Smart Home - Sri Lanka

  • Sri Lanka
  • Revenue in the Smart Home market is projected to reach US$133.1m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.81%, resulting in a projected market volume of US$222.4m by 2029.
  • Household penetration will be 48.0% in 2024 and is expected to hit 58.7% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$37.22.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Sri Lanka is experiencing a gradual but steady growth in recent years.

Customer preferences:
Customers in Sri Lanka are increasingly leaning towards smart home devices that offer convenience, security, and energy efficiency. The demand for smart lighting, smart security systems, and smart appliances is on the rise as consumers seek to modernize their homes and streamline daily tasks.

Trends in the market:
One notable trend in the Sri Lankan Smart Home market is the increasing adoption of voice-controlled smart devices. This trend aligns with global preferences for hands-free technology and seamless connectivity. Additionally, the integration of artificial intelligence and machine learning in smart home devices is gaining traction, providing users with personalized experiences and advanced automation capabilities.

Local special circumstances:
In Sri Lanka, the Smart Home market is influenced by the country's rapid urbanization and growing middle-class population. As more households move towards urban areas and experience an improvement in disposable income, the demand for smart home solutions is expected to escalate. Furthermore, the emphasis on home security and energy conservation due to safety concerns and rising utility costs is driving the adoption of smart home technologies in the local market.

Underlying macroeconomic factors:
The economic stability and increasing digital literacy in Sri Lanka are key macroeconomic factors contributing to the growth of the Smart Home market. As the country continues to develop its infrastructure and technology ecosystem, the accessibility and affordability of smart home devices are likely to improve, further fueling market expansion. Additionally, government initiatives promoting digitalization and sustainable living are creating a conducive environment for the Smart Home industry to thrive in Sri Lanka.

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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