Control & Connectivity - Iceland | Statista Market Forecast

Revenue in the Control & Connectivity market is projected to reach US$1.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.61%, 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 28.5k users by 2029.
Household penetration will be 12.1% in 2024 and is expected to hit 17.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$74.66.

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 Iceland has been experiencing significant growth in recent years. Customer preferences in the market have shifted towards increased connectivity and control in various industries.

With the rise of the Internet of Things (IoT) and the need for seamless integration of devices and systems, businesses in Iceland are increasingly investing in control and connectivity solutions. This enables them to monitor and manage their operations more efficiently, leading to improved productivity and cost savings. One of the key trends in the market is the adoption of cloud-based control and connectivity solutions.

This allows businesses to access their data and systems remotely, providing them with greater flexibility and scalability. The use of cloud-based solutions also eliminates the need for on-premises infrastructure, reducing costs and streamlining operations. Another trend in the market is the growing demand for cybersecurity solutions.

As businesses become more reliant on control and connectivity technologies, they also face increased risks of cyberattacks. This has led to a greater emphasis on cybersecurity measures, such as encryption and authentication protocols, to protect sensitive data and systems. Local special circumstances in Iceland have also contributed to the growth of the Control & Connectivity market.

The country has a small population and a highly developed infrastructure, making it an ideal testing ground for new technologies and solutions. Additionally, Iceland's abundant renewable energy resources, such as geothermal and hydroelectric power, have attracted data centers and technology companies to establish a presence in the country. This has created a favorable environment for the development and adoption of control and connectivity solutions.

Underlying macroeconomic factors have also played a role in the growth of the market. Iceland has a strong economy, driven by industries such as tourism, renewable energy, and technology. This has created a favorable business environment, with companies investing in innovative solutions to stay competitive.

Furthermore, the government has been supportive of digital transformation initiatives, providing incentives and funding for businesses to adopt control and connectivity technologies. In conclusion, the Control & Connectivity market in Iceland is experiencing significant growth due to customer preferences for increased connectivity and control, the adoption of cloud-based solutions, the demand for cybersecurity measures, local special circumstances, and underlying macroeconomic factors. As businesses in Iceland continue to invest in control and connectivity solutions, 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.