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Oct 26, 2020 (Market Insight Reports) —
Selbyville, Delaware, Global Smart Home Cloud Platforms Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2027. Smart Home Cloud Platforms Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Smart Home Cloud Platforms market and provides information regarding the revenue for the period 2020 to 2027.
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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.