Control & Connectivity - Montenegro

Montenegro

The projected revenue in Montenegro's Control & Connectivity market is set to reach US$245.6k in 2024.
Over the following five years (2024-2028), the market is expected to grow at an annual rate of 6.43%, resulting in a projected market volume of US$315.1k by 2028.
Within the Control & Connectivity market, the number of active households is expected to reach 11.5k users by 2028.
The household penetration rate, which currently stands at 3.1% in 2024, is projected to increase to 5.3% by 2028.
The average revenue per installed Smart_Home in Montenegro is expected to be US$38.38.
When compared globally, it is worth noting that 0 generates the highest revenue in the Control & Connectivity market, amounting to 0 in 2024.
Montenegro is witnessing a growing demand for control and connectivity solutions, driven by its expanding tourism industry and increasing investment in infrastructure.

Key regions: Norway, United Kingdom, Asia, Sweden, United States

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Analyst Opinion

The Control & Connectivity segment includes the essential equipment, that is part of an intelligent home network (hubs, switches, smart speakers, plugs). The segment is clearly dominated by smart speakers. With the arrival of Amazon’s Echo, the whole digital economy including the smart home market was disrupted. Competition followed and reduced Amazons market share, especially from Asia where Xiomi, Alibaba and Baidu are developing smart speaker systems. There is no doubt that smart speakers will foster growth in the market, since they are the number one entry-level product for consumers. However, we believe that not all use cases will include voice control in the future. Moreover, there will be more smart displays, such as Echo Show or Google Nest Hub.

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.