The global smart home hub market is expected to cross 3.9 million units, growing at a CAGR [compound annual growth rate] of 5.4% during the forecast period 2016-2022, according to Research and Markets (www.researchandmarkets.com).
The increase in per capita income and the number of dual-income households constitute the basis of increasing spending on innovative devices such as smart home hub, according to the research group. Apart from an increasing demand from developed markets, factors such as the integration of voice-assistance technology in household appliances and enhanced marketing and visibility of these products online have contributed to the growth of the market.
Increasing number of connected devices in households, growing popularity of voice-first technology, increasing investment on IoT [Internet of Things] by vendors and rising push for digital economy in developing economies are the latest trends that the market is going to foresee, says Research and Markets. These emerging trends are going to boost the market during the forecast period.