Smart Home - Israel

  • Israel
  • Revenue in the Smart Home market is projected to reach US$182.6m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.98%, resulting in a projected market volume of US$321.5m by 2029.
  • Household penetration will be 63.6% in 2024 and is expected to hit 78.9% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$67.06.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

Smart Home technology in Israel is rapidly gaining popularity among consumers, driven by a combination of factors unique to the region.

Customer preferences:
Consumers in Israel are increasingly seeking convenience, security, and energy efficiency in their homes, which aligns with the global trend towards smart home technology. The desire for greater control over household devices and the ability to monitor them remotely is fueling the demand for smart home solutions.

Trends in the market:
One notable trend in the Israeli smart home market is the emphasis on home security and surveillance systems. With the country's geopolitical situation and security concerns, Israeli consumers prioritize technologies that enhance the safety and protection of their homes. As a result, there is a growing adoption of smart locks, cameras, and alarm systems in the market.

Local special circumstances:
Israel's strong technology sector and culture of innovation play a significant role in the development of the smart home market. The presence of numerous tech startups and a tech-savvy population drive the creation and adoption of cutting-edge smart home solutions. Additionally, the country's high internet penetration rate and advanced infrastructure provide a solid foundation for the growth of the smart home market.

Underlying macroeconomic factors:
The growing urbanization and population density in Israel's major cities contribute to the demand for smart home technology. As more people move into urban areas, the need for efficient and connected living spaces increases, driving the adoption of smart home devices. Additionally, the government's initiatives to promote energy efficiency and sustainability also play a role in shaping the smart home market in Israel.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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