Control & Connectivity - Cyprus | Statista Market Forecast

Revenue in the Control & Connectivity market is projected to reach US$1.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.69%, resulting in a projected market volume of US$1.7m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 39.9k users by 2029.
Household penetration will be 4.5% in 2024 and is expected to hit 8.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$52.77.

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 Cyprus is experiencing steady growth and development, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Cyprus are increasingly demanding more control and connectivity solutions, as they seek to enhance their daily lives and improve efficiency. With the rise of smart homes and smart cities, there is a growing need for integrated systems that allow users to remotely control and monitor various aspects of their homes and environments. This includes everything from lighting and temperature control to security systems and energy management. Additionally, customers are also looking for connectivity solutions that enable seamless communication and data transfer between devices, both within their homes and in public spaces.

Trends in the market: One of the key trends in the Control & Connectivity market in Cyprus is the adoption of Internet of Things (IoT) technology. The IoT allows for the connection and communication of various devices and systems, enabling greater control and automation. This trend is driving the demand for smart home solutions, as well as the integration of IoT technology in other sectors such as healthcare, transportation, and agriculture. Another trend is the increasing use of cloud-based control and connectivity solutions, which offer greater flexibility and scalability. This allows users to access and control their systems remotely, from any device with an internet connection.

Local special circumstances: Cyprus has a high level of internet penetration, with a significant portion of the population having access to high-speed broadband connections. This provides a strong foundation for the adoption of control and connectivity solutions, as it enables seamless communication and data transfer. Additionally, Cyprus has a relatively high level of disposable income, which allows for greater spending on technology and connected devices. This creates a favorable environment for the growth of the Control & Connectivity market in the country.

Underlying macroeconomic factors: The growth of the Control & Connectivity market in Cyprus is also influenced by underlying macroeconomic factors. The country has a stable economy with a strong focus on services, including the technology sector. This creates opportunities for local businesses and startups to develop innovative control and connectivity solutions. Furthermore, Cyprus is a popular tourist destination, attracting visitors from around the world. This presents an additional market for control and connectivity solutions, as tourists increasingly expect smart and connected experiences during their stay. In conclusion, the Control & Connectivity market in Cyprus is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. With the increasing demand for control and connectivity solutions, as well as the adoption of IoT technology and cloud-based solutions, the market is expected to continue growing 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.