Smart Home Hub Market: Market Overview
Today, smart home solutions are in huge demand, as consumers are shifting their focus to home automation solutions. This smart home hub is a device that acts as a bridge between connected devices in the house, and allows end users to control their communication. This device uses AI-based home automation technology to control other connected devices in the house. These smart devices which are connected include light bulbs, thermostats, sensors, door locks, etc., are directly connected to the smart home hub to have control on all the devices together. A smart home hub will control a wide range of smart home products such as lights, air conditioners, thermostats, toasters, window coverings, motion sensors, garage door openers, locks, etc. With the help of a smart home hub, consumers will be able to control multiple appliances at the same time. Also, the integration of Google Assistant enables streaming music, weather, news, etc., with the help of voice technology.
The number of connected homes is increasing because of the various advantages associated with deploying smart home solutions such as energy efficiency, ease of monitoring energy, and others. Smart home solutions provide home security, which is a significant factor in the adoption of smart homes across the globe. This increase in demand for smart homes is also expected to give rise to the growth of the smart home hub market shortly.
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Smart Home Hub Market: Market Dynamics
The increasing clutter of smart home devices in households develops the need for a central device that can help end users control all other connected devices.
High cost and connectivity issues can hamper the growth of the smart home hub market.
The increasing acceptance of voice technology and growing investment on IoT are the latest trends that are expected to boost the smart home hub market during the forecast period.
Global Smart Home Hub Market: Market Segmentation
The smart home hub market is segmented by communication protocol, sales channel, and region.
Segmentation by Communication Protocol in the Smart Home Hub Market:
Segmentation by Sales Channel in the Smart Home Hub Market:
- Online Stores
- Multi-brand Stores
- Brand Stores
Global Smart Home Hub Market: Competition Landscape
A few prominent players in the smart home hub market include Google, Inc., Amazon, Logitech, Securifi, Microsoft Corporation, LG Electronics, Flex (Wink Labs), SmartBeings, Vera Control, Apple, Control4, etc.
Smart Home Hub Market: Regional Outlook
The smart home hub market is dominated by North America, which is followed by the Asia Pacific and Western European regions. The market in North America is expected to witness higher growth due to the presence of prominent players in this region. Also, the demand for smart home hubs in Western Europe is increasing, and is expected to contribute to market growth. The primary factor for the growth is the introduction of advanced smart home hub solutions in the market by players. Latin America and MEA are projected to contribute significantly over the forecast period.
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In January 2018, eZLO, which is a home automation solution provider, entered into a partnership with ZLINK, which offers home control products with an objective to launch USB-powered hubs; the smallest smart home automation hub. This hub is compatible with Amazon Alexa, Wi-Fi, and Z-Wave protocols.