Control & Connectivity - Greece | Statista Market Forecast

Revenue in the Control & Connectivity market is projected to reach US$23.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.27%, resulting in a projected market volume of US$45.6m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 250.9k users by 2029.
Household penetration will be 2.4% in 2024 and is expected to hit 6.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$246.70.

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 Greece has been experiencing significant growth in recent years.

Customer preferences: Customers in Greece have shown a strong preference for advanced control and connectivity solutions. This is driven by the increasing need for automation and connectivity in various industries, including manufacturing, healthcare, and transportation. Businesses in Greece are looking for solutions that can help them streamline their operations, improve efficiency, and reduce costs. They are also seeking technologies that can enhance their ability to monitor and control their systems remotely, especially in the current era of remote working and social distancing.

Trends in the market: One of the key trends in the Control & Connectivity market in Greece is the adoption of Internet of Things (IoT) technologies. IoT enables the connection of devices and systems, allowing them to communicate and share data. This technology is being widely implemented in various industries in Greece, such as manufacturing, energy, and transportation. The use of IoT in these sectors helps businesses optimize their processes, improve productivity, and reduce downtime. Additionally, the growing demand for smart homes and buildings in Greece is driving the adoption of IoT-based control and connectivity solutions. Another trend in the market is the increasing demand for cloud-based control and connectivity solutions. Cloud technology offers numerous benefits, including scalability, flexibility, and cost-efficiency. It allows businesses to store and access data remotely, enabling real-time monitoring and control from anywhere. The adoption of cloud-based solutions in Greece is driven by the need for remote access and management, as well as the desire to reduce infrastructure costs.

Local special circumstances: Greece has a strong manufacturing sector, which has been a major driver of the Control & Connectivity market. The manufacturing industry in Greece is increasingly adopting automation and connectivity solutions to improve productivity and competitiveness. This is particularly important in light of the global economic challenges and the need for businesses to adapt and innovate. Additionally, the Greek government has been actively promoting the digital transformation of the country. This includes initiatives to improve digital infrastructure, encourage innovation, and support the growth of the technology sector. These efforts have created a favorable environment for the development and adoption of control and connectivity solutions in Greece.

Underlying macroeconomic factors: The growth of the Control & Connectivity market in Greece is also influenced by several macroeconomic factors. Greece has been experiencing economic recovery in recent years, following a period of economic crisis. This has led to increased investment in various sectors, including technology and infrastructure. The improving economic conditions have created opportunities for businesses to invest in control and connectivity solutions, driving market growth. Furthermore, Greece is a member of the European Union (EU), which provides access to a large market and opportunities for cross-border collaboration. The EU has been actively promoting digital transformation and innovation, which has a positive impact on the Control & Connectivity market in Greece. The EU's policies and funding programs support the development and adoption of advanced technologies, including control and connectivity solutions. In conclusion, the Control & Connectivity market in Greece is experiencing growth due to customer preferences for advanced solutions, such as IoT and cloud-based technologies. The local special circumstances, including the strong manufacturing sector and government support for digital transformation, further contribute to market development. The underlying macroeconomic factors, such as economic recovery and EU membership, also play a significant role in driving the growth of the market.

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.