Global Home as a Hub Growth Opportunities

The COVID-19 pandemic forced customers to stay at home, and with restrictions on outside activities, the housebound often became overwhelmed with completing all of their daily tasks and activities in one space. This led to increased dependency on technology to improve their quality of life. This study explores home as a hub for entertainment, relaxation, work, shared living, and health and wellness. Multifunctional smart homes of the future must cater to customers’ aforementioned needs, yet affordability must remain unchanged. In response, companies are looking to restructure residential living spaces as a means to ensure increased flexibility, modularity, and overall affordability. Companies must help customers make their homes and neighborhoods secure by integrating smart home technologies to aid in monitoring and fostering community participation. Virtual guardians for smart homes are possible by integrating technologies such as AI and computer vision, depending on increased customer willingness and adoption. Companies that help customers control their smart homes by making them energy efficient can profit from the global customer trend of increased environmental consciousness. Customers are increasingly looking for products and services that will improve control over their ecological footprint. In fact, some consider making their homes self-sufficient through novel solutions such as vertical hydroponic gardening or photovoltaic (PV) solar panels. Smart and connected home penetration will nearly quadruple in the next 5 years, reaching more than 18% by 2025. The data from IoT-controlled home devices will track behavioral changes and generate personalized solutions at any point of the day. Safety, simplicity, and convenience are driving the adoption of smart home devices. Purposeful design and efficient use of space are significant elements of making the home into a smart home hub. This change will happen through the thoughtful integration of materials and technologies to accommodate residents’ varying needs. Author: Akshay Ramesh Menon