Global Smart Home Platforms Market Size, Share & Industry Trends Analysis Report By Deployment Type (On-premise and Cloud), By Product, By Type, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Smart Home Platforms Market
Market Report Description
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.
Smart home platforms, also known as the Internet of Things (IoT) platforms for smart homes, are software applications that link to connected or smart devices and may communicate with them as well as respond to commands, instructions, or events. The primary goal of smart home platforms is to bring all smart devices together as one by ensuring interoperability and regulating them. They not only store and analyze data, but they also handle such smart devices and assure the security of the information they acquire. The usage of a smart home platform simplifies activities involving smart devices in the smart home and aids in user satisfaction.
Any collection of devices, appliances, or systems that link to a common network and can be handled independently and remotely is referred to as smart home technology. A connected home is one in which the house's technology is combined into a single system. The thermostat, audio speakers, lighting, TVs, security cameras, locks, appliances, and more are all integrated into a unified system that can be controlled via a phone or a mobile touch screen device.
A physical hardware unit is the most common and powerful sort of hub. They act as a central communicator, connecting all of the different gadgets to form a single smart home. Each hardware hub comes with its own software that lets users operate many components from a single interface. The hardware hub also keeps the devices connected to the internet so users can monitor and tweak them while the individual is gone. Hardware hubs are equipped with communication radios that allow them to communicate with various devices. If the user is serious about putting together a smart home, the hardware hub is the way to go. If the user is just getting started, software hubs or individual components are a good place to start.
COVID-19 Impact Analysis
The government's approach has been focused on reducing the impact on people's health, lives, and economies. Technology adoption has been critical in smart cities and around the world in enabling better service delivery and increasing inhabitants' quality of life. The COVID-19 pandemic had a beneficial impact on the industry because these platforms are frequently used by healthcare professionals as well as family members of people who have SARS-CoV-2 to monitor and care for the patient remotely. As investments are made in the development and integration of tools and technology in these platforms that can deliver healthcare solutions centred on voice recognition, a variety of opportunities have arisen for smart home platforms.
Market Growth Factors
All home gadgets can easily be managed in one spot, new devices, and appliances
The demand of smart home platform is majorly boosted by the reason that it provides better convenience to the consumer, in respect of smart facilities it provides. The ability to integrate all of the house's equipment through a single interface is a huge step forward for technology and home management. In theory, all an individual need to understand, is how to use one app on the smartphone or tablet to access a plethora of functions and gadgets across the home. This reduces the learning curve for new users and makes it simpler to get the features user want for the home. When it comes to accommodating new devices, appliances, and other technology, smart home systems are remarkably adaptable.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches.
House security platform optimization and remote control of home operations
Home security can arise when the user includes security and surveillance capabilities in the smart home network. There are a lot of alternatives here, but just a few dozen are being investigated right now. House automation systems, for instance, can interconnect motion detectors, surveillance cameras, automated door locks, and other tangible security measures across the home so that users can control them all from a single mobile device before going to bed. A user can also select to receive security warnings on the various devices at different times of the day, and one can watch actions in real-time whether an individual is at home or midway around the world.
Market Restraining Factors
Increasing cases of data and identity theft
An attacker breaks into two systems' communications, interrupts them or spoofs them. Likewise, during a heat wave, an attacker can stop vulnerable HVAC systems, resulting in a disaster for service providers using impacted models. Data generated by unsecured wearable and smart appliances provide cyber attackers with a wealth of specific personal information that can be used for identity theft and fraudulent activities. An attacker takes over control of a device by hijacking it. This is because the attacker does not alter the device's essential functionality, these attacks are difficult to detect. Moreover, one gadget has the potential to infect all smart devices in the home.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The On-premise segment acquired the highest revenue share in the smart home platforms market in 2021. As it will give users with an internal network that can be accessed at any time, regardless of whether or not users have access to the internet. Another reason is lower monthly internet costs that means if the residence does not depend on the internet or cloud-based services, the user may not require to pay for such a fast connection.
Based on Product, the market is segmented into Entertainment & Other Controls, Security & Access Control, Smart Speakers, Lighting Controls, Home Healthcare, HVAC Controls, Smart Kitchens, Home Appliances, and Others. The Security & Access Control segment garnered a significant revenue share in the smart home platforms market in 2021. Entry to information and information processing systems is restricted by security access controls. When properly implemented, they reduce the chance of information being accessed without proper authorization, as well as the possibility of a home invasion.
Based on Type, the market is segmented into IoT Platform for Smart Appliances, IoT Platform for Security & Surveillance Systems, and IoT Platform for Control & Connectivity Devices. The IoT platform for smart appliances witnessed the highest revenue share in the smart home platforms market in 2021. The IoT platform for smart appliances establishes a link between the platform and the smart appliances, allowing the user to control and accomplish the necessary task. Moreover, consumers are on the lookout for solutions that will assist in the efficient management of energy, therefore the platforms for smart appliances are in great demand and generate significant revenue.
|Market size value in 2021||USD 19.4 Billion|
|Market size forecast in 2028||USD 55.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 16.6% from 2022 to 2028|
|Number of Pages||292|
|Number of Tables||403|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Market Share Analysis, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Deployment Type, Product, Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America garnered a substantial revenue share in the smart home platform market in 2021. The massive adoption of smart home platforms to access and operate smart home systems is driving market expansion in the region. The United States is the largest country in this area, contributing significantly to the market's revenue generation.
KBV Cardinal Matrix - Smart Home Platforms Market Competition Analysis
Free Valuable Insights: Global Smart Home Platforms Market size to reach USD 55.8 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Google LLC are the forerunners in the Smart Home Platforms Market. Companies such as Amazon.com, Inc. Samsung Electronics Co., Ltd., Cisco Systems, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Recent Strategies Deployed in Smart Home Platforms Market
» Partnerships, Collaborations and Agreements:
- Apr-2022: Samsung Electronics formed a partnership with ABB, a global technology company. This partnership aimed to expand the SmartThings experience to new customers making it simpler for consumers to lower costs and make a positive environmental impact. In addition, this partnership would enable users to access their smart home features from anywhere across the world with a single application.
- Aug-2020: Google came into a partnership with ADT, a provider of residential, small, and large business electronic security, fire protection, and other related alarm monitoring services. This partnership aimed to develop the next generation of smart home security offerings and unify Google’s hardware and services and ADT’s DIY and professionally installed smart home security solutions to enhance the residential and small business security industry.
- Jan-2020: LG Electronics formed a partnership with Homebase, the smart building automation company for multifamily properties. This partnership aimed to provide an improved, more connected living experience for multifamily residents, property managers, and owners.
» Product Launches and Product Expansions:
- Apr-2022: LG Electronics released a new lineup of AI-powered Home Appliances which includes a range of Smart Home Appliances. This new product lineup aimed to raise the standard as the company has sophisticated designs for a premium lifestyle. This lineup would include new stylish refrigerators - InstaView Door-in-Door and Frost Free Refrigerators, AI Direct Drive Washing Machine, Puricare Wearable Air Purifier, VIRAAT Air Conditioners, UV+UF Water Purifier, and a new array of Charcoal Microwave.
- Mar-2022: Cisco Systems unveiled the FlexPod XCS. This product aimed to bring advanced technologies to the company and its customers in a different manner, with the ability to provide one point for billing, ordering, support, and validated designs.
- Sep-2021: Amazon.com introduced a home robot, named Astro. This product aimed to independently drive around the home packed with cameras and a screen. This product can manage video calls, identify the user and come to find the user when someone calls, and offer all the features of Alexa on wheels. In addition, this product is connected with the doorbell firm Ring’s Protect Pro service and can patrol a user's home, investigate disturbances and send an alert if it detects an unrecognized person.
- Jul-2021: Cisco Systems introduced the Cisco SD-WAN, next-gen connectivity solutions for enterprises based on Cisco's SD-WAN technology. This product aimed to connect any user to any application with unified capabilities for Multicloud, Security, Unified Communications, and application optimization, all on SASE (Secure Access Service Edge) enabled architecture.
- Jun-2021: Apple expanded its product line with new features for its smart home in HomeKit. This product expansion aimed to deploy the iPhone and Apple Watch as controllers for a broad array of in-home functions, making them more valuable to present customers and discouraging them from switching to an Android phone when it is time to upgrade.
- Mar-2021: Siemens unveiled the new KNX Touch Control TC5 room operator unit. This product makes passive buildings adaptive, consequently enhancing the development of smart building technologies. With the capacitive 5.0-inch color touch display featuring a contemporary, attractive design, the new device is ideally suitable for use in commercial buildings like conference rooms, offices, and hotels.
» Acquisitions and Mergers:
- Nov-2021: Cisco Systems took over Replex, a privately held enterprise software company based in Germany. This acquisition aimed to further boost the delivery of this market-leading, enterprise-scale cloud-native platform. In addition, this acquisition would aid facilitate customers' digital transformation, arming them with valuable information on performance concerns, their causes, impacts, and resolutions to enhance digital experiences.
- Oct-2021: Siemens took over Wattsense, a French startup company offering an innovative, plug-and-play IoT management system for small and mid-size buildings. This acquisition aimed to boost the implementation of IoT systems in a broader array of buildings, bringing sustainability, comfort, and cost advantages to more people and businesses.
- Feb-2021: Cisco Systems took over IMImobile, a leading provider of cloud communications software and services, based in the United Kingdom. This acquisition aimed to deliver delightful customer experiences throughout the complete life cycle, leveraging technology comprising artificial intelligence, collaboration tools, experience management, omnichannel capabilities, and programmability for customization.
- Jan-2021: Cisco Systems took over Banzai Cloud, a specialist in deploying cloud-native applications securely, at scale, and in production, based in Budapest, Hungary. This acquisition aimed to combine both companies' expertise with its demonstrated experience with complete end-to-end cloud-native application development, deployment, runtime, and security workflows.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Type
- Entertainment & Other Controls
- Security & Access Control
- Smart Speakers
- Lighting Controls
- Home Healthcare
- HVAC Controls
- Smart Kitchens
- Home Appliances
- IoT Platform for Smart Appliances
- IoT Platform for Security & Surveillance Systems
- IoT Platform for Control & Connectivity Devices
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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)
- General Electric Company
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North America Smart Home Platforms Market Report 2022-2028
Europe Smart Home Platforms Market Report 2022-2028
Asia Pacific Smart Home Platforms Market Report 2022-2028
What would be the size of the smart home platforms market by 2028?
The smart home platforms market size is projected to reach USD 55.8 billion by 2028.
What are the key driving factors and challenges in the smart home platforms market?
All home gadgets can easily be managed in one spot, new devices, and appliances are driving the market in coming years, however, Increasing cases of data and identity theft limited the growth of the market.
What are the major top companies in the competitive landscape?
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.
At what CAGR is the smart home platforms market estimate to grow in the forecast period?
The expected CAGR of the smart home platforms market is 16.6% from 2022 to 2028.
Which segment shows a high revenue share of the smart home platforms market in 2021?
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.
Which region dominated the smart home platforms market in 2021?
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.