Control & Connectivity - Bosnia and Herzegovina

Bosnia and Herzegovina

Revenue in the Control & Connectivity market is projected to reach US$2.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.31%, resulting in a projected market volume of US$2.7m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 81.7k users by 2029.
Household penetration will be 4.8% in 2024 and is expected to hit 8.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$44.39.

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Analyst Opinion

The Control & Connectivity market in Bosnia and Herzegovina has been experiencing significant development in recent years. Customer preferences in the market have been shifting towards more advanced and innovative control and connectivity solutions.

This is driven by the increasing need for efficient and seamless communication systems in various industries, such as manufacturing, transportation, and healthcare. Customers are looking for solutions that can improve productivity, optimize processes, and enhance overall performance. The demand for smart devices and IoT solutions has also contributed to the growth of the market, as customers seek to connect and control their devices remotely.

Trends in the market indicate a growing adoption of wireless connectivity solutions. This is driven by the need for flexibility and mobility in various applications. Wireless technologies such as Bluetooth, Wi-Fi, and Zigbee are becoming increasingly popular, as they offer convenience and ease of use.

Additionally, there is a rising demand for cloud-based control and connectivity solutions, as they provide scalability, accessibility, and cost-effectiveness. Local special circumstances in Bosnia and Herzegovina have also played a role in the development of the Control & Connectivity market. The country has a growing IT sector and a skilled workforce, which has contributed to the innovation and development of control and connectivity solutions.

The government has also been supportive of the ICT industry, providing incentives and support for companies operating in the sector. This has encouraged investment and development in the market. Underlying macroeconomic factors have also influenced the growth of the Control & Connectivity market in Bosnia and Herzegovina.

The country has experienced stable economic growth in recent years, which has increased the purchasing power of consumers and businesses. This has led to an increased demand for control and connectivity solutions. Additionally, the government's focus on digitalization and modernization of various sectors has created opportunities for the market to expand.

In conclusion, the Control & Connectivity market in Bosnia and Herzegovina is developing rapidly due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for advanced control and connectivity solutions, the adoption of wireless and cloud-based technologies, the supportive government policies, and the stable economic growth are all contributing to the growth of the market.

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.