Control & Connectivity - South Korea

  • South Korea
  • The projected revenue in the Control & Connectivity market in South Korea is expected to reach €1.1bn by 2024.
  • This market is also anticipated to show an annual growth rate (CAGR 2024-2028) of 11.68%, resulting in a projected market volume of €1.7bn by 2028.
  • In South Korea's Control & Connectivity market, the number of active households is expected to reach 29.5m users by 2028.
  • Furthermore, the household penetration rate is projected to increase from 36.7% in 2024 to 128.8% by 2028.
  • Currently, the average revenue per installed Smart_Home in South Korea is expected to amount to €132.30.
  • A global comparison reveals that 0 generates the highest revenue in this segment, with 0 in 2024.
  • South Korea is at the forefront of the Control & Connectivity market, with its advanced technology and strong focus on innovation.

Key regions: Norway, United Kingdom, Asia, Sweden, United States

 
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Analyst Opinion

The Control & Connectivity segment includes the essential equipment, that is part of an intelligent home network (hubs, switches, smart speakers, plugs). The segment is clearly dominated by smart speakers. With the arrival of Amazon’s Echo, the whole digital economy including the smart home market was disrupted. Competition followed and reduced Amazons market share, especially from Asia where Xiomi, Alibaba and Baidu are developing smart speaker systems. There is no doubt that smart speakers will foster growth in the market, since they are the number one entry-level product for consumers. However, we believe that not all use cases will include voice control in the future. Moreover, there will be more smart displays, such as Echo Show or Google Nest Hub.

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.

Visión general

  • Revenue
  • Analyst Opinion
  • Market Shares
  • Smart Homes
  • Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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