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 cybersecurity and privacy principles from the outset and develop a detailed cybersecurity strategy for home hub solutions.”
To tap into the growth prospects of the home as a hub, market participants should consider:
• 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 available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Home as a Hub Growth Opportunities / K71D