The global smart home platforms market achieved a value of USD 20.5 Billion in 2021 and is poised to exhibit a remarkable Compound Annual Growth Rate (CAGR) of 16.5%, reaching a significant milestone of US$ 110 Billion between 2022 and 2032. The increasing adoption of smart home platforms, which enriches customers’ experiences, is a key driver propelling market expansion. Furthermore, the ability of smart home platforms to facilitate remote control of various home functions adds another dimension to their demand, thus contributing to market growth.
Smart home platforms, also known as IoT platforms for smart homes, are software apps that link with connected devices, enabling communication, command response, and event handling. Their primary goal is to unify and ensure compatibility among smart devices, thereby regulating and harmonizing their functions.
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Key Drivers:
- Integration and Compatibility: Smart home platforms aim to unify various smart devices by ensuring their compatibility and seamless communication, driving the convenience of managing multiple devices from a single platform.
- Data Management and Security: The ability of smart home platforms to store, analyze, and secure collected data enhances the overall user experience by ensuring the safety and privacy of sensitive information.
- Operational Efficiency: Smart home platforms streamline the management of smart devices, simplifying operations and enhancing user satisfaction by providing a centralized control interface.
- Personalization and User Satisfaction: These platforms use collected data to tailor experiences to users’ preferences, predicting and meeting their needs, ultimately creating enjoyable and satisfying smart home environments.
- Scenario Preparation and Adaptability: Smart home platforms analyze stored data to predict and prepare for future scenarios, ensuring adaptability to changing environmental conditions and user requirements.
- Enhanced Automation: The automation capabilities of smart home platforms contribute to a more comfortable and enjoyable living environment by anticipating users’ behaviors and needs.
- Convenience and Ease of Use: Users can control and manage multiple smart devices effortlessly through a single platform, enhancing the convenience and user-friendliness of their smart homes.
Key Insights from the Market Study:
- Smart home platforms catering to security and surveillance dominate the market with a substantial 53.3% share, growing at a robust CAGR of 16.7%.
- IoT platforms focused on smart appliances are projected to contribute to 65% of the revenue throughout the forecast period.
- The North American market is poised to reach a value of US$ 24 Billion, displaying a steady CAGR of 16.5%.
- Asia Pacific region is anticipated to exhibit a notable CAGR of 15.2% during the forecast period.
- The global smart home platforms market is set to expand by 4.6 times from 2022 to 2032.
- “The increasing demand for efficient household security systems and the convenience of remotely controlling smart appliances has led to widespread adoption of smart home platforms like Alexa worldwide,” notes an analyst from FMI.
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Competitive Landscape:
Key players in the global Smart Home Platforms market comprise Apple Inc., Google LLC, Cisco Systems, Inc., Resideo Technologies, Inc., Amazon.com, Inc., LG Electronics, Samsung Electronics Co. Ltd., Siemens AG, Robert Bosch Smart Home GmbH, and General Electric Company. Recent significant developments among these players include:
- In June 2022, Samsung Electronics launched SmartThings Home Life, offering a comprehensive smart home experience in 97 countries.
- In January 2020, Apple, Google, Amazon, and the Zigbee Alliance collaborated on a new smart home standard named “project Connected Home over IP”.
- In February 2020, Cisco acquired Exablaze, an Australia-based designer and manufacturer of advanced network devices.
Additional Valuable Insights: In its latest report, FMI delivers an impartial assessment of the worldwide Smart Home Platforms market, offering historical data for the period 2017-2021 and projecting statistics for 2022-2032.
The analysis unveils crucial findings categorized by Type, including IoT Platform for Control & Connectivity Devices, IoT Platform for Security & Surveillance Systems, and IoT Platform for Smart Appliances. Additionally, the study segments the data by Region, encompassing North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
Key Segments Covered In The Smart Home Platforms Industry Survey
Smart Home Platforms Market by Type:
- IoT Platform for Control & Connectivity Devices
- IoT Platform for Security & Surveillance Systems
- IoT Platform for Smart Appliances
Smart Home Platforms Market by Region:
- North America Smart Home Platforms Market
- Latin America Smart Home Platforms Market
- Europe Smart Home Platforms Market
- Asia Pacific Smart Home Platforms Market
- The Middle East & Africa Smart Home Platforms Market
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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