Definition:
The Smart Home market constitutes the sale of networked devices and related services that enable home automation for private end users (B2C). Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring, and regulation of functions in a private household.
The remote control and monitoring of individual devices and, if applicable, their direct communication with one another (Internet of Things), is an essential component of intelligent home automation.
Devices whose primary function is not the automation or remote control of household equipment, e.g., smartphones and tablets, are not included here. Similarly, devices that relate to household connection and remote control only to a limited extent, such as smart TVs, are not included either.
Structure:
Smart Home is segmented into six main markets:
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 Samsung, LG, Amazon, Google, Ring, and Bosch, 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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
The Smart Home market in Slovakia has been steadily growing in recent years, driven by increasing consumer interest in connected devices and home automation solutions.
Customer preferences: Slovakian consumers are showing a growing interest in smart home devices that offer convenience, energy efficiency, and security. They are increasingly looking for solutions that can be integrated into their daily lives seamlessly, making tasks easier and homes more comfortable. This trend aligns with the global demand for smart home technologies that provide convenience and efficiency to users.
Trends in the market: One prominent trend in the Smart Home market in Slovakia is the adoption of smart security systems. With rising concerns about home security, more consumers are investing in smart cameras, doorbells, and locks to enhance the safety of their homes. Additionally, there is a growing interest in smart lighting and heating systems that offer energy-saving benefits and customization options. These trends reflect the broader shift towards connected living spaces and the desire for greater control over home environments.
Local special circumstances: In Slovakia, the increasing availability of affordable smart home devices and the expanding range of products on the market are driving adoption among consumers. The growing awareness of the benefits of smart home technology, coupled with the desire for modernization and convenience, is fueling the demand for these products. Additionally, the government's initiatives to promote energy efficiency and sustainability are influencing consumer choices towards smart home solutions that offer environmental benefits.
Underlying macroeconomic factors: The economic stability and increasing disposable income in Slovakia are contributing to the growth of the Smart Home market. As consumers become more affluent, they are willing to invest in technologies that enhance their quality of life and offer long-term cost savings. The competitive landscape among smart home device manufacturers and service providers is also stimulating innovation and driving down prices, making these products more accessible to a wider range of consumers.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights