Smart Home - Brunei Darussalam

  • Brunei Darussalam
  • Revenue in the Smart Home market is projected to reach US$2,012.0k in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.99%, resulting in a projected market volume of US$3,706.0k by 2029.
  • Household penetration will be 63.6% in 2024 and is expected to hit 67.4% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$25.46.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Brunei Darussalam is experiencing a steady growth trajectory, driven by increasing consumer awareness and adoption of smart technologies in households.

Customer preferences:
Consumers in Brunei Darussalam are showing a growing interest in smart home devices that offer convenience, energy efficiency, and enhanced security. There is a noticeable shift towards integrated smart home systems that can be controlled remotely via smartphones or voice assistants. This trend aligns with the global preference for connected and automated homes that simplify daily tasks and enhance overall quality of life.

Trends in the market:
One prominent trend in the Bruneian Smart Home market is the rising demand for smart lighting and climate control systems. As consumers become more environmentally conscious, energy-efficient solutions that can optimize resource usage are gaining popularity. Additionally, the integration of AI-powered devices for home security and surveillance is becoming increasingly prevalent, reflecting a growing need for enhanced safety measures within residential spaces.

Local special circumstances:
Brunei Darussalam's small geographic size and affluent population contribute to the unique dynamics of its Smart Home market. The country's high GDP per capita and strong government support for technological advancements create a conducive environment for the adoption of smart home technologies. Moreover, the emphasis on sustainable living and eco-friendly practices in Bruneian society further drives the demand for smart home solutions that promote energy conservation and environmental responsibility.

Underlying macroeconomic factors:
The stable economic landscape in Brunei Darussalam, supported by the country's oil and gas reserves, provides consumers with the purchasing power to invest in smart home devices. As disposable incomes rise and living standards improve, the Smart Home market is expected to witness continued growth. Additionally, government initiatives promoting digitalization and smart city development play a significant role in shaping the market landscape, fostering innovation and technological advancements in the residential sector.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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