Control & Connectivity - Costa Rica

Revenue in the Control & Connectivity market is projected to reach US$7.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.25%, resulting in a projected market volume of US$9.5m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 249.3k users by 2029.
Household penetration will be 12.8% in 2024 and is expected to hit 20.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$51.89.

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 Costa Rica has been experiencing significant growth in recent years, driven by customer preferences for advanced technology solutions, increasing demand for connectivity, and favorable local special circumstances. Customer preferences in the Control & Connectivity market in Costa Rica are shifting towards more advanced and integrated solutions.

With the increasing adoption of smart devices and the Internet of Things (IoT), customers are seeking control and connectivity solutions that can seamlessly connect and manage multiple devices. This includes smart home automation systems, security systems, and industrial control systems. Additionally, customers are also looking for solutions that offer remote access and control, allowing them to monitor and manage their devices from anywhere at any time.

The market is also being driven by the increasing demand for connectivity in Costa Rica. As the country continues to develop its digital infrastructure, there is a growing need for reliable and high-speed internet connections. This has led to a surge in demand for control and connectivity solutions that can support and enhance internet connectivity.

This includes networking equipment, routers, and switches that can provide stable and fast internet connections. Local special circumstances in Costa Rica are also contributing to the growth of the Control & Connectivity market. The country has a strong focus on sustainable development and renewable energy, which has led to increased investments in smart grid technologies and energy management systems.

This has created opportunities for control and connectivity solution providers to offer innovative solutions for energy monitoring, optimization, and control. Furthermore, Costa Rica has a thriving tourism industry, with millions of visitors coming to the country each year. This has created a demand for control and connectivity solutions in the hospitality sector, including smart hotel rooms, digital signage, and guest management systems.

Underlying macroeconomic factors, such as the country's stable economic growth and government initiatives to promote digital transformation, are also driving the development of the Control & Connectivity market in Costa Rica. The government has been actively investing in digital infrastructure and promoting the adoption of technology in various sectors, including healthcare, education, and transportation. This has created a favorable environment for control and connectivity solution providers to expand their presence and tap into new opportunities in the market.

In conclusion, the Control & Connectivity market in Costa Rica is experiencing growth due to customer preferences for advanced technology solutions, increasing demand for connectivity, favorable local special circumstances, and underlying macroeconomic factors. As the country continues to develop its digital infrastructure and embrace digital transformation, the market is expected to further expand in the coming years.

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.