The market for smart home platforms was estimated at USD 20.5 billion in 2021 and is anticipated to grow at a CAGR of 16.5% from 2022 to 2032 to reach USD 110 billion. Smart home platforms are being adopted more frequently as a result of improved consumer experiences, which is driving the industry.
Another aspect that propels the industry is the ability to control smart home features remotely thanks to the use of smart home platforms.
Smart home platforms, also known as the Internet of Things (IoT) platforms for smart homes, are software programs that connect to linked or smart gadgets and allow them to interact as well as react to commands, instructions, and events.
What Are The Biggest Trends In The Global Market For Smart Home Platforms?
Traditional home systems were created to function with a limited degree of connectivity. Users could only use operating systems that fell within a specific range. However, the growth of smart technology is creating new opportunities for expansion. Owners can now access their properties remotely thanks to connectivity.
The most recent application trend combines automation and artificial intelligence to provide household assistance in a cutting-edge and novel method. Modern technical devices and security are ensured by these current improvements. Some of the most common security features in smart homes include video door alarms, facial recognition technology, ultra-modern burglar alarms, and remote-controlled locks.
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Key Takeaways from the Market Study
- Smart home platforms for security and surveillance capture the largest share of 53.3%, growing at a CAGR of 16.7%
- IoT platforms for smart appliances to account for 65% revenue across the forecast period
- North America market is expected to secure US$ 24 Billion while expanding at a CAGR of 16.5%
- Asia Pacific to record a CAGR of 15.2% during the forecast period
- Global smart home platforms market to flourish 4.6x from 2022 to 2032
“Mushrooming demand for efficient household security systems and the convenience of all smart appliances at the remote has boosted the adoption of smart home platforms like Alexa across the globe,” remarks an FMI analyst.
What Obstacles Face the Sales of Filter Smart Home Platforms?
Along with many advantages, there are a few factors that limit the growth of the market for smart home platforms. The high initial cost of installing the many pieces of equipment used in smart homes is one of the main causes.
The leading manufacturers continuously engage in R&D operations, which will reduce costs. Additionally, a price war and a drop in pricing are anticipated in the near future as a result of the entry of new companies into the market.
Key Segments Covered In The Smart Home Platforms Industry Survey
Smart Home Platforms Market by Type:
- IoT Platform for Control & Connectivity Devices
- IoT Platform for Security & Surveillance Systems
- IoT Platform for Smart Appliances
Smart Home Platforms Market by Region:
- North America Smart Home Platforms Market
- Latin America Smart Home Platforms Market
- Europe Smart Home Platforms Market
- Asia Pacific Smart Home Platforms Market
- The Middle East & Africa Smart Home Platforms Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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