BIG NEWS… Quantify has achieved Patent protection in the United States of America.
It marks a huge achievement for the Company, with the latest statistics revealing the US boasts the largest smart home market in the world. Market revenue hit over US$27B in 2019 and is set to reach US$45B by 2023, at an annual growth rate of 13% (CAGR 2019-2023).
It coincides perfectly with Quantify preparing to launch into the US market, with staff currently based in San Francisco for the three-month Austrade Landing Pad Program, which will assist to accelerate the Company’s entry into the market.
Patent approval of the Company’s technology provides a significant advantage over potential competitors in this market. A recent survey by the National Apartment Association suggests the number one factor for implementing smart home initiatives was ‘to attract and retain residents’. However, more than 41% of survey respondents ranked ‘future-proofing’ in the top two of seven challenges with smart home technology.
The Patent protects Quantify Technology’s unique selling proposition, which enables the Company’s products to evolve over time, without complete product replacement – dramatically reducing the lifetime cost of technology adoption.
In mature technology markets, such as the US, this ‘future-proofing’ enables the Company’s products to stand out from the competition. This has been recognised as a significant advantage by US companies that Quantify is already in discussions with.
Combined with the ability to be retrofitted onto existing wiring, without the requirement for a neutral wire (yet another unique product feature in the US market), and 110V readiness, Quantify Technology’s products are well positioned for the US.
The US is the twelfth country to grant Patent protection, joining Australia, Mexico, China, Hong Kong, Indonesia, Morocco, the Republic of Korea, Singapore, South Africa, Japan and Israel.
This was originally published as an ASX Announcement, which can be found HERE.