The 2023 report on the “Smart Home Cloud Platforms Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Smart Home Cloud Platforms Market is valued approximately at USD $ billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.7 % over the forecast period 2020-2027. The Smart Home Cloud Network connects smart home devices for better networking, interoperability, and connectivity to home devices anywhere and anytime. The proliferation of connected devices among consumers has given rise to a new range of solutions and services that allow the smart home ecosystem to provide a high level of automation, connectivity and security.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The prominent factors driving the adoption of Smart Home Cloud Platforms solutions are the increasing adoption of smart home devices, adoption of Voice-enabled Digital Assistants devices. Whereas, technological advancements are expected to create significant growth opportunity in the market over the forecast period. However, the lack of technically skilled workforce and complexities in the management of unstructured data is expected to hinder the market growth. The key players of global Smart Home Cloud Platforms market have adopted various strategies to gain competitive advantage including product launch, mergers and acquisition, partnerships and agreements, investment, funding and others.
For instance, In 2019, Nevo Butler, a leading provider of control and sensing solutions for smart homes, unveiled a cloud-based Home Digital Assistant Network, developed for smart home applications, allowing interoperability and collaboration for rich customer experience through IoT-based home automation products. In 2019, SmartRent, a smart home automation and IoT technology start-up, raised USD 32 million in financing for its end-to – end smart home automation network to enable large-scale implementations.
The regional analysis of global Smart Home Cloud Platforms market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to due to the presence of a number of key players. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as continued growth in adoption of smart home devices, high number of smartphone users, along with growing demand for IoT, connectivity and Artificial Intelligence technologies within the smart home ecosystem would create lucrative growth prospects for the Smart Home Cloud Platforms market across Asia-Pacific region.
Major market player included in this report are:
Google, LLC
Apple Inc
Amazon Web Services, Inc.
Loxone Electronics GmbH
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Yonomi
Qualcomm Technologies
Cosesy
JDCloud
Aliyun
Tencent
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Solution:
Smart Home Cloud Platform
Services
By Application:
Lighting Control
Security And Access Control
HVAC Control
Entertainment Control And Other Controls
Smart Speaker
Home Healthcare
Smart Kitchen
Home Appliances
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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