The best replacement for hotspot is tethering.

The best alternatives to hotspot are rated as following:
★★★★★  tethering
★★★★★  wifi
★★★  modem
★★★  aircard
★★★  usb modem
★★  dsl
★★  ringworm
★★  access point
★★  internet
★★  home internet
★  jrockit
★  3g ipad
★  data plan
★  openjdk
★  mifi
★  jetpack
★  hotspot
★  wireless router
★  jit
★  satellite internet
★  mobile broadband
★  sprint hotspot
★  cellular ipad
★  hot spot
★  dongle
  phone hotspot
  wifi direct
  blue tooth
  wifi tether

Your alternative for hotspot is not listed? Suggest!
Speaking about hotspot, one probably shouldn't forget about unlimited data.

Other search terms related to hotspot and their ratings are:

★★★★★ unlimited data
★★★ tethering
★★ tmobile
★★ blackberry
You have in mind a companion for hotspot and it is not yet here? Propose!

Google Trends

Scale is based on the average worldwide traffic of hotspot in all years. Click on graph for more.