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26/05/2022

Smart home platform market spurred by pandemic

San Francisco, Ca (USA)

The Covid-19 pandemic has positively impacted the Smart home platforms market, according to the latest findings from Grand View Research on the subject.  The research company estimates that this sector could reach USD 60.2 billion by 2028, expanding at a CAGR of 16.9% over the forecast period. The smart home platforms witnessed considerable growth during the pandemic due to increased necessity to monitor patients being diagnosed with the SARS-CoV-2 virus.

Improved experience gained by the users owing to the integration of smart home platforms is a key point, mentioned by the researchers as a factor that is fueling the growth of the market. In addition, the use of smart home platforms allows remote control, thereby further driving the market. Concerns related to the security breach and unauthorised access to personal information and connected devices of users is one major restraint for the market. Most of the key players operating in the market are adopting strategies such as adding new features to the platform, along with the development of new platforms that are compatible with various smart devices to capture maximum market share globally.

The IoT platform for the smart appliances type segment captured the largest revenue share of more than 65.0% in 2021, says the research company. The IoT platform for smart appliances connects numerous smart appliances having the capability of edge computing and these appliances can be monitored and controlled from any place. In addition, the adoption of these platforms are designed to make tasks fast, easy, and reliable. Therefore, their demand is high, thus contributing more to the market revenue.

The Asia Pacific region accounted for the largest revenue share of more than 35.0% in 2021. China is one of the major countries contributing to the large revenue generation in this geographical sector. China emerged as the major country for the maximum unit of shipments of smart home devices, thus it led to the larger implementation of software platforms for smart home devices. Rising smart homes in the region and the strong growth of regional GDP are some of the major reasons behind the high demand for smart home platforms there.

Some of the key players in the smart home platform market and mentioned in the report include, Apple, Google, Cisco, Resideo, Amazon, LG Electronics, Samsung, Siemens, Bosch and General Electric.


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