Smart Home - Gambia

Gambia

The Smart Home market in Gambia is projected to reach a revenue of US$1,032.0k in 2024.
Analysts expect the market to grow steadily with an annual growth rate (CAGR 2024-2028) of 12.46%.
This would result in a projected market volume of US$1,651.0k by 2028.
In terms of household adoption, it is expected that the number of active households in Gambia will reach [users_currentlayer_yearend] by 2028.
The household penetration rate, which measures the percentage of households with Smart Home market devices, is projected to increase from 2.0% in 2024 to 3.3% by 2028.
Currently, the average revenue per installed Smart Home market in Gambia is estimated to be US$117.30.
This indicates the average amount of revenue generated per Smart Home market installation.
When comparing global markets, United States leads in terms of revenue generation in the Smart Home market, with US$38,800.0m in 2024.
This showcases the dominance of the US market in this industry.
In Gambia, the smart home market is seeing a rise in demand for energy-efficient devices to combat high electricity costs.

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.