Smart home hub is a network device. They act as a place of convergence where data and information arrive from one or several devices and is forwarded in one or more directions. A smart home hub has a built-in switch to maintain the information that decides where the data is forwarded and the way it is being forwarded. These devices are controlled by end-users using a connected home application. Support for automation software such as “If This Then That” (IFTTT) is also included in some devices. This allows end-users to create chains of simple conditional statements. Many vendors sell smart home hubs as components in connected home kits.
The global smart home hub market is expected to cross 3.9 million units, growing at a CAGR of 5.4% during the forecast period 2016-2022. The increase in per capita income and the number of dual-income households constitute the basis of increasing spending on innovative devices such as smart home hub. Apart from an increasing demand from developed markets, factors such as the integration of voice-assistance technology in household appliances and enhanced marketing and visibility of these products online have contributed to the growth of the market.
The report provides a holistic view of the global smart home hub market, the companies involved in the market, and the factors driving its growth. The report also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further the report also provides complete value chain analysis of the global point of sale terminal market.
SMART HOME HUB MARKET KEY VENDOR ANALYSIS
The international players dominate market
The global smart home hub market is dominated by vendors that have international presence. Many international players are expected to expand their presence worldwide during the forecast period, especially in the fast-developing countries in APAC and Latin America to gain market share. Major vendors mentioned in the report Flex (Wink Labs), LG Electronics, and Samsung.
Other prominent vendors included in the report are Alphabet, Apple, Control4, Cozify, Invoxia, Logitech International, Lowe’s (Iris), Lutron Electronics, SmartBeings, Smartlabs (Insteon), Vera Control, Vivint, Zipato (Tri plus grupa).
SMART HOME HUB MARKET DYNAMICS
Increasing investment on IoT by vendors and rising push for digital economy to drive the global market.
Increasing number of connected devices in households, growing popularity of voice-first technology, increasing investment on IoT by vendors and rising push for digital economy in developing economies are the latest trends that the market is going to foresee. These emerging trends are going to boost the market during the forecast period. The report outlines and describes major trends, growth drivers, and restraint of the market.
Increased instances of voice searches, high penetration of broadband and internet connections, and high adoption of smart or connected homes are among the major factors providing the momentum for the growth of the market.
The online channel dominated the smart home hub market in North America compared to retail channels in 2016. However, retail sales would increase significantly during the forecast period due to increasing shelf-presence of these devices in retail stores such as Walmart, Target, and Best Buy.
SMART HOME HUB MARKET GEOGRAPHICAL ANALYSIS
North America is likely to witness the sale of 1.66 million units in 2022
This report considers five major regions: APAC, Europe, MEA, North America, and Latin America.
An increase in annual savings of end-users and their enhanced spending sentiments because of the economic recovery has increased the demand for connected home hub in North America. The market in North America is likely to witness the sale of 1.66 million units in 2022. The US is the key country having a majority of market share in the region. The major reason for the growth in demand in Europe is the introduction of upgraded smart home hubs in the market by vendors. A high penetration of smart devices in the UK and Germany paves a significant market penetration opportunity for smart home hub.
Urbanization of developing countries in APAC is expected to bolster the demand. While China accounted for major market for smart home hubs in 2016, countries such as Japan, South Korea, and India are expected to witness increased demand due to improving the quality of life and increasing per capita disposable income in these countries during the forecast period.
The smart home hub market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Mass market players
- Electronic stores
- Online stores
- North America