Control & Connectivity - Central America

Revenue in the Control & Connectivity market is projected to reach US$42.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.21%, resulting in a projected market volume of US$57.9m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 6.3% in 2024 and is expected to hit 10.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$65.05.

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 Central America is experiencing significant growth and development. Customer preferences in the Control & Connectivity market in Central America are shifting towards more advanced and technologically sophisticated products.

Customers are increasingly demanding products that offer seamless connectivity, high-speed performance, and enhanced security features. This is driven by the growing need for efficient and reliable control and connectivity solutions in various industries, including manufacturing, transportation, and healthcare. Trends in the market are also influenced by global and regional factors.

The increasing adoption of Internet of Things (IoT) technology is driving the demand for control and connectivity solutions in Central America. IoT enables the interconnection of devices and systems, allowing for real-time monitoring, data analysis, and remote control. This trend is particularly prominent in the manufacturing sector, where IoT is being used to optimize production processes, improve efficiency, and reduce costs.

Another trend in the market is the growing importance of cybersecurity. As the number of connected devices and systems increases, so does the risk of cyber threats. This has led to a greater focus on developing control and connectivity solutions that offer robust security features to protect against unauthorized access and data breaches.

Local special circumstances also play a role in the development of the Control & Connectivity market in Central America. The region has a growing population, increasing urbanization, and a rising middle class. This has resulted in a higher demand for smart homes, smart cities, and connected infrastructure.

Governments and businesses are investing in the development of smart technologies and infrastructure to improve the quality of life, enhance efficiency, and drive economic growth. Underlying macroeconomic factors, such as favorable government policies, foreign direct investment, and economic stability, also contribute to the growth of the Control & Connectivity market in Central America. Governments in the region are implementing policies and regulations that promote the adoption of advanced technologies and encourage investment in the sector.

This creates a conducive environment for the development and expansion of control and connectivity solutions. Additionally, economic stability and increasing disposable incomes enable individuals and businesses to invest in advanced control and connectivity products and services. Overall, the Control & Connectivity market in Central America is experiencing rapid growth and development due to changing customer preferences, global and regional trends, local special circumstances, and underlying macroeconomic factors.

The market is expected to continue to expand as the demand for advanced control and connectivity solutions increases in various industries and sectors.

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.