Tuya Smart noticed a growing market in the North American IoT industry. As businesses continue North America, many companies reevaluate methods, if what type of work they will adapt. The pandemic has boosted employers' flexible work policies and the use of IoT devices. While consumers spend more time at home, they also quickly adopt smart home technologies, a trend that seems to be staying here.
According to Strategy Analytics, global consumer spending on smart home solutions is projected to increase to USD 123 billion in 2021 and USD 173 billion by 2025, after declining in 2020 due to the pandemic's impact. Consumers who waited until 2020 to install intelligent home systems will make up for the lost time in 2021, as 30 million more households are anticipated to purchase smart systems this year. Furthermore, the research predicts that North America will remain the largest market for smart homes in 2021, accounting for 40% of overall consumer spending on smart homes.
Tuya maintained a high level of success and expansion during the pandemic, despite exceptional market difficulties. Customers have observed significant consumer adoption of smart home devices over the past year, suggesting that Tuya Smart may help companies throughout this transformational time. This group is set to become even more significant in the second half of 2021, reconvening for our first in-person team meeting in over a year.
Several North American businesses, most notably BAZZ, a smart home device company, and SATCO Products Inc. ("SATCO"), a major North American lighting manufacturing company, expanded their smart product lines rapidly during the pandemic, leveraging the power of e-commerce to meet this new market need.
BAZZ, founded in 1979 as a smart lighting company, has constantly been on the lookout for new technologies, first with LED lighting and later with smart home products to reenergize business growth. The company began looking for ways to reinvigorate its operations and find new growth possibilities during the past decade.
With Tuya's support, BAZZ quickly extended its product lines in smart lighting, smart locks, security, and other smart home products. It offers a comprehensive portfolio of connected home solutions, presently available in over 2,500 sites throughout Canada and the United States. Throughout the pandemic, they increased their presence in online retailers like Amazon, Wayfair, Walmart, Costco, Lowe's, and Home Depot.
When SATCO joined the smart home market during the pandemic, the market shifted and grew similarly rapidly. SATCO has developed into a worldwide leader in the lighting industry throughout its 50-year history, with products spanning the LED lamp, fixture, and electrical solution sectors for industrial, commercial, and residential lighting.
SATCO launched STARFISH, a new line of smart home products, in early 2021, complete with a branded app. SATCO's STARFISH product line has rapidly become one of the most popular in the company's history, selling out within months of launch and seeing a month-over-month sales increase of 100%. Typically, companies take approximately a year to create a smart product line. Each STARFISH product has a Tuya Wi-Fi module, which enables intuitive user control through mobile devices, voice assistants, and Samsung SmartThings and connections with other Tuya-powered items. In less than six months, SATCO created the STARFISH line in collaboration with Tuya Smart.
STARFISH had tremendous success with its new smart product range. Tuya Smart was a critical partner in developing the STARFISH brand, helping them rapidly and cheaply enter the smart home market and assisting them in creating features that our customers want. They look forward to growing our product range with the outstanding support of Tuya Smart.
By partnering with Tuya Smart, these businesses were able to enter the connected smart home market quickly. Tuya Smart's Platform-as-a-Service (PaaS) technology helped them expand their business during the outbreak by quickly offering consumers the smart products and services they want. Tuya's Smart Platform speeds the development of hardware and software and is trusted by over 3,000 businesses. According to CIC research, the platform, which supports more than 310,000 device SKUs, substantially reduces R&D time by 90%.
While life is progressively returning to normal in North America, social isolation and more time spent at home have boosted consumers' perceptions of the utility and convenience of smart home gadgets. Tuya Smart aims to help customers in a broader variety of North American sectors update and change their businesses, including smart homes, smart hotels, smart health care, and smart energy. Tuya Smart's North American team is available to help customers create their own success stories in these many sectors. Tuya Smart will continue to work with companies to create ready-to-market scenarios that simplify and delight customers globally.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA) is a market 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 built 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, 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 smart devices.