SecurityWorldMarket

27/04/2022

Smart home hub development is the next technological frontier

San Antonio, Tx (USA)

Frost & Sullivan’s recent analysis, Global Home as a Hub Growth Opportunities, finds that the Covid-19 outbreak has transformed the conventional home into a smart home hub, encompassing a place for work, health and wellness, and entertainment. 

This encourages smart home market participants to develop products for the home hub ecosystem to provide a premium home experience. Additionally, companies need to embed artificial intelligence (AI) and machine learning (ML) algorithms into connected home devices to facilitate self-learning behavior and maintain a competitive edge.

“As people spend time together at home post-Covid-19, the need for flexible, multifunctional living spaces that fulfill their requirements will emerge globally,” said Akshay Ramesh Menon, Techvision Research Analyst at Frost & Sullivan. “This will drive demand for smart home adoption, particularly for lighting and energy management, connectivity solutions, and smart security services.”

Menon added: “Although connected living drives digital resilience, it also carries major risks, such as data insecurity and vulnerability to cyberattacks. As a result, companies and cities need to work together to embed robust cyber security and privacy principles from the outset and develop a detailed cyber security strategy for home hub solutions.”

To tap into the growth prospects of the home as a hub, Frost & Sullivan analysts suggest that market participants should consider the following strategies:

  • Developing robots that facilitate office tasks such as calendar management, scheduling meetings, travel bookings, and managing receipts and accounts.
  • Providing a user interface to report crimes and help local authorities, ensuring residential safety and security.
  • Working with virtual power plants to help customers interested in switching to self-sufficient, energy-generating homes.

Global Home as a Hub Growth Opportunities is the latest addition to Frost & Sullivan’s Techvision research and analyses.


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