A new report reveals that Philips is expanding its portfolio of Philips Hue smart home products, and it will soon release a smart plug as part of its device lineup.
According to a report by the Dutch website iCulture, the new smart plug will allow users to control other kinds of lamps or light sources in the same manner that they would manage a lighting setup from Philips Hue. However, it is also possible that users may connect other appliances to the smart plug.
Also, according to the report, users may control the smart plug using the Philips Hue application, and this app permits people to use sensors, schedules, and timers to control the smart plug. In addition to the Philips Hue app, people may also control the device using virtual assistants like Google Assistant, Amazon Alexa, and Apple's Siri, although it is not yet clear if people have first to link the product through the Philips Hue bridge before they could control the smart plug through voice commands.
The image that the report provided details the design of the new smart plug from Philips Hue. The smart plug itself has a cube-like design with a button on top. While the report did not share any specific dimensions of the device, the publication claims that the smart plug is small compared to other competing products.
Smart plugs are popular smart home products, and several companies, which include Amazon and Belkin, are already producing their versions of the device. Amazon currently prices their smart plugs at $24.99, while Belkin initially set the price of its smart plugs at $29.99, although it is now selling their products at $24.99. In contrast, the new report claims that the Philips Hue smart plug will cost €29.95, which translates to $33.64 at the current exchange rate. If the article is correct, the new device from Philips will be relatively more expensive than its competition.
Numerous market researchers expect a sharp rise in the number of smart home devices sold around the world, with IDC estimating that the number of products shipped to customers will increase by 27-percent every year until 2022. The research firm expects that by 2022, companies will sell around 940 million smart home devices, putting these products at par with the sales figures of smartphones.
Based on recent estimates, the value of smart lighting devices sold by 2022 could amount to as much as $3.5 billion, although there will also be substantial growth registered by other types of smart home devices. For example, by 2022, the total value of smart thermostats sold could reach around $3.8 billion, while the smart devices sold under the home monitoring segment is estimated to have a value of approximately $12.1 billion. The expansion of Philips to other sectors of the smart home market will help diversify the company's revenue streams.
Many companies have already recognized the importance and potential of smart home devices, and these tech firms are working to enhance their product offerings to improve its share of the market. For example, despite its poor smartphone sales, the hardware division of Google aims to double its revenues by 2021, and it will achieve this feat through its smart home device portfolio.