Tuya [NYSE: TUYA] Featured as a Sample Vendor in Gartner’s Report

Tuya Inc. [NYSE: TUYA] disclosed that it has been featured in Gartner’s recently released report, Gartner Hype Cycle for Digital Business Capabilities, 2021, as a Sample Vendor that aims at the wide-scale digital change that will influence all industries and enterprises. Tuya has set up a flourishing IoT ecosystem by creating partnerships with market leaders in the US and Europe.

Tuya has made continuous efforts into increasing its global businesses through continuous optimization of its platform capabilities and business solutions. The varied collaboration has not only made the Tuya platform a one-stop destination for all smart home needs but also contributed to bringing value to users, business partners, and the IoT industry.

In addition, the report disclosed that the market penetration for digitally connected products is 1% to 5% of the target audience. Companies encounter multiple obstacles in the process of embracing smart technologies, including internal frictions and the lack of a clear business strategy. This is where businesses like Tuya Smart can intervene and help companies stay in touch with customers. It helps businesses enhance their product offering and improve their business model.

Furthermore, the client base of Tuya comprises a wide variety of industries and verticals, and many of which have made a great success through the Tuya IoT Development Platform. Tuya’s most recent dollar-based net expansion rate, which measures the potential to boost revenue generated from the existing customer base, highlights the trend as well.

Moreover, among the powerful partnership Tuya has, many are market-leading players in the US and Europe, notably Calex, Orange, Technicolor, and the Connectivity Standards Alliance. Tuya partnered with Orange Belgium in 2020 to grow the reach of IoT smart products in the European market. The collaboration jointly advances the connected home concept with a broad range of smart home products, including light bulbs, smart sockets, and IP cameras, all connected and managed by a single mobile app developed by the Tuya platform, Orange Smart Home.