Control & Connectivity - Guatemala

Revenue in the Control & Connectivity market is projected to reach US$11.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.12%, resulting in a projected market volume of US$15.9m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 385.1k users by 2029.
Household penetration will be 5.9% in 2024 and is expected to hit 10.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$55.51.

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 Guatemala has been experiencing significant growth in recent years.

Customer preferences: Customers in Guatemala are increasingly looking for control and connectivity solutions that can improve their daily lives and enhance their overall experience. They are seeking products and services that offer convenience, efficiency, and seamless integration with their existing devices and systems. This includes smart home automation systems, connected car technologies, and remote monitoring and control solutions.

Trends in the market: One of the key trends in the Control & Connectivity market in Guatemala is the adoption of Internet of Things (IoT) technologies. The increasing connectivity of devices and systems is enabling customers to control and monitor various aspects of their lives remotely. This includes controlling home appliances, monitoring energy usage, and managing security systems. The demand for IoT-enabled products and services is expected to continue growing as customers become more aware of the benefits and convenience they offer. Another trend in the market is the integration of voice control technologies. Customers are increasingly using voice assistants such as Amazon Alexa and Google Assistant to control their connected devices. This trend is driven by the convenience and ease of use that voice control offers. As a result, companies in the Control & Connectivity market are incorporating voice control capabilities into their products and services to meet customer demand.

Local special circumstances: Guatemala has a growing middle class population with increasing disposable income. This has resulted in higher consumer spending on technology products and services, including control and connectivity solutions. The government has also been promoting the development of the technology sector, which has attracted investments and encouraged innovation in the market. These factors have contributed to the growth of the Control & Connectivity market in Guatemala.

Underlying macroeconomic factors: The economic stability and steady GDP growth in Guatemala have created a favorable environment for the Control & Connectivity market to thrive. The country has also been investing in infrastructure development, including telecommunications and internet connectivity, which has improved access to control and connectivity solutions for customers. Additionally, the increasing smartphone penetration in Guatemala has enabled customers to easily access and control their connected devices through mobile applications. In conclusion, the Control & Connectivity market in Guatemala is experiencing growth due to customer preferences for convenience and efficiency, the adoption of IoT technologies, the integration of voice control, the growing middle class population, government support for the technology sector, and favorable macroeconomic factors. As these trends continue to evolve, the market is expected to expand further, providing new opportunities for companies in the Control & Connectivity industry.

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.