Capturing New Opportunities Created By IoT? This Could Be The Time To Follow This Company

The increasing adoption of Internet of Things (loT) products is a rapidly evolving trend that has captured the attention of the technology world. As more and more devices connect to the internet, the possibilities of what people can achieve through loT continue to expand.

IoT can improve productivity and operational efficiency, provide cost savings, and help the environment through sustainable energy management and the preservation of natural resources. Due to this, the number of IoT devices worldwide is forecast to almost triple from 9.7 billion in 2020 to more than 29 billion in 2030. 

These numbers are already positioning IoT as a new driver of global economic growth. A report by GSMA Intelligence estimates that IoT productivity benefits will be worth over $370 billion per year  in 2025, about 0.34% of global GDP, while IoT companies will generate over $1 trillion in revenues by 2025. There are indications that IoT, combined with AI, blockchain and similar technologies, can be applied to different industries to drive industrial upgrades and new economic growth.

Major industry verticals with more connected IoT devices are electricity, gas, steam and air-conditioning, water supply and waste management, retail and wholesale, transportation and storage, and government. loT could also be set to revolutionize how people interact with their homes and urban environments.

In smart homes, loT-connected devices can enhance security systems and energy management. In smart cities, loT technology can monitor infrastructure and traffic, manage municipal services, and improve city planning.

For players like Tuya Smart TUYA (HKEX: 2391), Samsara Inc. IOT, Silicon Laboratories Inc. SLAB, and Innovotech Inc. IOT, the expansion of 5G technology and the world’s shift to smart city initiatives could provide lucrative opportunities as the sector continues to see growth.

Addressing Challenges In The IoT Industry

IoT, combined with AI, blockchain and similar technologies, can be applied to different industries to drive industrial upgrades and new economic growth in areas such as smart industries, cities, agriculture, buildings and others. But unfortunately, device developers and manufacturers looking to seize these opportunities face many challenges. 

First, they need to figure out how to “smartize” their product portfolios, and then how to realize digital management via connected devices and appropriate software. In this process, they will face the issue of interoperability, with smart devices using different communication protocols, application interactions, integrated management in various scenarios, and so on. Even in a smart home, there can be barriers among smart devices from different ecosystems. Traditional businesses often lack the technological capabilities to perform these functions effectively, which would require a tremendous amount of work and high costs. 

These challenges and others are what Tuya looks to be addressing with its technology. Founded in 2014, Tuya provides IoT development platform services with the goal of making people’s lives smarter. Simply put, Tuya looks to help businesses develop smart devices and achieve digital management in a fast, efficient and effective way. 

Currently, Tuya-enabled hardware has reached more than 2,700 product categories, covering energy-saving, health and fitness, large and small household appliances, office and travel, electrical lighting, digital entertainment, industrial agriculture and more. With low-code or no-code capabilities, Tuya can help brands, OEMs and developers develop smart devices at a low cost, complete smart product models in one day and achieve mass production in 15 days. 

For digital management, Tuya offers four standard integrated solutions in residential, hospitality, commercial lighting & building, and house & real estate scenarios. For example, Tuya Hospitality SaaS can help hotel operators more effectively perform functions such as managing check-in, room status, room service, energy consumption, equipment, and personnel. Additionally, Tuya also provides many specific functional integrated soft and hard solutions, such as Smart Energy Saving Solutions, Bluetooth Mesh Distributed Lighting Solutions and others. 

Besides the standard and existing solutions, Tuya has continuously developed new IoT solutions with its market insight. Tuya can also help businesses achieve digital upgrades and growth with customized solutions, which combine its IoT technologies, experience and vertical customers’ industrial know-how and can address customers’ real needs and application scenarios.

As a technology company seemingly taking the long view, Tuya has invested in technological development and focused on creating true application value for partners or end-users. For example, in smart homes, Tuya can not only help brands build and manage different types of smart devices in one App under various protocols but also help them integrate with various ecosystems, such as Google Assistant, Amazon Alexa, Apple HomeKit and more. It can also provide services of voice control interactions and more. Tuya has stayed at the forefront of the IoT industry’s development. For example, to promote interoperability, Tuya has become an early adopter and promoter of Matter, an open-source protocol that ensures smart home devices from different ecosystems can communicate and function seamlessly and safely. Tuya has developed a number of solutions aimed at helping operators leverage the benefits of Matter.

As of December 31, 2022, the Tuya IoT Development Platform accumulated over 708,000 registered developers from over 200 countries and regions. Tuya says it’s committed to working with developers and businesses to continue expanding the possibilities created by IoT and smart technologies.

Capturing Economic Growth in the Pet Market?

IoT has become a powerful driver of global economic growth. The pet sector is also among the consumer markets that are experiencing tremendous new opportunities created by IoT. According to Global Market Insights, the Pet Tech Market size was valued at $5 billion in 2022 and is projected to record an over 15% compound annual growth rate (CAGR) from 2023 to 2032.

With Americans spending over $126 billion on pets in 2021 alone, Tuya says it is committed to help prospective and existing businesses to develop smart pet solutions, including six pet scenarios of feeding, drinking, cleaning, sleeping, playing and traveling, and dozens of product solutions that empower developers to develop various smart pet products. The smart products are for cats, dogs, aquariums, and other pet categories that give pets additional care.

Tuya’s smart pet solutions can provide smart transformation of hardware and software capabilities, such as developing Smart Pet Teaser and Smart Pet Cleaning and more. For example, Tuya pet feeder program can feed pets scientifically according to the quantity and time requirements to ensure that the pet can eat fresh food daily. Tuya pet feeder scheme can push alarms of blocked food, lack of food and low battery power to users.

Compared to a traditional pet water dispenser which poses some health concerns, dust and hair accumulating in water and generating bacteria, Tuya’s smart water dispenser for pets provides safe and healthy drinking water to facilitate pet rearing.

The rapid growth of the IoT industry has created new possibilities in how people live and work, and along with them expanding business opportunities across industries. However, for businesses looking to seize these opportunities, technological adaptation could pose serious roadblocks. This is why companies like Tuya play a crucial role in driving the growth of the IoT industry. With its SaaS, PaaS and other solutions, it could enable device manufacturers and developers to realize smart transformations and together create a future powered by smart technologies and connectivity.  

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