Control & Connectivity - Puerto Rico

Revenue in the Control & Connectivity market is projected to reach US$72.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.03%, resulting in a projected market volume of US$102.3m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 676.6k users by 2029.
Household penetration will be 48.8% in 2024 and is expected to hit 82.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$181.30.

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 Puerto Rico is experiencing significant growth and development. Customer preferences in the Control & Connectivity market in Puerto Rico are driven by the increasing demand for advanced technology and connectivity solutions.

Customers in Puerto Rico are looking for reliable and efficient control and connectivity solutions to enhance their daily lives and improve their business operations. They prioritize products and services that offer seamless integration, high-speed connectivity, and easy-to-use interfaces. Additionally, customers in Puerto Rico are becoming more conscious of energy consumption and are seeking control and connectivity solutions that are energy-efficient and environmentally friendly.

The trends in the Control & Connectivity market in Puerto Rico are closely aligned with global market trends. One major trend is the rapid adoption of Internet of Things (IoT) devices and solutions. Puerto Rico is witnessing a surge in the number of connected devices, ranging from smart home appliances to industrial machinery.

This trend is driving the demand for control and connectivity solutions that can seamlessly connect and manage these devices. Another trend is the increasing focus on cybersecurity. As more devices and systems become interconnected, the need for robust cybersecurity measures becomes crucial.

Customers in Puerto Rico are prioritizing control and connectivity solutions that offer strong security features to protect their data and privacy. In addition to global trends, there are also local special circumstances that influence the Control & Connectivity market in Puerto Rico. One of these circumstances is the island's vulnerability to natural disasters, such as hurricanes.

Puerto Rico has experienced several devastating hurricanes in recent years, which have highlighted the importance of resilient and reliable control and connectivity infrastructure. As a result, there is a growing demand for control and connectivity solutions that can withstand extreme weather conditions and ensure uninterrupted connectivity during emergencies. Underlying macroeconomic factors also play a role in the development of the Control & Connectivity market in Puerto Rico.

The island's economy is gradually recovering from the impact of the 2017 Hurricane Maria and the ongoing COVID-19 pandemic. As the economy strengthens, businesses and individuals are investing in control and connectivity solutions to support their operations and improve their quality of life. Additionally, government initiatives and incentives aimed at promoting digital transformation and technological innovation are further driving the growth of the Control & Connectivity market in Puerto Rico.

In conclusion, the Control & Connectivity market in Puerto Rico is experiencing significant growth and development. Customer preferences are driven by the demand for advanced technology and connectivity solutions, while trends in the market align with global market trends such as the adoption of IoT devices and cybersecurity measures. Local special circumstances, such as the vulnerability to natural disasters, and underlying macroeconomic factors, including the recovering economy and government initiatives, also contribute to the market's growth.

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.