Global Smart Hubs Market 2017-2021
About Smart Hubs
A smart home hub is a device that connects the devices on a home automation network and controls communications among them. Once a smart hub is installed, it connects to other smart devices at home and acts as a gateway. Manufacturers of smart hubs need to focus on product advancements, appropriate channels of distribution, and pricing strategies. R&D is an important factor for smart hubs manufacturers.
Technavio’s analysts forecast the global smart hubs market to grow at a CAGR of 5.25% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart hubs market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Hubs Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart hubs market: LG Electronics, Logitech, SmartThings, and WINK LABS.
Other Prominent Vendors in the market are: CONTROL4, Cozify, Crestron Electronics, Insteon, Lowe's, SmartBeings, Vera Control, Vivint, and Zipato.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased availability of voice-based speakers. Currently, a few players in the market offer smart home speakers that are controlled by voice-controlled intelligent personal assistants. Smart home speakers available in the market are clubbed with features like voice control, calling, messaging (through personal assistants cloud connectivity), and playing music from Prime Music, Pandora, iHeartRadio, TuneIn, and others.”
According to the report, one driver in the market is innovations in product technology and product features. Innovations in product technology and product features are driving the global smart hubs market. A smart hub coordinates with sensors, cameras, light switches, and other products. Such devices primarily work on wireless technology. By deploying a number of wireless communication protocols, a smart hub sends and receives signals to and from individual devices. Multiple vendors in the global smart hubs market are offering smart hubs that can be connected to a large number of devices.
Further, the report states that one challenge in the market is high dependency on internet connectivity and app-related issues. The operability of smart hubs is highly dependent on internet connectivity. Any disruption in internet connectivity hinders the operability of a smart hub. The functioning of smart hubs is affected by issues related to sensor connectivity. Connectivity issues hinder the functioning of smart hubs, and the user is unable to detect the device on their smartphones till connectivity is restored. Some users face issues with Wi-Fi and firmware updates.
LG Electronics, Logitech, SmartThings, WINK LABS, CONTROL4, Cozify, Crestron Electronics, Insteon, Lowe's, SmartBeings, Vera Control, Vivint, and Zipato.