Analysts at Beige Market Intelligence (http://www.beigemarketintelligence.com) expect that the global smart home hub market is likely to post a compound annual growth rate (CAGR) of more than 5% and 4% in terms of unit shipment and revenue, respectively during 2016-2022.
As customers are increasing relying on smartphones and the convenience of information available on them through a large number of websites, their needs along with their expectations have altered, notes the research group. By using a voice-assistance technology, companies are trying to offer their customers something which can assist them and make their life convenient.
The increase in per capita income and the number of dual-income households also constitute the basis of increasing spending on innovative devices such as smart home hubs. 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 global smart home hub market.
The increasing clutter of connected devices in a household creates the need for a central device that can help end-users control all the connected equipment in one go, notes Beige Market Intelligence. Smart home hub come handy in these situations, thereby finding their application increasing among end-users worldwide.
With the voice-assistant technology coming into the mainstream, new business models are expected to emerge, and the rapidly growing voice-first technology will help solidify the concept of smart homes, says Beige Market Intelligence. As these devices are pushing the concept of smart homes to a brink of reality, a voice-first world would create the window of opportunities for full-home integration – an integration of home, infrastructure, and household appliances, and also unify them into a cohesive unit such as smart home hub.
All these factors will help in the growth of the global smart home hub market during the forecast period, says Beige Market Intelligence. However, the growing popularity of smart voice-assistant speakers poses a threat to the existing smart home hub market worldwide,, adds the research group.