NEW YORK, Oct. 7, 2020 /PRNewswire/ -- In a smart home, appliances such as ACs, TVs, geysers, and lights have the potential to communicate with a cloud server. The cloud server communicates with these smart devices by sending and receiving signals through smartphones, laptops, or voice-enabled digital assistant devices.
A homeowner can make his/her existing home smart by integrating cloud-based technology with it. Cloud computing enables homeowners to remotely access their home appliances, even if they are miles away from the home. Moreover, this technology enables enhanced security and convenience to homeowners by deploying secure cloud platforms.
As per the findings of a new market research report by Persistence Market Research, the worldwide smart home cloud platform market reached US$ 5.4 Bn in 2019, and is anticipated to exhibit an impressive CAGR of around 17% during the forecast period of 2020 to 2030.
Key Takeaways from Smart Home Cloud Platform Market Study
- Most smart home device manufacturers are developing advanced smart home cloud platform tools to reduce network complexity and offer reliable connectivity.
- Among the applications, the smart speakers segment is expected to witness high growth, as these speakers are powered by voice assistant capabilities that offer controls for smart home devices.
- Countries across the globe such as the US, Germany, China, Japan, the UK, and Russia are witnessing changes at a faster pace, owing to rise in consumer preference toward adopting smart home devices.
- Among the regions, the smart home cloud platform market in South Asia & Pacific is exhibiting high growth, owing to increasing demand for and adoption of technological advancements, especially in smart home appliances and consumer electronics.
- As the COVID-19 pandemic gets contained, the demand for smart home cloud platforms will see a spike.
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"Smart home appliance manufacturers are developing their appliances to connect to the cloud, mobile devices, wearable devices, and other Internet-enabled devices, to provide a seamless experience. Continued adoption of cloud technologies in smart home devices would drive the growth of the smart home cloud platform market," says a PMR analyst.
Smart Device Manufacturers' Focus on Technology Innovation to Commercialize Products to Gain Long-term Profitability
Companies such as Amazon, Google, Ayla Networks, and others are offering best-in-class smart home solutions to provide a rich customer experience for a connected lifestyle. They provide a wide range of hardware, platforms, and services for smart home device management, interactive smart assistants, with application enablement capabilities. Their smart home platforms are device agnostic, and provide a holistic view and control of all smart devices.
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Smart home system providers either develop their own cloud-based platforms or enter into technology partnerships with other platform providers to support their wide range of smart home solutions. As IoT technology moves toward wide integration, cloud-based interoperability for smart home devices would proliferate to provide huge opportunities in the smart home cloud platform market.
Find More Valuable Insights on Smart Home Cloud Platform Market
Persistence Market Research, puts forward an unbiased analysis of the global market for smart home cloud platform market, providing historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. To understand the opportunities in the smart home cloud platform market, the market is segmented on the basis of solution (smart home cloud platforms and services [API integration services, remote firmware up-gradation, diagnostics services, risk assessment services]) application (lighting control, security and access control, HVAC control, entertainment control and other controls, smart speakers, home healthcare, smart kitchens, home appliances, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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