Smart Home - Sri Lanka

Sri Lanka

The Smart Home market in Sri Lanka is projected to generate a revenue of US$133.1m in 2024.
This revenue is expected to grow at an annual rate of 11.38% from 2024 to 2028, resulting in a projected market volume of US$204.8m by 2028.
Additionally, the number of active households in the Smart Home market is expected to reach [users_currentlayer_yearend] by 2028.
In terms of household penetration, it is estimated to be 5.7% in 2024 and is projected to increase to 9.5% by 2028.
Currently, the average revenue per installed Smart Home market is expected to be US$250.80 in Sri Lanka.
When compared globally, United States generates the highest revenue in the Smart Home market, with a projected revenue of US$38,800.0m in 2024.
The adoption of smart home technology in Sri Lanka is on the rise, with an increasing number of households integrating connected devices for enhanced convenience and security.

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

Market

Region

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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.