NEW YORK, July 3, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, has announced a partnership with AiTAN, Thailand's premier smart solution provider. This collaboration marks a significant step in their joint pursuit of creating cutting-edge smart solutions to elevate the smart living experience for commercial developers and household users across Thailand and broader Southeast Asia.
As a leading IoT technology provider in Thailand, AiTAN boasts a diverse portfolio of services spanning smart homes, security, hotels, lighting, buildings, and real estate. The company's core focus is on delivering comprehensive application, software, and hardware development services that empower various industries to achieve unparalleled efficiency gains and enrich users' smart lifestyles. Through this partnership with Tuya Smart, AiTAN aims to further expand its reach and impact in the region.
In recent years, Thailand's real estate market has exhibited remarkable growth, with housing prices reaching new heights, and presenting ample opportunities for developers. The size of Thailand's real estate market expanded by a staggering 95.8% year-on-year in the fourth quarter of 2023, marking its highest level since 2018.
Recognizing the vast potential embedded in Thailand's booming real estate industry, AiTAN has been keenly aware of the growing demand for sophisticated, efficient, and user-friendly intelligent technologies in the rapidly evolving real estate development sector. To maintain its market leadership and assist the real estate industry in achieving smartization, AiTAN is committed to continuous innovation and collaboration with strong partners to develop more comprehensive smart solutions.
In selecting partners, AiTAN upholds stringent screening criteria, prioritizing compatibility, reliability, and innovation. Tuya Smart, emerged as an ideal partner for AiTAN, offering cutting-edge intelligent solutions, robust platforms, and vast practical experience. In January, with Tuya's support, AiTAN expanded its business to encompass a broader range of industry-specific smart solutions and introduced a more competitive smart business brand.
The signing of this agreement marks a significant deepening of the partnership. Tuya is providing AiTAN with a comprehensive solution that integrates software and hardware, as well as a robust developer capability model. This will enable AiTAN to expand its operations in diverse sectors, including real estate, communities, key accounts, hotels, and commercial ventures. Furthermore, with the backing of Tuya's ecosystem, AiTAN's product offerings will be further strengthened.
As a leading smart home brand in Thailand, AiTAN is committed to promoting the widespread adoption of Tuya's Smart Commercial SaaS in various sectors such as real estate, hotels, and commercial lighting. It is anticipated that within a relatively short span, AiTAN will capture a significant 40% share of the smart real estate market in Thailand. Moreover, the company plans to continuously expand its distribution network to ensure comprehensive coverage across major Thai cities. This collaboration firmly establishes the foundation for Tuya's sustainable growth in the Thai market.
"Our partnership with Tuya has been a transformative experience. Together, we have developed customized SaaS solutions and provided manufacturing support for high-quality products. Tuya's API and SDK tools have significantly streamlined our development process, enabling us to respond more precisely and efficiently to the diverse demands of the market. It is remarkable that since our collaboration, at least 10 renowned real estate developers have chosen to integrate AiTAN's home automation hardware into their projects, showcasing the strength and reliability of our solutions," said Ranis Dhamasiri, CEO of AiTAN.
"As a trailblazer in Thailand's smart business landscape, AiTAN has achieved commendable results in various intelligent fields through its profound technological expertise. Our collaboration has allowed AiTAN to introduce innovative Tuya solutions to the Thai market, broadening our global market reach for smart commerce. We are committed to providing AiTAN with continued comprehensive and in-depth technical support and services, jointly advancing the popularization and development of smart living," said Haiping Ying, General Manager of Tuya Smart Commercial.
Smartization is not merely a technological evolution but a profound revolution in people's daily lives, introducing unprecedented levels of convenience, comfort, and safety. Looking ahead, AiTAN and Tuya are poised to foster a vibrant new smart ecosystem that will deliver a comprehensive range of smart products and services to Southeast Asian users, thereby accelerating the realization of a smarter tomorrow.
