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:
- The ability of smart home devices to help the industry address the lack of interoperability among different devices to create a better smart home user experience.
- The continued decline in prices for smart home devices.
- Increased product innovations by manufacturers.
Paige Leuschner, a senior research analyst with Navigant, said: “Smart 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.
“However, broader issues such as consumers’ concerns surrounding cybersecurity and manufacturers’ uncertainty about ROI when building the Internet of Things (IoT) products hold back some manufacturers from fully embracing this trend.”
North America and the Asia Pacific are expected to lead the global market.
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