Published Date: 28-Jul-22
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According to a new report, published by KBV research, The Global Smart Home Platforms Market size is expected to reach $55.8 billion by 2028, rising at a market growth of 16.6% CAGR during the forecast period.
The Cloud market is showcasing a CAGR of 18.3% during (2022 - 2028). Every user should consider cloud storage since it offers cost-saving benefits as well as functional ones like periodic data backups and the flexibility to scale efficiently. Cloud deployment eliminates the excessive expenses of the user, which is contributing to the growth of the segment.
The Entertainment & Other Controls segment acquired maximum revenue share in the Global Smart Home Platforms Market by Product in 2021, thereby, achieving a market value of $11.2 Billion by 2028. The top level of subsystem is entertainment and other controls, which are frequently, comprised of complex, expensive controllers that serve a specific purpose. Users are mainly fond of using the product for the entertainment purpose and others.
The IoT Platform for Security & Surveillance Systems segment has shown growth rate of 17.3% during (2022 - 2028). The targeted population has noticed an increase in demand for IoT platforms for security and surveillance systems, as these platforms enable to remotely monitor and control different security and surveillance systems or equipment, such as cameras, door locks, and thermostats.
The Asia Pacific market dominated the Global Smart Home Platforms Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,859.5 million by 2028. The Europe market is estimated to witness a CAGR of 16.2% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 15.9% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Apple Inc., Google LLC, Cisco Systems, Inc., Resideo Technologies, Inc., Amazon.com, Inc., LG Electronics, Inc., Samsung Electronics Co. Ltd. (Samsung Group), Siemens AG, Robert Bosch GmbH (Robert Bosch Smart Home GmbH), and General Electric Company.
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