Control & Connectivity - G20 | Statista Market Forecast

Revenue in the Control & Connectivity market is projected to reach US$25.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.48%, resulting in a projected market volume of US$42.0bn by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 485.6m users by 2029.
Household penetration will be 17.1% in 2024 and is expected to hit 49.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$154.80.

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 G20 is experiencing significant growth and development due to several key factors. Customer preferences for advanced technology and connectivity solutions, along with the increasing demand for automation and control systems, are driving the market forward.

Additionally, local special circumstances and underlying macroeconomic factors are also contributing to the growth of the Control & Connectivity market in G20. Customer preferences in the Control & Connectivity market are shifting towards advanced technology and connectivity solutions. With the increasing adoption of smart devices and Internet of Things (IoT) technology, customers are seeking seamless connectivity and control over their devices and systems.

This has led to a rise in demand for control and connectivity solutions that offer enhanced functionality and convenience. Customers are also looking for solutions that are compatible with multiple devices and platforms, allowing them to easily integrate and control various aspects of their lives. Trends in the Control & Connectivity market in G20 are also driven by the increasing demand for automation and control systems.

As industries and businesses strive for greater efficiency and productivity, there is a growing need for advanced control and automation solutions. This includes technologies such as industrial automation, process control systems, and building management systems. These solutions enable businesses to streamline their operations, reduce costs, and improve overall performance.

The demand for automation and control systems is particularly high in sectors such as manufacturing, energy, and transportation. Local special circumstances in G20 countries are also contributing to the growth of the Control & Connectivity market. Each country has its own unique set of circumstances that influence market trends and developments.

For example, some countries may have a strong focus on renewable energy and sustainability, leading to increased demand for control and connectivity solutions in the energy sector. Other countries may have a high concentration of manufacturing industries, driving the demand for automation and control systems in this sector. Additionally, factors such as government regulations, infrastructure development, and investment in research and development also play a role in shaping the market.

Underlying macroeconomic factors further support the growth of the Control & Connectivity market in G20. Economic growth, rising disposable incomes, and urbanization are key drivers of market expansion. As economies grow, there is an increased demand for advanced technology and connectivity solutions.

Rising disposable incomes allow consumers to invest in control and connectivity products and services, driving market growth. Urbanization also plays a role, as cities become more connected and technologically advanced, creating opportunities for control and connectivity solutions to thrive. In conclusion, the Control & Connectivity market in G20 is experiencing significant growth and development driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

As customers seek advanced technology and connectivity solutions, the market is responding with innovative products and services. The increasing demand for automation and control systems, along with unique local circumstances in each country, further contribute to market growth. Underlying macroeconomic factors such as economic growth, rising disposable incomes, and urbanization provide a favorable environment for the Control & Connectivity market to flourish in G20 countries.

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.