Smart Home - Baltics

Baltics

The Smart Home market in the Baltics is projected to reach a revenue of US$329.2m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2028) of 11.35%, resulting in a projected market volume of US$506.0m by 2028.
Furthermore, the number of active households in the Smart Home market is anticipated to reach [users_currentlayer_yearend] by 2028.
In terms of household penetration, it is predicted to be 12.9% in 2024 and is forecasted to increase to 19.3% by 2028.
Currently, the average revenue per installed Smart Home market is expected to be US$0.91k.
When comparing globally, United States generates the highest revenue in the Smart Home market, amounting to US$38,800.0m in 2024.
Smart home adoption in the Baltics is on the rise, with Estonia leading the way in implementing innovative technologies for home automation.

Key regions: United States, United Kingdom, Germany, Europe, Norway

Market

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Currency

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.