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.