation or upgraded systems. This integration results in optimized energy consumption, enhanced profit margins, and a more comfortable internal environment. The global smart thermostats market is poised to benefit from this trend in the near future.

The Smart Thermostats market is experiencing significant growth, driven by trends in HVAC systems, IoT technology, and customer-centric services. Remote appliance control, energy efficiency, and cloud technology are key features. Motion sensors, power usage monitoring, networking, and AI technologies enhance user experience. Companies like ScienceSoft offer skilled professionals for upgrading traditional thermostats to smart ones. Residential and commercial applications, including heating, cooling devices, and air conditioners, benefit from energy savings. Older people and energy efficiency standards also fuel demand. IoT infrastructure and wireless networks enable geofencing and temperature control via smartphones. Energy management solutions, such as Ecobee API with an HTTP-based interface, facilitate energy conservation and reduce power cost and electricity consumption. Smart gadgets continue to lead the way in home automation and energy savings.

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Market Challenges

The high initial cost of smart thermostats is a significant barrier for consumers, as most models are do-it-yourself (DIY) types. This requirement for professional installation adds to the overall expense, making traditional thermostats, which cost around USD50, a more attractive option for many. This high cost may hinder market penetration and negatively impact the growth of the smart thermostat market during the forecast period. Major vendors such as Nest Labs, Honeywell International, and ecobee Inc. Need to find ways to reduce the cost of their smart thermostats or offer more affordable installation options to expand their customer base.The market for smart thermostats is growing as consumers seek energy conservation and cost savings. Coolers, heaters, and air conditioners account for a significant portion of household energy consumption and power costs. Smart thermostats, as energy management solutions, enable users to control their HVAC systems using smartphones and APIs like Ecobee’s HTTP-based interface. These devices offer energy savings and ROI through user behavior analysis and monitoring capabilities. However, challenges include data security concerns, cost of devices, and user adoption in industrial settings. Smart gadgets like Google Nest use temperature and humidity sensors, IR technology, and wireless connectivity like ZigBee and Wi-Fi. The market is segmented into Wi-Fi, standalone, and connected segments, with the commercial segment showing potential for significant growth.

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Segment Overview 

This smart thermostats market report extensively covers market segmentation by

Technology 1.1 Wi-fi1.2 ZigBee1.3 OthersGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 Wi-fi-  The smart thermostat market is experiencing significant growth due to increasing energy efficiency and convenience. These devices allow homeowners to remotely control temperature settings and receive energy usage reports. Major players like Nest, Ecobee, and Honeywell dominate the market, offering advanced features such as learning capabilities and integration with voice assistants. The market’s growth is driven by consumer demand for cost savings and comfort, as well as government initiatives promoting energy efficiency.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Smart Home market is experiencing rapid growth, driven by increasing consumer demand for convenience, energy efficiency, and security. Key segments include smart lighting, security systems, and home automation, with major players such as Amazon, Google, and Apple leading innovations. The adoption of AI and IoT technologies is further propelling market expansion, making smart homes more accessible and integrated.

Research Analysis

Smart thermostats are IoT-enabled HVAC devices designed to optimize temperature control in homes and industries for energy efficiency. They offer customer-centric services through remote appliance control, enabling users to manage their heating and cooling systems using smartphones or cloud-based platforms. These devices use sensors, motion sensors, and AI technologies to learn user behavior and preferences, adjusting temperature settings accordingly. Energy management solutions, such as power usage monitoring and electricity consumption tracking, are also integral features. Networking capabilities enable seamless integration with other smart home gadgets, while cloud control and APIs, like Ecobee API with an HTTP-based interface, facilitate easy access and energy savings. The adoption of smart thermostats is growing rapidly in households and industries, offering significant return on investments through improved energy efficiency.

Market Research Overview

The Smart Thermostats market is a rapidly growing segment in the HVAC industry, driven by the Internet of Things (IoT) and customer-centric services. These devices enable remote appliance control, energy efficiency, and temperature management for both residential and commercial applications. Smart thermostats use sensors, temperature, humidity, motion, and power usage data to optimize energy consumption and savings. Cloud technology and AI technologies enhance the capabilities of these devices, allowing for real-time monitoring and control. Smart thermostats are compatible with various HVAC systems, including heating, cooling devices, and air conditioners. They offer features like geofencing, wireless network connectivity, and energy savings through API integrations with smart gadgets and platforms. The market includes standalone, connected, and Wi-Fi segments, catering to various user needs and budgets. Residential applications, particularly in new construction, are a significant market for smart thermostats, with older people and energy efficiency standards driving adoption. However, data security concerns and cost of devices remain challenges. Industrial adoption is also increasing, with energy management solutions and smartphone usage playing a role. Traditional thermostats are being upgraded with wireless connectivity and networking capabilities, making it essential for skilled professionals to provide installation and maintenance services. Energy savings and return on investments are key factors influencing household and industrial adoption. Smart thermostats are also being integrated with coolers, heaters, and air conditioners, as well as infrastructure for energy conservation and power cost reduction. The market includes various technologies like IR, temperature sensors, humidity sensors, and ZigBee technology, with Wi-Fi segment being the most popular. Smart thermostats offer various monitoring capabilities and energy management solutions, making them an essential component of smart homes and energy-efficient infrastructure.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyWi-fiZigBeeOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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American Binary Sets New Standard in Post-Quantum Cryptographic VPNs with Symbolic Proof and Attestation

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WASHINGTON, July 21, 2026 /PRNewswire/ — American Binary, a leader in deep-tech cybersecurity, today announced an independent attestation regarding the validity of all 120 security properties of MaxKyber, their network protocol at the heart of their Ambit Client enterprise VPN, now third-party verified to comply with all Commercial National Security Algorithm Suite 2.0 (CNSA 2.0) requirements. This landmark verification is the result of an exhaustive private peer-review of their symbolic proof (Tamarin + ProVerif) and engineering documentation conducted by industry luminaries Dr. Joe Kiniry, PhD and Dr. Tom Shrimpton, PhD, both with long careers in academia and industry, including time at Galois as Principal Scientists.

“No known VPN — post-quantum or classical, deployed or research — has been subjected to specification and formal verification of comparable depth.” – Dr. Joe Kiniry, PhD and Dr. Tom Shrimpton, PhD

In a landscape defined by emerging quantum threats and unproven solutions, this formal third-party verification differentiates MaxKyber from traditional or hybrid solutions by providing certainty in engineering and compliance with National Security requirements. MaxKyber provides the world with long-term full post-quantum security unlike shorter-term temporary solutions such as hybrids (which mix classical and post-quantum encryption). This breakthrough marks a transition from speculative security to a foundation of verified, provable resilience, establishing a new global benchmark for secure communications.

“While organizations today are increasingly recognizing the significance of PQC, American Binary has been preparing for a post-quantum world for seven years. The result is a resilient foundation for secure operations, today and in the post‑quantum future” – Oracle

Additionally, American Binary signed ACM Turing Award winner Whitfield Diffie, cryptographic pioneer and co-inventor of the Diffie-Hellman key exchange, as a key advisor. Whitfield joins the ranks of existing cryptographic advisors Bruce Schneier and Brian LaMacchia.

“Buy American Binary and you’ll be safe”

– Whitfield Diffie at Quantum.Tech World 2026

Key security pillars of the MaxKyber attestation include:

Protection against “Harvest Now, Decrypt Later” (HNDL): By utilizing purely CNSA 2.0 algorithms, including ML-KEM-1024 without any classical key exchange variants, MaxKyber secures today’s data against decryption by quantum adversaries.Comprehensive Symbolic Verification: The attestation covers 120 security properties across 11 critical categories, including secrecy, authentication, forward secrecy, identity hiding, and resistance to Replay, Denial of Service, Resource Exhaustion, and Key Compromise Impersonation.Architectural Stability: Beyond its post-quantum cryptographic core, MaxKyber’s protocol architecture is rooted in well-established, operationally proven design patterns, retaining their performance and simplicity.

This foundational security architecture provides the necessary reliability to enable significant performance breakthroughs in the field and the following four key impacts.

Impact I: Unambiguous Security and Mitigation of “Harvest Now, Decrypt Later”

MaxKyber achieves the end-state of post-quantum cryptographic purity by utilizing a pure CNSA 2.0 post-quantum key exchange, without using any classical cryptography, hybrid cryptography, or legacy key exchange variants. Instead, American Binary’s more modern key exchange utilizes ML-KEM-1024 operations to replace the Diffie-Hellman Key Exchange. This approach ensures that modern enterprises are not tethered to the vulnerabilities of legacy components or negative market reactions to hybrid solutions being partially broken. If the classical encryption in hybrid solutions is verifiably broken, markets likely will not wait for forensics to determine whether the rest of the solution remains intact; reputation damage and capital flight will occur immediately.

MaxKyber exclusively employs CNSA 2.0 approved algorithms, specifically ML-KEM-1024 (FIPS 203), AES-256-GCM, and SHA-512/256. This construction provides the highest level of security available today without any loss of existing security properties.

Impact II: Optimal Performance from Mobile and Lossy Environments to High-Performance Scenarios

Historically, high-security protocols have suffered from significant system latency, creating a bottleneck for edge computing and mobile workforces. MaxKyber eliminates these traditional performance trade-offs, enabling high-performance security at the network’s most vulnerable points. One partner benchmarked Ambit Client, powered by MaxKyber, to have 70% faster download speeds than a comparable classically encrypted enterprise VPN.

The MaxKyber protocol optimizes efficiency through an “Authenticated Key Exchange” (AKE) which achieves mutual authentication in a single round trip, dramatically reducing the data burden on the network.

Quantifiably, the AKE saves approximately 4,600 bytes per handshake compared to the next best option. This ultra-low overhead ensures that robust post-quantum security functions reliably on mobile devices and in lossy environments where traditional, bulkier PQC handshakes consistently fail. Reliability in the field is a prerequisite for everything from remote work to warfighting environments, and MaxKyber’s AKE directly facilitates such operational readiness.

Additionally, MaxKyber is well suited for high-performance scenarios such as AI workloads, work with 3D models, and more thanks to Vector Packet Processing and Data Plane Development Kit further reducing overheads to the technical minimums and enabling line-rate speeds for server-to-server use cases.

Impact III: Compliance Savings

As the cost of compliance and diligence cycles for critical infrastructure continues to escalate, proofs can be a shortcut for approval. For CISO and Legal departments, formal verification provides a transparent, “glass-box” view of security that goes beyond traditional testing.

For integration partners, this symbolic proof significantly reduces diligence cycles. By providing an exhaustively checked security profile, American Binary allows partners to shorten the lengthy, costly investigative phases usually required for new cryptographic implementations. Verified compliance is transformed from a hurdle into a catalyst for product development.

Impact IV: R&D Acceleration

For engineering teams looking to integrate this technology and/or customize it, American Binary’s documentation serves as a powerful force multiplier. By providing pre-verified, exhaustive, and high-quality documentation, American Binary provides an extraordinary shortcut to rapid integration.

The scale of the documentation and formal models provided to partners is unprecedented in the VPN industry. This rigorous approach allows integration partners to save months, if not years, of R&D effort.

MaxKyber provides more than just a secure tunnel; it delivers a fully documented, mathematically proven blueprint that accelerates the transition to a quantum-safe future. With MaxKyber, American Binary has rewritten the industry standard for post-quantum network security.

About American Binary

American Binary is a leader in deep-tech cybersecurity, specializing in the development of CNSA 2.0 post-quantum cryptographic solutions. Through advanced rigor and high-performance engineering, American Binary provides the provable foundations for secure, resilient communication in the quantum era.

Learn more at www.ambit.inc

CONTACT: sales@ambit.inc 

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MetaOptics to Deploy its Direct Laser Writer at the University of Arizona’s Center of Semiconductor Manufacturing to Advance its U.S. Expansion

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SINGAPORE, July 21, 2026 /PRNewswire/ — MetaOptics Ltd (Catalist: 9MT) (“MetaOptics” or the “Company,” and together with its subsidiaries, the “Group”), announced that it has entered into an agreement to deploy its key metalens Direct Laser Writer (“DLW”) system at the University of Arizona’s Center of Semiconductor Manufacturing (the “University”). The agreement marks a critical step in advancing its U.S. expansion strategy and its collaborative research with world-class semiconductor stakeholders in Arizona. Installation of the DLW is expected to commence in 2027.

The DLW is designed for a 4-inch wafer to enable quick prototyping and fabrication of metalens samples within weeks. It also supports small-volume production for pilot builds and customer demand evaluation, enabling partners to iterate faster and move from concept to product more efficiently. The deployment of the Company’s DLW will allow prospective customers in the U.S. to physically witness the system in action for their metalens prototyping needs. It will also support collaborative research and evaluation by the University’s researchers under the guidance of Dr. Krishna Muralidharan of the University of Arizona’s Department of Materials Science and Engineering. MetaOptics expects the deployment to generate user feedback and user demonstration opportunities, providing further technical validation of its metalens equipment and products, and serve as a launchpad to scale commercial production and collaboration in the U.S. market.

The deployment of its DLW serves as a key milestone for MetaOptics’ U.S. expansion strategy, prospective U.S. customer engagement, and commercialization roadmap. It also positions the Group to support emerging U.S. initiatives in silicon photonics, co-packaged optics, and integrated photonics, where its metalens technology is directly applicable. The DLW will anchor a “mini foundry” at the University for small-volume, quick turnaround prototyping. Beyond research, the installation serves a commercial purpose: a U.S. demonstration site where potential distributors, universities, and research institutions can physically witness the DLW in operation. It will also produce metalens samples for prospective customers’ evaluation. With Arizona’s fast-growing semiconductor ecosystem home to world-class manufacturers and suppliers, the Company aims to leverage its presence at the University and the wider ecosystem to deepen engagement with prospective industry partners and end customers.

MetaOptics Executive Chairman Thng Chong Kim commented: “By placing our Direct Laser Writer within a world-class semiconductor research environment in Arizona, we will be able to strengthen technical validation and gather valuable user feedback. It also supports our ongoing engagements with potential industry partners and end-customers while showcasing our metalens manufacturing equipment to prospective distributors and institutions across the United States. We believe this deployment reinforces our broader U.S. expansion efforts and deepens our engagement in Arizona’s world-class semiconductor ecosystem.”

About MetaOptics Ltd

MetaOptics Ltd (Catalist: 9MT) is a semiconductor optics company pioneering glass-based metalens solutions enhanced by AI-driven image processing. Using advanced optical design and a scalable 12-inch DUV lithography process, it powers next-generation applications in CPO, mobile, AR VR, automotive, and other emerging markets. Find out more at www.metaoptics.sg.

Forward-Looking Statement

This press release contains forward-looking statements which can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” “potential,” “continue” or other similar expressions. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies, its future business development, results of operations and financial condition, its research and development efforts, its ability to attract and retain customers, and its ability to establish and maintain relationships with suppliers and business partners; and assumptions underlying or related to any of the foregoing. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Singapore (HQ)
Metaoptics Technologies Pte Ltd. 81 Ayer Rajah Crescent, #01-45 Singapore 139967

United States
Metaoptics Inc. (USA) 1 Ferry Building, Suite 201 San Francisco, CA 9411

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

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