Can I have one device set up with HomeKit and Alexa at the same time e.g. a motion sensor, or a smart plug?
I must stress I am asking whether it is possible to set up the device with the two services at the same time.
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Yes, providing the device provides it's own control infrastructure. The model is (roughly):
The exception to this model might be where a device uses one of your system hubs to provide it's connectivity. In this case, you're relying on one integrator exposing locally connected devices to a competitor.
You can refer to this question for a general idea of how devices connect together. An endpoint may have a direct network connection (for example if it has WiFi), in which case many services can establish a connection. If the endpoint only uses bluetooth or ZigBee then some sort of hub is needed. Of course, this hub can be a device you provide if the protocols are open.
Yes, it's perfectly possible.
As and example, I have a set of IKEA Tradfri lights that are controlled by Alexa and Google Assistant at the same time. If I had an Apple device I could add Homekit support at well.
The limiting factor is which of the systems the device manufacturer chooses to support.