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The smart homes hubs market remains a key battle arena for major technology companies around the world. The smart homes hubs connected with Wi-Fi, and aided by voice-enabled technology can be the next-gen salesman for a myriad of products online. Recent entries into the market by tech giants like Amazon, Google, Facebook, among others remains a promising prospect for market as costs remain a major barrier to expansion of the market.
According to a recent survey conducted of 26,000 individuals, over 82% cited the price as the main barriers to a purchase. However, the growing entry of quality manufacturing low-cost companies promise a major upheaval in the market in near future. According to the above mentioned survey, 73% individuals also cited privacy as a key concern for withholding their purchase of a smart home hub. Today, the regulatory framework outlining privacy across the globe remains uneven, and nonexistent in many places. More clarity on the matter in near future, will likely aid expansion of the smart homes hubs market during 2020-2025 period.
Rising Efficacy of Voice-Enabled Technology Promises Major Growth
The rising efficacy of voice-enabled technology through products like Amazon Alexa, Google Nest remains a promising prospect for the Smart Home Hubs market. Moreover, over 31% of online consumers already use Smart hubs to control environments in their homes. Moreover, 20% digital customers use standalone digital assistants. Major tech companies like Apple also have offerings like Apple TV, which serve as a standing home hub. Rising demand for smart TVs, and increasing efficacy of voice enabled technology, and increasing popularity of digital assistants will promise new channels for growth in the smart homes hubs market in near future.
Niche Offerings like Thermostat Remain a Concern Due to Technological Challenges
Technology adoption can be a slow process. Moreover, adoption of IoT technology remains a challenging dream as it involves installing highly pricey, and difficult to install products. At least, this is what the recent consumer survey suggest. According to an Accenture survey, thermostats among smart homes hub remain a technological, and logistical challenge for most consumers. For example, on Amazon, most individuals came across over 200 similar products. Moreover, these products often proved to be challenging to choose, install products, connecting to the internet, and initiating setups. In 2020, just over 7% online consumers owned a thermostat.
Hence, in order to drive growth in the smart homes hubs market, branding, and acquiring consumer trust remains an important differentiator. Moreover, the smart home hubs market remains a promising arena for communication service providers, as these players have already gained an entry into homes, and acquired trust worldwide. The rising demand for smart homes hubs market also promises new winners, and losers in the IoT market, as competition for digital assistants heats up.
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