Global Smart Home Hub Market to Cross US$327 Million Revenue by 2022

NEW YORK, June 27, 2017 /PRNewswire/ --

A recent report published by Beige Market Intelligence with title "Global Smart Home Hub Market - Strategic Assessment and Forecast 2017-2022", considers the present scenario of the global smart home hub market and its strategic assessment during the period 2017-2022. The report outlines the top trends, drivers, restraints, and profiles the leading as well as prominent vendors in the market.

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The 127-pagereport provides the analysis of key segments of the market by distribution channel, geography, country, and vendors. It provides a comprehensive analysis of the revenue from the following segments:

By Distribution Channels: 

• Retail stores (Mass market players, Electronic stores)
• Online store

By Geography:  

• APAC
• Europe
• North America
• RoW

The report also includes a detailed study of leading trends, drivers, and restraints for each region.

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Global Smart Home Hub Market - Strategic Assessment and Forecast 2017-2022

Analysts at Beige Market Intelligence expect that the global smart home hub market is likely to post a CAGR more than 5% and 4% in terms of unit shipment and revenue, respectively during 2016-2022.  

A change in technology leads to the transformation in the customer's experience and human interaction. 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. 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.

Increasing Number of Connected Devices in Households to Bolster the Growth of 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. 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. 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. However, the growing popularity of smart voice-assistant speakers poses a threat to the existing smart home hub market worldwide

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Global Smart Home Hub Market - Strategic Assessment and Forecast 2017-2022

North America to Remain the Largest Market for Smart Home Hubs

In 2016, North America was the largest segment of the global smart home hub market, accounting for market share of 44.9% and 46.1% in terms of unit shipment and value, respectively. The demand for smart home hub is directly proportional to the growth of smart home market in the region. Globally, North America is the largest market for smart home automation, and the market is growing rapidly. This will fuel the demand for smart home hubs in the region. The region is likely to account for market shares more than 42% both in terms of unit shipment and revenue, respectively, in 2022.

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 more market share.

The report profiles major companies in the global smart home hub market and provides the competitive landscape and market share of the leading players.  It covers the entire market outlook regarding the value chain operating in the market.

Voice-first Technology Continues to Gain Momentum 

Voice-first user interfaces have been creating quite a buzz lately in the consumer product market globally. Using voice to interface with consumer products such as computers, tablets, smartphones, and other wearable devices have become quite common. Voice-first technology is being used mostly by the current generation, which is growing around those devices which can reply to our queries. The next generation of consumers would expect AI voice interaction. It is estimated that over 50% of all the human interaction with computers would be voice assisted by 2025.

Voice-first technology is finding its application in today's consumers' lifestyle and becoming mainstream technology to be used in many consumer devices. As per estimates by Google Trends, search queries made on Google in 2016 were 35 times more than that in 2008.

Major Vendors  

• Flex (Wink Labs)
• LG Electronics
• Samsung

Other prominent vendors included in the report are Alphabet (Google), Apple, Control4, Cozify, Icontrol Networks, Invoxia, Logitech International, Lowe's (Iris), Lutron Electronics, SmartBeings, Smartlabs (Insteon), Vera Control, Vivint, Zipato (Tri plus grupa).

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SOURCE Beige Market Intelligence LLP