Control & Connectivity - Saudi Arabia

Saudi Arabia

Revenue in the Control & Connectivity market is projected to reach €79.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.55%, resulting in a projected market volume of €149.3m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 1.5m users by 2029.
Household penetration will be 10.8% in 2024 and is expected to hit 22.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €116.30.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Control & Connectivity market in Saudi Arabia is experiencing significant growth and development. Customer preferences in the Control & Connectivity market in Saudi Arabia are shifting towards more advanced and connected technologies.

Consumers are increasingly seeking products and services that offer seamless connectivity and control over various devices and systems. This includes smart home automation systems, connected cars, and remote monitoring and control solutions. The demand for these products and services is being driven by the convenience and efficiency they offer, as well as the desire for a more connected and integrated lifestyle.

Trends in the market include the adoption of Internet of Things (IoT) technologies, which enable devices and systems to communicate and interact with each other. This is driving the development of smart homes and smart cities in Saudi Arabia, where various devices and systems are interconnected and can be controlled remotely. Additionally, there is a growing focus on cybersecurity in the Control & Connectivity market, as the increased connectivity and data exchange also pose risks in terms of privacy and security.

Local special circumstances in Saudi Arabia are also contributing to the development of the Control & Connectivity market. The government of Saudi Arabia has launched various initiatives to promote the adoption of digital technologies and drive economic diversification. The Vision 2030 plan, for example, aims to transform Saudi Arabia into a digital hub and promote innovation and entrepreneurship in the country.

These initiatives are creating a favorable environment for the growth of the Control & Connectivity market, as they encourage investment in technology infrastructure and the development of new products and services. Underlying macroeconomic factors, such as the increasing population and urbanization in Saudi Arabia, are also driving the growth of the Control & Connectivity market. As more people move to urban areas, there is a greater need for connected and automated solutions that can enhance the quality of life and improve efficiency.

Additionally, the rising disposable income in Saudi Arabia is enabling consumers to invest in advanced technologies and services. In conclusion, the Control & Connectivity market in Saudi Arabia is experiencing significant growth and development due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for connected and automated solutions, the adoption of IoT technologies, government initiatives, and favorable macroeconomic conditions are all contributing to the growth of the market.

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 category. 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 innovative products 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 once a year, in case market dynamics change we do more frequent updates.