Control & Connectivity - Uruguay

Uruguay

The Control & Connectivity market in Uruguay is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$3.9m.
This upward trend is expected to continue, with an annual growth rate of 7.54% (CAGR 2024-2028), resulting in a projected market volume of US$5.2m by 2028.
Uruguay is also expected to see an increase in the number of active households in the Control & Connectivity market.
By 2028, this number is projected to reach 126.0k users.
Furthermore, household penetration in this segment is expected to rise from 4.9% in 2024 to 8.2% by 2028.
The average revenue per installed Smart_Home in Uruguay currently stands at US$54.75.
This indicates the potential for revenue growth within the market.
When comparing global revenue figures, 0 leads the pack with a substantial revenue of 0 in 2024.
This highlights the dominance of the US market in the Control & Connectivity market.
Overall, Uruguay's Control & Connectivity market is poised for growth, both in terms of revenue and market volume.
The projected figures indicate a promising future for this market segment in the country.
Uruguay's control and connectivity market is thriving due to its robust telecommunications infrastructure and government initiatives promoting digital transformation.

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.