Smart Home - Burkina Faso

  • Burkina Faso
  • Revenue in the Smart Home market is projected to reach US$12.8m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.57%, resulting in a projected market volume of US$23.1m by 2029.
  • Household penetration will be 15.3% in 2024 and is expected to hit 18.7% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$18.95.
  • 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 Burkina Faso is experiencing a gradual but steady growth, driven by increasing consumer interest in home automation technologies.

Customer preferences:
In Burkina Faso, customers are showing a growing preference for smart home devices that offer convenience, energy efficiency, and enhanced security. The demand for products such as smart lighting, smart thermostats, and home security systems is on the rise as consumers seek to modernize their living spaces and improve overall quality of life.

Trends in the market:
One of the key trends in the Smart Home market in Burkina Faso is the adoption of affordable and easy-to-use smart home solutions. As technology becomes more accessible and affordable, more households are incorporating smart devices into their homes. Additionally, the integration of voice control and smart assistants is gaining popularity among tech-savvy consumers, further driving the market growth.

Local special circumstances:
Burkina Faso's Smart Home market is also influenced by local factors such as infrastructure development and electricity access. As the country continues to improve its infrastructure, including the expansion of internet connectivity and electricity access, more households are able to leverage smart home technologies. Additionally, the growing urban population and rising disposable incomes are contributing to the increasing adoption of smart home devices in urban areas.

Underlying macroeconomic factors:
The growth of the Smart Home market in Burkina Faso is also supported by favorable macroeconomic factors such as GDP growth, urbanization, and increasing investments in technology. As the country's economy continues to expand and urbanization rates rise, there is a growing market for innovative technologies like smart home devices. Furthermore, government initiatives to promote digitalization and technology adoption are creating a conducive environment for the development of the Smart Home market in Burkina Faso.

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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