Smart Home - GCC

  • GCC
  • The Smart Home market in GCC is projected to see a significant growth in revenue, reaching a staggering US$754.9m in 2024.
  • This upward trend is expected to continue with an annual growth rate (CAGR 2024-2028) of 11.36%.
  • By 2028, the market volume is projected to reach an impressive US$1,161.0m.
  • The number of active households in the Smart Home market is also set to increase, reaching [users_currentlayer_yearend] by 2028.
  • This indicates a growing adoption of smart home technologies among households in GCC.
  • Household penetration, which refers to the percentage of households that have adopted smart home technologies, is expected to rise from 18.4% in 2024 to 27.8% by 2028.
  • This demonstrates the increasing popularity and acceptance of smart home devices in the region.
  • Currently, the average revenue per installed Smart Home market is estimated to be US$391.60.
  • This figure represents the average amount of revenue generated by each smart home installation in GCC.
  • In a global comparison, it is noteworthy that United States leads in terms of revenue generation, with an impressive US$38,800.0m in 2024.
  • This indicates the dominance of the US market in the global Smart Home market industry.
  • The GCC is experiencing a surge in demand for smart home devices, driven by the region's increasing focus on energy efficiency and convenience.

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

 
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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.

Overview

  • Revenue
  • Smart Homes
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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