[November 23, 2017] |
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Global Smart Hubs Market - Innovations in Product Technology to Drive Growth | Technavio
The global
smart hubs market is expected to grow at a CAGR of more than 5%
during the period 2017-2021, according to a new market research study by Technavio.
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http://www.businesswire.com/news/home/20171123005046/en/
Technavio has published a new report on the global smart hubs market from 2017-2021. (Graphic: Business Wire)
The report presents a comprehensive breakdown of the global smart hubs
market by distribution channel that includes specialty retailers,
electronic stores, online, discount stores, and others. The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC, the
Americas, and EMEA.
This report is available at a USD 1,000 discount for a limited time
only: View
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Market driver: innovations in product technology and product features
Innovations in product technology and product features are driving the
global smart
hubs market. Smart hub coordinates with sensors, cameras, light
switches, and other products and such devices usually work on wireless
technology. A smart hub sends and receives signals to and from
individual devices by deploying several wireless communication
protocols. Multiple vendors in the global smart hubs market offer smart
hubs that can be connected to many devices. For instance, Samsung (News - Alert)
Electronics offers Samsung SmartThings Hub that connects with smart
lights, locks, outlets, thermostats, and other products. Such
innovations are expected to drive the market during the forecast period.
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Market trend: increased availability of voice-based speakers
At present, 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 (News - Alert),
iHeartRadio, TuneIn, and others.
According to Shikha Kaushik, a lead analyst at Technavio for home,
kitchen, and large appliances research, "Amazon offers Amazon
Echo that works on Alexa, a company-developed personal assistant. Alexa
answers questions, reports traffic and weather, reads the news, gives
information on local businesses, reads audiobooks from Audible, provides
sports scores and schedules, and others. Amazon Echo also controls
lights, switches, fans, garage doors, thermostats, locks, sprinklers,
and more with compatible connected devices from Philips (News - Alert) Hue, WeMo, Nest,
Samsung SmartThings, and others."
Market challenge: high dependency on Internet connectivity and
app-related issues
The operability of smart
hubs is highly dependent on Internet connectivity, and any
disruption in internet connectivity hampers the operability of a smart
hub. The functioning of smart hubs is affected by issues related to
sensor connectivity. These issues hinder the functioning of smart hubs
and the user is unable to detect the device on their smartphones until
connectivity is restored. Some users face issues with Wi-Fi and firmware
updates.
Issues related to the power supply are also hindering the growth of the
market. Fluctuations in power supply lead to application interface
issues in smart hubs. These app interface issues pose challenges to the
market's growth during the forecast period.
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Key vendors in the market
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LG Electronics
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Logitech (News - Alert)
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SmartThings
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WINK LABS
Well-diversified international and regional vendors are present in the
global smart hubs market. As the international players dominate the
market, regional vendors are facing difficulties to compete in terms of
quality, technology, and price. The competitive environment in this
market is expected to increase with the rise in product or service
extensions and technological innovations.
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smart hubs market report free of cost
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View source version on businesswire.com: http://www.businesswire.com/news/home/20171123005046/en/
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