Over the past few years, people have become increasingly used to connecting everyday devices at home, which are connected to the Internet and to each other, to make people feel highly comfortable, economical, entertaining, and safe. Connected lights and smart home security products play a major role in home automation. The trend of using smart home speakers is gaining traction nowadays. Artificial Intelligence (AI) assistants such as Siri and Alexa have exploded in popularity, and have been accepted into millions of homes.
Smart home device manufacturers are developing products and services that are compatible with platforms provided by Amazon, Google, Samsung, and Apple, to capture the broadest customer base. Smart home devices generate huge amount of data, and to have faster access and high speed data, it is stored on cloud platforms. Thus, the increasing adoption of smart home devices would drive the expansion of the smart home cloud platform market size over the coming years.
Smart Home Cloud Platform Market Trends
Increasing Adoption of Voice-enabled Digital Assistants to Boost Demand: Voice assistants, also referred to as virtual assistants and voice-enabled devices, have dramatically increased in popularity and use across the globe over the past few years. Voice-enabled digital assistants are advancing at a tremendous rate within the smart home market. Alexa, Siri, Cortana, and Google Assistant are well-known in-home smart assistive technologies in today's connected homes. These smart assistants offer more personalized response to a contextual understanding of consumers’ voices, and provide a tailored and unique experience.
Smart home device manufacturers are integrating devices with these major smart assistant applications via AI and natural language processing, into their device control applications, which can be accessed via single platforms. This factor is boosting the growth of the smart home cloud platform market.
Potential of 5G to Reduce Smart Home Connective Challenges: 5G is still in its theoretical stage, but promises faster, more reliable network connections for smartphones and home networks alike. Combining 5G technologies with smart homes and smart cities opens a new ecosystem with big potential. The technology supports connecting more devices on one network, and allows people to add more smart home devices and work automatically to manage power use without manual programming.
The technology offers features such as lower latency and more reliable connections, which enables smart devices such as doorbells and cameras to be much more useful, and also ensures a reliable connection no matter how many people are using the Internet at once. It thus offers faster response time and enables smart home devices to trigger notifications and device-to-device automation routines in a more seamless fashion. All this bodes well for the progress of the smart home cloud platform market over the years to come.
Regional Outlook of Smart Home Cloud Platform Market
In terms of value, North America held the largest smart home cloud platform market share in 2019. The presence of a number of key players is increasing regional growth. The market in the developing region of South Asia & Pacific is expected to record the highest growth rate over the forecast period (2020 to 2030), owing to increasing demand for and adoption of technological advancements, especially in smart home appliances and consumer electronics.
Increasing smart home initiatives by governments in Singapore, Malaysia, Taiwan, and South Korea, coupled with rising presence from high-income households, has resulted in greater penetration of smart homes in the region.
Smart Home Cloud Platform Market – Competition Landscape
Product launches, enhancements in existing products, acquisitions, and partnerships with niche players are key strategies followed by leading smart home cloud platform market players. Some of the leading players in the smart home cloud platform market are Google, Qualcomm Technologies, NXP Semiconductors, Amazon Web Services, Inc., Apple Inc, Loxone Electronics GmbH., and tronXthings, among others.
Impact of COVID-19 on Smart Home Cloud Platform Market
The spread of coronavirus is expected to have a lasting impact on the way of living, working, socializing, and taking care of family members. As a result, people have started predicting situations of the post-COVID-19 landscape, especially with regards to home arrangements and everyday necessities. Since the spread of coronavirus occurs commonly through contact and surfaces, smart homes and smart technologies can potentially minimize the impact of the virus by reducing human-to-human contact, automating more processes, and increasing productivity amid social distancing.
It has been seen that the demand for smart home appliances from residential real estate owners is increasing and will show signs of picking up in 3 to 4 months once the pandemic settles. Also, customers will prefer purchasing smart homes post the COVID-19 world. According to PMR’s study, demand for smart home cloud platforms will increase by 8% - 10% by the end of 2020.
A comprehensive view of the smart home cloud platform market has led our analysts to conclude that, the market is escalating at a significant rate. Regions such as North America and Europe are holding a large part of the smart home cloud platform market share. Alliances with other tech providers along with regional expansion are some of the strategies being opted for by key players to fuel their sales growth.
Smart Home Cloud Platform Market - Scope of the Report
Persistence Market Research (PMR) recently published a new research analysis on the smart home cloud platform market for the assessment period of 2020-2030. The research study offers a close look at the evolving aspects of the smart home cloud platform market, as well as the dynamics impacting market growth. The research study focuses on key developments that have made their mark in the smart home cloud platform market and other developments that are on the cards. The report talks about various macro- and micro-economic factors that are responsible for having an in-depth impact on the growth of the smart home cloud platform market.
A direct market overview provides the growth scenarios and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the smart home cloud platform market during the forecast period. This report also includes a COVID-19 pandemic impact analysis on the smart home cloud platform market. This report includes a detailed and considerable amount of information, which will help new providers in the most comprehensive manner for better understanding.
Several stakeholders in the smart home cloud platform market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the smart home cloud platform market report also helps new market entrants expand their bases in this market space.
The report elaborates the historical and current trends molding the growth of the smart home cloud platform market. The performance journey of the smart home cloud platform market has been drawn and analyzed in way that the lucrative side of the market is evident to readers. The competitive landscape presented in the smart home cloud platform market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.
Smart Home Cloud Platform Market: Segmentation
PMR’s research study on the global smart home cloud platform market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the smart home cloud platform market has been offered on the basis of solution, application, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Smart Home Cloud Platform Market: Key Questions Answered in Report
The research study on the smart home cloud platform market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the smart home cloud platform market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.
Smart Home Cloud Platform Market: Research Methodology
A unique and promising research methodology forms the base of the smart home cloud platform market report for the forecast period. The report has been prepared after comprehensive analysis of market happenings, and then, riveting insights have been compiled meticulously. The research methodology of the smart home cloud platform market has been a two-step process that comprises primary and secondary research. Key stakeholders, which include smart home cloud platform tool providers and distributors, have been interviewed, along with experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals.
Secondary sources referred to garner report findings include investor presentations of manufacturers, annual reports, World Bank, and many other credible sources.