Tuya Highlighted in Gartner Report on Digital Transformation, Strengthens Global Business

Rhea-AI Summary

Tuya Smart (NYSE: TUYA) has been recognized as a Sample Vendor in the Gartner Hype Cycle for Digital Business Capabilities, 2021. The report notes that digitally connected products currently have a market penetration of only 1% to 5%. Tuya's IoT platform has established a strong ecosystem in the US and Europe, facilitating partnerships with leaders like Calex and Orange Belgium. These partnerships enhance product offerings, with Calex reaching over 5 million products distributed. Tuya prioritizes security and interoperability, addressing challenges in the IoT landscape.

Positive

• Recognized as a Sample Vendor in Gartner's report, enhancing credibility.
• Established partnerships with market leaders like Calex and Orange Belgium, expanding market reach.
• Calex's success with over 5 million products demonstrates the effectiveness of Tuya's platform.
• Focus on security and interoperability in the IoT industry strengthens its competitive position.

Negative

• None.

DÜSSELDORF, Germany, Nov. 22, 2021 /PRNewswire/ -- Tuya Smart (NYSE: TUYA), a leading global IoT development platform, has been included as a Sample Vendor in Gartner's recently released report, Gartner Hype Cycle for Digital Business Capabilities, 2021, that focuses on wide-scale digital change that will impact all industries and enterprises.

According to the report, the market penetration for digitally connected products is 1% to 5% of the target audience. Companies face many challenges in the process of adopting smart technologies, including internal frictions and the lack of a clear business strategy. This is where businesses like Tuya Smart can step in and help companies stay connected to customers, improve their products, and optimize their business model.

Tuya has established a thriving IoT ecosystem by forging alliances with market leaders in the US and Europe. Tuya has put continuous efforts into growing its global businesses through continuous optimization of its platform capabilities and business solutions. These diverse partnerships have not only made the Tuya platform a one-stop destination for all smart home needs but also helped Tuya bring value to users, business partners, and the IoT industry.

Tuya's client base consists of a wide variety of industries and verticals, and many of which have achieved great success through the Tuya IoT Development Platform. Tuya's most recent dollar-based net expansion rate, which measures the ability to increase revenue generated from the existing customer base, indicates the trend as well. Among the strong partnerships Tuya has, many are market-leading players in the US and Europe, notably Calex, Orange, Technicolor, and the Connectivity Standards Alliance.

A Platform that Opens Doors to New Possibilities

Calex, a leading European decorative lighting brand, opened the Calex Experience Center in the Netherlands in October 2020. The Calex Experience Center is the centerpiece and symbol of the partnership between Calex and Tuya, featuring an IoT House that displays a wide range of interconnected smart devices. The IoT House acts as an interactive showcase to both retailers and consumers, demonstrating the key product advantages both companies offer to fit the needs of the European smart home market.               

The partnership between Tuya and Calex started in 2018 with the launch of a €9.9 Wi-Fi smart bulb. Less than a year after the product launch, Calex distributed more than 5 million products to more than 1 million households. Calex didn't stop there. With the support from Tuya's platform, new product offerings were quickly added to their smart home portfolio through simple and efficient development processes. Currently, Calex has more than 100 different products in the categories of lighting, luminaires, controls, and accessories with products such as smoke detectors, plugs, remotes, aroma diffusers, and many more.

"We chose Tuya because of its user-friendliness, flexibility, and speed to market," said Marc van Hoof, Marketing and Commercial Product Director of Calex Holland. "We started with Tuya since we needed a product that was easy to install and could reach a retail price that would enable a quick consumer acceptance for smart. Starting with bulbs and small controls like remote, sensors, and power sockets Tuya solutions enabled us for broader product diversification. This lead to a broader product portfolio that enriches end-users daily life with the Tuya ecosystem. After our focus on hardware, we are in the next phase with Tuya and focus on the more service-related aspects that we can develop on the Tuya platform."

The Reliable and Secure Platform

Tuya joined hands with Orange Belgium, one of Belgium's largest wireless operators, in 2020 to extend the reach of IoT smart products in the European market. The partnership jointly promotes the connected home concept with a wide range of smart home products, including light bulbs, smart sockets, and IP cameras, all connected and controlled by a single mobile app developed by the Tuya platform, Orange Smart Home.

"For Orange, the Tuya platform brings state-of-the-art technology at a reasonable price without us having to take care of the maintenance and the evolution of the platform," said Michael Peeters, Head of Innovation at Orange Belgium.

"Better insights will make our homes and businesses even smarter and improve our daily lives, but that can only happen if the solution is secured to protect our customers' privacy," said Peeters, addressing the current situation of the IoT industry. With the ever-increasing prevalence of smart devices, IoT security is an issue of high concern. Tuya's rigorous implementation of data protection policies is also what made the company stand out in the array of IoT companies. Orange chose Tuya because it's "easy-to-use, reliable, and secure."

More Cross-border Partnerships to Come

Technicolor, a worldwide creative technology leader in the media and entertainment sector, partnered with Tuya to deliver seamless connectivity and premium entertainment experiences to their customers. After careful evaluation of the IoT industry, Technicolor realized the need to develop a strong network of market-leading partners and vertical solutions to meet the growing demand for smart products.

Leveraging its long-time experience, platform designs, and the partnership with Tuya, Technicolor simplifies the integration of IoT services, supports deployment of complex use cases in a cohesive manner with a wide range of verticals, allows fast go-to-market strategies, and enables cost-effective installations.

As part of the end-to-end IoT solution, companies can deploy Technicolor IoT gateways at the edge and connect them with "Connected by Tuya" smart devices. Furthermore, Technicolor will continue to expand the interoperability between Technicolor's gateways and the "Connected by Tuya" smart devices, and integrate with Tuya's SaaS offerings, thereby staying true to its core objective of enabling more industry partners and helping grow a truly interconnected ecosystem.

Technology Should Foster Cooperation, Not Competition

It has been more than a year since societies transitioned into a "new normal" caused by the pandemic—much of the world moved online, accelerating a digital transformation that has been underway for years. The post-pandemic world will have to deal with known and unknown technology-related challenges. As countries pour resources into the development of artificial intelligence, blockchain, and 5G capabilities, these new technologies are moving to the forefront of either global competition or coordination.

As the challenges that geopolitical risks create get worse, companies—tech companies in particular—are wobbling on a "geopolitical tightrope." However, technology shouldn't be nationalized, weaponized, nor become an ingredient for geostrategic conflict.

"The more powers compete and pursue strategic advantage at the expense of addressing shared technological, environmental, and economic challenges, the more likely it will be that a broader sense of friction will develop across the global system. A rivalrous global system will, in turn, make it more unlikely that shared priorities are fulfilled," World Economic Forum (WEF) President Børge Brende wrote in a 2020 Special Report, Shaping a Multiconceptual World.

Echoing the sentiments of Brende, the Connectivity Standards Alliance (CSA), which is also a member of the WEF's Council on the Connected World, has been a long-time proponent of interoperability and the facilitation of collaboration between its global members since its inception nearly 20 years ago. Tuya joined the CSA in 2018 to further the Alliance's mission of creating, evolving and promoting universal open standards. "Upon joining the Alliance, Tuya has worked to drive interoperability and accelerate the adoption of Zigbee technology," said Tobin Richardson, President, and CEO of the Connectivity Standards Alliance. "As a promoter member of the Alliance, Tuya understands the importance of standards as a win-win for brands, consumers, and end-users in all scenarios. Furthermore, by promoting standards with their global customer base, they have been instrumental in leading the charge towards a more sustainable and equitable connected future for all."

At a time when we are seeing both rapid innovation and an unsettled geopolitical landscape, the continuous forging of partnerships and diverse collaborations between Tuya and businesses across the globe serves as one example of how technology can become a fabric for strengthening cross-border coordination.

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SOURCE Tuya Smart

FAQ

What recent recognition did Tuya receive in 2021?

Tuya was listed as a Sample Vendor in Gartner's Hype Cycle for Digital Business Capabilities, 2021.

What is Tuya's market penetration for digitally connected products?

According to Gartner, the market penetration for digitally connected products is between 1% and 5%.

Which companies has Tuya partnered with to enhance its IoT platform?

Tuya has established partnerships with market leaders such as Calex and Orange Belgium.

How many products has Calex distributed with Tuya's support?

Calex has distributed over 5 million products with the support of Tuya's platform.

What measures does Tuya take regarding IoT security?

Tuya implements rigorous data protection policies to ensure the security and privacy of its IoT solutions.