Smart Home - Sierra Leone

Sierra Leone

Sierra Leone is projected to experience a significant growth in the Smart Home market.
By 2024, the revenue in this market is expected to reach US$2,553.0k.
Looking ahead, the market is projected to show an annual growth rate of 14.33% from 2024 to 2028, resulting in a market volume of US$4,362.0k by the end of that period.
The number of active households in Sierra Leone is also expected to increase, reaching [users_currentlayer_yearend] by 2028.
In terms of household penetration, in Sierra Leone is projected to have a penetration rate of 1.5% in 2024, which is expected to rise to 2.6% by 2028.
This indicates that an increasing number of households in Sierra Leone will adopt Smart Home market technology over the next few years.
Currently, the average revenue per installed Smart Home market in Sierra Leone is expected to be US$115.80.
This figure represents the average revenue generated by each Smart Home market installation in the country.
When comparing global revenue, it is evident that United States generates the most revenue in the Smart Home market.
In 2024, the revenue generated United States is projected to be US$38,800.0m.
This highlights the dominance of the United States in the global Smart Home market.
Sierra Leone's smart home market is rapidly growing, driven by increasing urbanization and a rising middle class.

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

Market

Region

Region comparison

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.