Smart home hub revenue to top $327 million through 2022

Global SourcesUpdated on 2023/12/01

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Voice recognition technology entices more households to adopt smart hubs.

With CAGRs possibly exceeding 5 and 4 percent for shipments and sales, the global smart home hub market is poised to earn about $327 million through the next five years, according to business intelligence provider Beige Market Intelligence.

The report shows that rise in income of households are driving adoption of intelligent home hubs. Buyers are also enticed even more by their new smart features, including voice assistance. Voice recognition can really be the next big thing in the Internet of Things, with a long line of home hubs and gateways, controllers and speakers aiming to be as big as the Amazon Alexa and Google Home digital assistants. Now, even Apple is joining the smart home hub competition with a Siri-powered speaker. People now have many features-packed options that conveniently unify all their “connected” devices. The report also sees that by 2025, more than 50 percent of human-to-computer interaction will be voice-assisted. Also, AI will be integrated into the technology.

Beige adds that demand for smart hubs remains high in North America where home automation is popular. This is said to have a direct proportion to the region’s smart home growth figure. A relevant report from MarketsandMarkets indeed states that North America will keep the largest slice of the potential $122 billion or more smart home industry by 2022.

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Smart home hub revenue to top $327 million through 2022

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