Smart Home - Africa

  • Africa
  • Revenue in the Smart Home market is projected to reach US$2,397.0m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.31%, resulting in a projected market volume of US$4,095.0m by 2029.
  • Household penetration will be 39.6% in 2024 and is expected to hit 49.4% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$19.22.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The demand for smart home technology in Africa is on the rise as more households seek to enhance convenience and security through automation and connectivity.

Customer preferences:
African consumers are increasingly drawn to smart home devices that offer convenience, energy efficiency, and security. The desire for remote monitoring and control of home appliances and systems is driving the adoption of smart thermostats, lighting, and security cameras. Additionally, the growing middle-class population in Africa is willing to invest in smart home technology to showcase modernity and status.

Trends in the market:
In South Africa, the smart home market is witnessing a surge in the installation of home automation systems that offer centralized control of lighting, HVAC, and entertainment systems. This trend is fueled by the increasing availability of affordable smart devices and the desire for energy savings. In Nigeria, the demand for smart security systems is growing rapidly due to rising concerns about safety and security. Homeowners are investing in smart locks, video doorbells, and surveillance cameras to enhance home security.

Local special circumstances:
One of the key factors driving the smart home market in Africa is the rapid urbanization and the increasing penetration of smartphones and internet connectivity. As more African cities develop and expand, there is a growing need for smart solutions to manage homes efficiently. Additionally, the rising awareness of environmental issues is prompting households to adopt energy-saving smart devices to reduce their carbon footprint.

Underlying macroeconomic factors:
The economic growth and increasing disposable income in African countries are playing a significant role in the expansion of the smart home market. As more consumers have the purchasing power to invest in smart home devices, the market is experiencing steady growth. Furthermore, government initiatives to promote digitalization and smart technologies are creating a conducive environment for the adoption of smart home solutions across the continent.

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.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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