Smart Home Hub Market - Global Outlook and Forecast 2017 - 2022
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. Increased penetration of broadband and internet and the high adoption of smart homes are the primary factors that are driving the growth of the market. North America is expected to remain the largest segment, whereas the low penetration of smart home hub in APAC and RoW will affect the market growth.
Historic Year: 2014−2015
Base Year: 2016
Forecast Year: 2017−2022
Major Vendors included in the report are as following:
Flex (Wink Labs)
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).
Scope of the Report
The report considers the present scenario of the global smart home hub market and its strategic assessment for the period 2017–2022. It includes a detailed study of growth drivers, trends, and restraints. The report also profiles the leading vendors in the market and other key vendors.
The market size includes the sale of smart home hubs used by individuals for the home purpose only. It excludes the revenue generated from the sale of smart voice-assistant speakers. The report differentiates smart hubs from smart voice-assistant speakers on the basis that smart hubs are compatible with a wide range of smart things as well as smartlight bulbs, switches, plugs, and outlets. Samsung SmartThings, LG SmartThinQ and Hub Robot, Wink Hub, and Vivint Hub are a few examples.
It 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:
o Mass market players
o Electronic stores
The report also includes a detailed study of major trends, drivers, and restraints for each region.
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 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.
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