Technological innovations that has transformed the customer’s experience and human interaction is resulting in the evolution of the world. The development of voice-assistance technology is promoting the adoption of smart applications in the global smart home hub market. The launch of new product model which offer ease-of-use technology that promote innovation will propel the growth of the global market. The increase in per capita income and the rising number of dual-income households will augment the development and growth of the smart home hub market. The exponential growth of online retail channel in developed and developing nations will boost the adoption of smart devices in the global market. These channels of distribution are gaining immense popularity in the global market due to its easy accessibility and convenience of shopping. Retail giants such as Amazon, JD.com, and eBay are offering a varied portfolio of products to attract a large group of consumers and gain a large global market share.

The global smart home hub market is estimated to reach revenues around $327 million by 2023, growing at CAGR of more than 4% during 2018-2023.

Smart Homes – The New Reality!

The increasing adoption of smart home technologies is augmenting the growth of the global smart home hub market. Smart homes are innovative systems that are designed to offer an integrated, centralized control of individual systems such as small appliances, consumer electronics, environmental control systems, and building components.  The increasing penetration of smartphones and implementation of wireless modes of communication is creating the environment for end-users to control and remotely monitor their homes through these connected devices. The efforts towards promoting digitalization of economies across emerging nations will fuel the growth of the smart home hub market. The development of smart homes has made it possible to program a complete and autonomous home hub in the global market. The benefit of enhanced connectedness and the ability to converge voice-assistance technology with smart homes is fueling the popularity of these systems in the global market. The leading vendors are launching and developing innovative solutions designed specifically to meet various consumer demands in the global market. Vendors such as SmartThings and Wink Labs realized the opportunities and came up with reliable solutions such as smart hubs.

Popularity of Voice-First Technology

The development and launch of technology-driven products and services that help consumers reduce the burden of daily chores are driving the demand in the global smart home hub market. The recent trend of adopting robotic technology products such as robotic lawn mowers, robotic vacuum cleaners, robotic pool cleaners, and personalized robotic assistants is expected to revolutionize the global market. The growing popularity of voice-first technology is primarily driven by the exponential proliferation of wearable devices and smartphones in the global market. The introduction of Amazon’s Alexa, Microsoft’s Cortana, Apple’s Siri, and Google’s Assistant is transforming the communication between end-users and connected devices in the global market. The prominent players are designing voice-first interfaces specifically compatible for users in smart homes across the global market. Voice-first technology is making a significant impact in the consumers’ daily life and various applications in their lifestyles and is gaining traction as a mainstream technology in the global market. The use of this technology ensures full-home integration of home, infrastructure, and household appliances in the global smart home hub market.

The Push for Digital Economy for Emerging Nations

The recent massive shift toward digitization across various countries and emerging nations will contribute to the growth of the global smart home hub market. Digitalization will act as the first step towards the adoption of smart tech in these developing regions. Asia is becoming the center of digital innovation and registers as nearly half of the world’s internet using population. Asia is also the largest region in the global e-commerce market. The constant integration of technologies such as mobile internet and IoT will boost the revenues in the Asian countries during the forecast period. It is estimated that technologies in Asia are expected to contribute about 30% GDP growth in Southeast Asian countries over the next few years. The increasing penetration of connected devices and high-speed broadband connectivity will attribute to the growth of the digital economy in the APAC region. China, India, and Indonesia are often regarded as the digital powerhouses of APAC and will boost the demand in the smart home hub market in the region.

The top vendors operating in the smart home hub market are Flex (Wink Labs), LG Electronics, and Samsung.

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