Introduction of smart home hubs has made the concept of smart homes a reality. The potential smart home hub market includes all connected homes that are being adopted by end-users
According to the report, the global smart home hub market will cross 3.9 million units, growing at a CAGR of 5.4% during the forecast period 2016−2022. The growth is primarily due to the adoption of smart or connected homes and high usage of connected devices.
The whole concept of smart homes is changing. Several appliances and household equipment in homes are connected by cables and electric wiring, and there are wireless modes of communication. They can be controlled from remote places, using cell phones as terminals. Analysts at Arizton say that engrained digital knowledge among consumers will encourage the acceptance of smart home hubs in homes.
Vendors had identified the need to launch and develop smart home hubs that are compatible with the concept of smart or connected homes. Vendors such as SmartThings and Wink Labs realized the opportunities and came up with reliable solutions such as smart hubs. Further, many startups are engaged in finding solutions that would make end-users’ lives convenient.
According to the report Smart Home Hub Market - Global Outlook and Forecast 2017 -2022, the top factors that are going to drive the market are as followings:
Increasing Number of Connected Devices in Households Bolstering Growth of Smart Home Hub Market
As the market is witnessing a rapid adoption of connected devices by end-users, it is becoming increasingly difficult for customers to handle all the devices simultaneously. Smart home penetration is increasing worldwide, and they are being filled with smart devices. End-users look for more convenient more comfortable solutions to handle those devices. Connected home automation or IoT devices are witnessing a rapid rise as they are the wave of the future.
Analysts at Arizton state that the global shipment of smart home devices will reach about 130 million units by the end of 2017.
The increasing clutter of connected home devices in a household creates the need for a central device that can help end-users control all the connected equipment on the go. Smart home hubs come handy in these situations, thereby finding their application increasing among end-users worldwide. All these factors will help in the growth of the global smart home hub market during the forecast period.
Penetration of Broadband and Internet Connections Driving the Growth
The broadband and internet connectivity has been growing across the world in the recent past. Several countries with the aim to push digital economies are working hard toward increasing the internet penetration as well as deployment of LTE networks. High-speed internet is one of the key criteria to release the reality of connected homes. Further, technological advancements in the consumer appliances industry have pushed end-users to adopt fast broadband connections or mobile internet across the globe.
Increased penetration of the internet has given a push to the concept of connected homes. With the rise in the popularity of connected homes, the demand for home hub is likely to witness a boost worldwide.
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