A global leader in IoT cloud platforms, Tuya Smart (NYSE: TUYA), experiences significant growth in the North American IoT industry in 2021 for both itself and its clients. As business resumes in North America, many companies re-evaluate their work methods, weighing the pros and cons of returning to in-office work, working remotely, or adopting a hybrid strategy. The pandemic has created flexible work policies and the adoption of IoT devices. While consumers are spending more time at home, they are also rapidly embracing and benefiting from smart home technology, a trend that seems to be here to stay.
According to Strategy Analytics, worldwide consumer expenditure on smart home solutions is expected to rise to USD 123 billion in 2021 and USD$173 billion by 2025. Consumers who delayed smart home installations in 2020 will make up for the lost time in 2021, as 30 million more homes are expected to buy smart systems this year. Additionally, the study forecasts that North America will continue to be the biggest market for smart homes in 2021, accounting for 40% of total consumer expenditure on smart homes.
During the pandemic, several North American businesses, notably BAZZ, a smart home device company, and SATCO Products Inc. (“SATCO”), a major North American lighting manufacturing company, extended their smart product lines rapidly to satisfy this new market need, using the power of e-commerce.
Established in 1979 as a conventional lighting firm, BAZZ has always been on the hunt for new technologies, starting with LED lights and then moving into smart home goods to reenergize corporate development. The firm started searching for methods to revitalize its business to identify new growth opportunities during the last decade.
With the aid of Tuya Smart, BAZZ was able to rapidly expand its product lines in intelligent lighting, smart locks, security, and other smart home devices. It is now confidently looking to provide a complete range of smart solutions for the connected home, currently sold in over 2,500 locations across Canada and the United States. They expanded their presence in online stores like Amazon, Wayfair, Walmart, Costco, Lowe’s, and Home Depot throughout the pandemic.
When SATCO entered the smart home market during the pandemic, it saw a similarly fast shift and growth. SATCO has grown to be a global leader in the lighting sector throughout its 50-year existence, with products spanning LED lamps, fixtures, and electrical solution industries for industrial, commercial, and residential lighting.
SATCO introduced its new range of smart home goods, STARFISH, in early 2021, replete with a branded app. SATCO’s STARFISH product line has quickly become one of the most popular in the company’s history, selling out within months of introduction and seeing a 100 percent month-over-month rise in sales. Typically, it takes about one year for businesses to develop a smart product line. Each STARFISH product incorporates a Tuya Wi-Fi module, allowing for flexible user control through mobile devices, voice assistants, and Samsung SmartThings, as well as connectivity with other Tuya-powered products. SATCO launched the STARFISH range in less than six months via a partnership with Tuya Smart.
These companies were able to rapidly join the linked smart home market by collaborating with Tuya Smart. Tuya Smart’s Platform-as-a-Service (PaaS) solution aided them in growing their company throughout the pandemic by rapidly providing smart goods and services that customers want. Tuya’s Smart Platform accelerates hardware and software development and is trusted by more than 3,000 companies. According to a study by CIC, the platform, which powers over 310,000 device SKUs, significantly lowers R&D time by 90 percent.
While life in North America is gradually returning to typical, social isolation and more time spent at home, have increased the perceived usefulness and convenience of smart home devices for customers. Tuya Smart aspires to assist clients across a broader range of verticals in North America in upgrading and transforming their companies, including smart homes, smart hotels, smart health care, and smart energy. Tuya Smart’s North American staff is prepared to assist clients in writing their own success stories in these many verticals. Tuya Smart will continue to assist businesses in developing ready-to-market scenarios that simplify and delight customers worldwide.
All About Tuya Inc
Tuya Inc. (NYSE: TUYA) is a global leading IoT cloud platform that fosters an ecosystem of IoT developers and enables everything to be smart. According to CIC, Tuya Smart is the world’s biggest IoT PaaS company regarding the number of smart devices helped in 2020. Tuya Smart pioneered an IoT cloud platform that provides companies and developers with a comprehensive array of services, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS. Tuya Smart’s IoT cloud platform enables developers to activate a thriving IoT ecosystem comprised of brands, OEMs, partners, and end-users to interact and communicate through a diverse variety of IoT devices.