How One Partnership Established A New Leader In The Smart Home Industry

Since its inception in 1991, Lloyd’s Electronics (Lloyd’s) has transformed from being a small electronics business into one of the most important companies in Latin America that sells and develops smart devices for the home. Lloyd's offers security equipment and comprehensive smart home solutions, including lighting and home appliances.

The Internet of Things (IoT) and smart devices have had a large role in the company’s growth. The “smartification” of Lloyd’s devices opened up a whole new market to the electronics proprietor. As of 2023, Lloyd’s has more than 400 stores across Mexico and South America and its product line encompasses over 100 smart electronic devices. These devices are changing the world in many ways, allowing customers to remotely control motion sensors, security cameras, lighting, and IP cameras through a single mobile application and even through voice commands.

In the process of becoming a leader in the Smart Home market, Lloyd’s faced a major problem in its early stages of growth, which is also a common issue in the Smart Home market more broadly. The problem was that its smart devices lacked a common platform that enabled users to control, customize and interact with their devices. Currently, the Smart Home market may seem like a fractured sector due to the quantity of options and limitations that exist, and Lloyd’s also suffered from these common issues.

To help solve these problems and address unmet needs, Lloyd’s reached out to Tuya Smart TUYA (HKEX: 2391), a global IoT development platform service provider. 

Challenges in Deploying Smartification Capabilities in The Early Stages 

Since 2014, Tuya Smart has served as a global IoT development platform to build interconnectivity standards, provide solutions to connect and control IoT devices, offer intelligent business solutions for a wide range of verticals, and more. As of September 30, 2022, the Tuya IoT development platform has accumulated over 647,000 registered developers from over 200 countries and regions. The company is serving more than 8,400 customers across the globe. Smart devices enabled by Tuya are more than 2200 products categories and now available in around 120,000 stores worldwide. 

Through this partnership, Tuya has helped Lloyd’s take their smart devices to a higher level of interconnectedness. Specifically, Tuya helped create a platform for Lloyd’s to connect all their smart devices, allowing consumers to manage all of Lloyd’s devices through one application. This application is available both on iOS and Android systems. 

As Lloyd’s CEO Salomón Saad said, “For a few years, we had been working on IP cameras, but each of our devices used a different application and that made it quite complicated for our customers. Tuya gave us an integration option to solve those problems, and also provided a universe of options, which we feel comfortable with. And we’ve been able to constantly innovate along with Tuya.”

As a result of the cooperation, Lloyd’s released its first Smart Home line of products and helped the company capture new areas of the market. In the last few years since the cooperation, Lloyd’s has consistently focused on producing innovative products, creating new market insights, and leveraging Tuya’s extensive expertise in the IoT field to create a number of integrated smart products and features it had not been able to create in the past. This has helped Lloyd’s create a product line that encompasses over 100 smart devices. In the future, Lloyd’s will focus more on developing their own products and software, and making them compatible through the Matter protocol. 

Lloyd’s Applies The Matter Protocol To Capture More Market Share

On October 4th, 2022, the Connectivity Standard Alliance (CSA), an international community of more than 550 technology companies committed to the IoT, announced the release of the Matter standard, an industry-wide protocol that aims to make IoT devices interoperable. 

The Matter standard is widely considered the next stage of IoT’s evolution. Matter-certified products add a layer of security and reliability to the IoT sector and drastically improve the ability of different smart devices to communicate with each other. Tuya not only joined this movement, the company helped to establish it. 

The idea behind Matter is to unify connected home technologies and facilitate and improve the user experience. Currently, the Smart Home industry may seem fractured due to the inability of gadgets from different companies to connect. Thanks to the Matter protocol, IoT products from various developers will be able to synch together, allowing users to operate all their IoT products from one, single application. Matter will also help improve agreements between manufacturers.

With its extensive history in the industry, Tuya has developed a plethora of Matter solutions aimed at helping operators, like Lloyd’s, to quickly catapult into the future of IoT. As an innovator, Lloyd’s plans to provide simple, reliable and interoperable services to the Smart Home Market. Lloyd’s is leveraging Tuya’s solutions to work on a portfolio of Matter-compliant products, including a smart switch that can be controlled with hand signals, a smart trash can, a robotic coffee maker and its own application. 

An IoT Industrial Partnership, and What it Means for The Future of Smartification 

As Lloyd’s looks to capitalize on its expansion into Canada, it will be counting on Tuya to continue to provide its world class IoT services. 

Lloyd’s goal is to continue increasing its market share in Mexico and other key markets, along with creating new and innovative IoT products and services. Lloyd’s will be constantly innovating, following the trends and development of new technologies as well as listening to the needs of its customers. In addition, Tuya will be crucial in Lloyd’s integration of the new Matter standard into its existing portfolio and ensuring that its products maintain the highest standards of security and quality. 

“With the help of Tuya, we'll embed the Matter logo on our devices in a fast manner that will help our customers easily identify our products. We will ensure that all our products are interoperable with other ecosystems and brands. Hand in hand with Tuya, Lloyd’s has grown significantly and we'll be able to find new technologies and solutions for our customers and help make more smart homes all over Mexico, Latin America, and Canada. We love how Tuya has built a complete ecosystem where multiple products can work together to create a smart home and perform regular routines. Lloyd’s has focused on ensuring that all our products are able to interact with each other. This has helped us solve multiple problems that we have faced in the past. I would say that Tuya is the window to a universe of possibilities in making your home a Smart Home,” said Lloyd’s CEO Salomón Saad. 

This is just the beginning. Tuya plans to constantly release new and innovative solutions across the IoT industry. Smart Energy Saving Solutions, an IoT system that optimizes the energy expenditure via smart devices enabled by IoT, is one iteration of the company’s innovation efforts aimed at creating sustainability and reducing carbon emissions.

Click here for more on Tuya Smart. 

Featured Photo by BENCE BOROS on Unsplash

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

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