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Increasing Adoption of IoT Fueling the Growth Of The Market Due To Rising Demand For Automation And Connectivity: An Emerging Driver Transforming The Smart Home Hub Market Landscape
Smart Home Hub
What Is the Projected Growth of the Smart Home Hub Market?
The market size for smart home hubs has seen exponential growth in the past few years. It is projected to increase from $158.25 billion in 2024 to $191.27 billion in 2025, boasting a compound annual growth rate (CAGR) of 20.9%. This substantial growth in the historic period can be credited to the heightened customer knowledge of smart home technology, the rise in both internet adoption and broadband connectivity, increased use of voice assistants such as Alexa and Google Assistant, the expansion of smart speakers, and the escalating demand for home automation solutions.
The market size for smart home hubs is predicted to undergo substantial growth in the coming years, rising to $405.08 billion by 2029 with a compound annual growth rate (CAGR) of 20.6%. This growth during the projection period can be linked to various factors including the increased demand for edge computing in home automation, the expansion of 5G connectivity, the rising consumer desire for effortless integration across multiple devices, the increasing significance of security-centric smart home hubs, and the advancements seen in voice control accuracy and support across multiple languages. Significant trends expected to emerge during the forecast period include automation powered by artificial intelligence, compatibility with the Matter protocol, enhanced edge computing for rapid processing, biometric identification, and interactive multi-modal systems.
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What Are the Different Smart Home Hub Market Segments?
The smart home hub market covered in this report is segmented -
1) By Type: Multi-Protocol Hubs, Platform Or Ecosystem Hubs
2) By Device Type: Smart Speakers, Smart Displays, Smart Thermostats, Smart Lighting Controllers, Smart Security Systems
3) By Technology: Wired Technology, Wireless Technology, Bluetooth Technology, Zigbee Technology, Z-Wave Technology
4) By Compatibility: Cross-Platform Compatible, Smartphone-Compatible, Voice Assistant Compatible, IoT Devices Compatible, Smart Appliance-Compatible
5) By Application: Home Automation, Energy Management, Security And Surveillance, Healthcare Monitoring, Entertainment Management
Subsegmentss:
1) By Multi-Protocol Hubs: Zigbee Hubs, Z-Wave Hubs, Thread Hubs, Wi-Fi Hubs
2) By Platform or Ecosystem Hubs: Amazon Alexa Hubs, Google Home Hubs, Apple HomeKit Hubs, Samsung SmartThings Hubs
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What Are the Primary Drivers Shaping the Smart Home Hub Market?
The smart home hub market's growth is anticipated to be driven by the rising implementation of Internet of Things (IoT) technologies. IoT technologies are devices linked to the internet, which gather, share, and utilise data - accelerating automation and smarter decision-making. Businesses and consumers are increasingly embracing IoT due to its potential to offer enhanced automation that reduces manual effort. It promotes more intelligent decisions by providing real-time data and linking devices. Smart home hubs facilitate IoT by acting as a primary communication hub, integrating and automating various smart devices. This facilitates efficient control and interoperability within a networked ecosystem. For instance, as of August 2023, Estuary Technologies Inc., a US technology company specializing in real-time data integration solutions, saw IoT device numbers increase by 66%, reaching about 19.8 billion. This is compared to an 18% increase in 2022, bringing the total to roughly 14.4 billion. Consequently, the expanding use of Internet of Things technologies is propelling the smart home hub market's growth.
Which Companies Are Leading in the Smart Home Hub Market?
Major companies operating in the smart home hub market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Abode Systems Inc., Logitech International S.A., TP-Link Technologies Co. Ltd., Crestron Electronics Inc., Lutron Electronics Co. Inc., Vera Control Ltd., Devolo AG, Savant Systems Inc., Orvibo Technology Co. Ltd., Wink Labs Inc., Ezlo Innovation, Securifi Inc., Brilliant Home Technology Inc., Aeotec Group GmbH, Hubitat Inc., HomeSeer Technologies LLC
What Are the Major Trends Shaping the Smart Home Hub Market?
Major corporations involved in the smart home hub market are focusing on the creation of advanced and innovative smart home hubs with versatile matter controllers that integrate thread and bluetooth protocols. This integration elevates device compatibility, upgrades connectivity, and makes smart home automation more efficient. Thread and bluetooth protocol, a low-energy, IPv6-based wireless communication protocol intended for smart home gadgets, allows safe, trustworthy, and scalable mesh communication, without depending on a primary hub. As an example, in January 2024, Aqara, a technology firm from China delivering smart home devices for automation, introduced the Hub M3. This brand new hub, integrated with thread and bluetooth protocols, refines how smart devices interact and connect. It enables users to manage their whole house through a single central device, enhancing ease of use, security, and efficacy. This advancement morphs the M3 into a flexible matter controller and thread border router, making it an ideal hub for a smooth, locally controlled, and future-proof smart home.
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What Are the Top Revenue-Generating Geographies in the Smart Home Hub Market?
North America was the largest region in the smart home hub market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart home hub market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Home Hub Market?
2. What is the CAGR expected in the Smart Home Hub Market?
3. What Are the Key Innovations Transforming the Smart Home Hub Industry?
4. Which Region Is Leading the Smart Home Hub Market?
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