The market is forecasted to record a 21.6% growth between 2019 and 2028, an increase in annual revenue from $12.6 billion to $72.9 billion during the period.
Factors driving market growth include:
Paige Leuschner, a senior research analyst with Navigant, said: â€śSmart home hubs are eliminating the need for smart home hubs in their current form, decreasing barriers to entry for consumers, increasing interoperability between products, creating smarter homes, and creating a new meaning for the term smart devices.
â€śHowever, broader issues such as consumersâ€™ concerns surrounding cybersecurity and manufacturersâ€™ uncertainty about ROI when building the Internet of Things (IoT) products hold back some manufacturers from fully embracing this trend.â€ť
North America and the Asia Pacific are expected to lead the global market.
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