Smart Home Platforms Industry Overview
The global smart home platforms market size was valued at USD 20.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2022 to 2028.
Enhanced experience gained by the customers due to the incorporation of smart home platforms is increasing their adoption, hence driving the market. Additionally, the usage of smart home platforms enables remote controlling of smart home functions, which is another factor that drives the market. The COVID-19 outbreak positively impacted the market growth. Significant growth has been observed due to the increasing demand for and usage of smart home platforms during the COVID-19 pandemic.
Gather more insights about the market drivers, restrains and growth of the Global Smart Home Platforms Market
Smart home platforms or IoT platforms for smart homes are software applications that connect with connected devices or smart devices and can communicate with these devices or respond to some command or instruction or events. The basic aim of smart home platforms is to incorporate all the smart devices as one by establishing compatibility between them by regulating them. They, not only store data and analyze the collected data but also perform management of these smart devices and ensure the security of the collected data. The use of a smart home platform eases the operations related to smart devices present in the smart home and helps in meeting users’ satisfaction.
The smart home platform analyzes the data received from users and provides results as per the user’s desire. They predict and prepare for various scenarios occurring in the future in the environment of smart homes by analyzing the stored data. There are various features associated with the use of a smart home platform; however, one of the truly impressive benefits is that it automatically foresees the behavior and needs of the users to provide them with a pleasurable and enjoyable surrounding.
The COVID-19 pandemic had a positive impact on the market as these platforms are widely being used by healthcare professionals as well as the family members of individuals suffering from SARS-CoV-2 to monitor them remotely and take care of those individuals. Various opportunities have been created for smart home platforms as investments are being made in the development and integration of tools and technologies in these platforms that can provide healthcare solutions based on voice recognition.
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Key Companies Profile
Some prominent players in the global smart home platforms market include:
- Apple Inc.
- Google LLC
- Cisco Systems, Inc.
- Resideo Technologies, Inc.
- com, Inc.
- LG Electronics
- Samsung Electronics Co. Ltd.
- Siemens AG
- Robert Bosch Smart Home GmbH
- General Electrical Company
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