Smart Home Platforms Market Set to Witness an Uptick during 2022 to 2028Posted by Mrudula Anil Karmarkar on July 10th, 2023 San Francisco, 10 July 2023: The ReportSmart Home Platforms MarketSize, Share & Trends Analysis Report By Type (IoT Platform for Smart Appliances, IoT Platform for Security & Surveillance Systems), By Region, And Segment Forecasts, 2022 – 2028 The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor 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 unauthorized access to personal information and connected device of users is the 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 COVID-19 pandemic has positively impacted the market. Smart home platforms witnessed considerable growth due to the increasing implementation for monitoring patients being diagnosed with SARS-CoV-2 during the COVID-19 pandemic. Several smart platforms based on voice recognition are in the process of development. These platforms would have the capability to provide solutions regarding healthcare. It will also help in avoiding the further spread of SARS-CoV-2 and contribute to the growth of the global market. The IoT platform for the smart appliances type segment captured the largest revenue share of more than 65.0% in 2021. 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 makes tasks fast, easy, and reliable. Therefore, their demand is high, thus contributing more to the market revenue. The Asia Pacific 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 the Asia Pacific. 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 in the region. Request sample report of Smart Home Platforms Market @https://www.grandviewresearch.com/industry-analysis/smart-home-platforms-market-report/request/rs1 Smart Home Platforms Market Report Highlights
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. Smart Home Platforms Market Report Scope
List of Key Players in Smart Home Platforms Market
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