IFA 2014: Samsung Unveils Roadmap for Share in $100 Billion Smart Home Market

To grab share in foldable, adjustable and high tech smart homes, Korean technology giant Samsung said on Friday it will work on open standards technology with partners involved in making future home business.

"We will work with everyone who shares this vision and ensure that standards are open. We have started partnering with industry leaders to create interconnected solution and industry standards," Samsung Electronics President and CEO Boo-Keun Yoon said at IFA.

IFA is the world's leading trade show for consumer electronics and home appliances. It is taking place in Berlin from September 5-10.

Smart homes are visualised to have technology that can change design of home as per need like converting bed room in to dinning room by moving walls or automatically adjusting furnitures.

These homes are expected to be embedded with technology that will detect germs in air and take action to clear them, inform members of family about their diet, medicine, food nutrition status in refrigerator, sense and manage power requirement, automated kitchen, etc.

As per a research there will be 45 million smart home systems installed by 2018 and smart home market will grow to $100 billion (Rs. 6 lakh crore) by the same year.

"The future homes will be flexible, protective and responsive. Technology will increasingly help people to live more independent lives as they age," Yoon said.

He said Samsung's subsidiary Smart Technologies has already started partnering with companies that want to contribute to smarthome technology.

"Today Smart Technologies with partner has over 1,000 devices and approximately 8,000 applications for smarthome," Yoon said.

The Samsung President cited various research that predict 60 percent of the global population will be urban by 2030, 1 billion people will be over age of 60 years by 2023, there will be 200 percent increase in extreme weather condition since 1990 as factors that will drive need for smart homes.

MIT media Labs' Principal Researcher Kent Larson displayed concept of smarthome with a prototype 28 meter square flat model. The systems installed at the flat converted a single room in to bed room, dinning room, work place and party space by moving automated walls, folding and unfolding furnitures as per requirement.