Control & Connectivity - Bhutan | Statista Market Forecast

Revenue in the Control & Connectivity market is projected to reach US$201.9k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.29%, resulting in a projected market volume of US$287.0k by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 8.0k users by 2029.
Household penetration will be 2.5% in 2024 and is expected to hit 4.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$47.10.

Definition:

The Control & Connectivity market includes the essential equipment (connected and remote-control devices) and services that are part of an intelligent home network. The segment includes smart speakers (Amazon Echo, Google Home, etc.), central control and communication units (hub/gateway), programmable control buttons (e.g. wall switches and adjustable dials), and smart plugs for the control of non-smart devices.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Amazon and Google, renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Gateways/hubs that are capable of controlling devices of all segments (e.g., Smart Home Zigbee 3.0 Gateway Smik)
Smart speakers with a primary focus on control and digital assistants (e.g., Sonoro STREAM, Bose Smart Speaker 500)
Control buttons and smart plugs/sockets (e.g., TP-Link KE100 KIT, Aoycocr Wi-Fi Smart Socket)

Connected home appliances (see Smart Appliances)
Multiroom speaker systems with a primary focus on entertainment (see Home Entertainment)
Smartphones and tablets
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Control & Connectivity market in Bhutan is experiencing steady growth due to increasing customer preferences for advanced technology and connectivity solutions.

Customer preferences: Customers in Bhutan are increasingly seeking control and connectivity solutions to enhance their daily lives and improve efficiency in various sectors such as transportation, healthcare, and energy. The demand for smart home automation systems, connected vehicles, and digital healthcare solutions is on the rise. This is driven by the desire for convenience, safety, and improved quality of life.

Trends in the market: One of the key trends in the Control & Connectivity market in Bhutan is the adoption of Internet of Things (IoT) technology. IoT enables devices and systems to connect and communicate with each other, allowing for seamless control and automation. This trend is particularly evident in the smart home sector, where consumers are increasingly integrating IoT devices for managing lighting, security, and energy consumption. Another trend in the market is the increasing use of cloud-based control and connectivity solutions. Cloud technology allows for remote access and control of devices and systems, providing flexibility and convenience to users. This trend is particularly relevant in sectors such as transportation and healthcare, where real-time monitoring and control are essential.

Local special circumstances: Bhutan is a small and landlocked country with a unique set of challenges and opportunities. The government of Bhutan has recognized the importance of technology and connectivity in driving economic growth and improving the quality of life for its citizens. As a result, there is a strong focus on digital transformation and the adoption of advanced technologies.

Underlying macroeconomic factors: Bhutan has been experiencing steady economic growth in recent years, which has contributed to the growth of the Control & Connectivity market. The government's emphasis on technology and connectivity has attracted investments and created opportunities for market players. Additionally, the increasing urbanization and rising disposable incomes in Bhutan have fueled the demand for control and connectivity solutions. In conclusion, the Control & Connectivity market in Bhutan is witnessing growth due to customer preferences for advanced technology and connectivity solutions. The adoption of IoT technology and cloud-based solutions are key trends in the market. The government's focus on digital transformation and the country's steady economic growth are underlying macroeconomic factors driving the market.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.