Smart Home - South America

South America

The South American Smart Home market is anticipated to witness significant growth in the coming years.
According to projections, the market's revenue is expected to reach US$3.1bn by 2024.
Furthermore, the market is estimated to exhibit a steady compound annual growth rate (CAGR) of 10.97% from 2024 to 2028, resulting in a projected market volume of US$4.6bn by 2028.
In terms of household adoption, the number of active Smart Home market households in South America is expected to reach [users_currentlayer_yearend] by 2028, indicating a promising market potential.
The household penetration rate, which measures the percentage of households with Smart Home market technology, is projected to grow from 11.6% in 2024 to 21.4% by 2028.
On average, each installed Smart Home market in South America is estimated to generate US$198.50 in revenue.
This figure underscores the potential profitability of the market.
When comparing global Smart Home markets, it is evident that United States leads the pack in terms of revenue generation.
In 2024 alone, United States is expected to generate a staggering US$38,800.0m in revenue, solidifying its position as a key player in the industry.
In Brazil, the smart home market is rapidly growing, driven by increasing consumer demand for energy efficiency and convenience.

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.