To maintain its leadership in the lighting control system market, Signify could consider revised competitive pricing for its products in the connected lighting space to compete with regional solution providers. Also, with the growing innovations in voice-controlled lighting systems, the company could focus on developing voice-controlled lighting control solutions. Also, it could leverage its early-mover advantage in emerging lighting applications such as solar lighting, horticulture lighting, human-centric lighting, and speciality lighting.
The company’s market experience and brand name allow it to capitalize on the fundamental market dynamics taking place in the lighting industry and deliver innovative solutions that create value and ensure its growth. The company aims to further invest in connected lighting systems to win contracts related to the supply of connected lighting systems and other lighting control equipment. The company also adopts the strategy of an acquisition. For instance, in April 2019, it acquired WiZ Connected—developer of the WiZ Wi-Fi-based connected lighting ecosystem. This acquisition will allow Signify to extend its leadership position in the Wi-Fi-based smart lighting market.