Smart Home - Bangladesh

  • Bangladesh
  • Revenue in the Smart Home market is projected to reach US$476.6m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.39%, resulting in a projected market volume of US$760.5m by 2028.
  • Household penetration will be 4.8% in 2024 and is expected to hit 8.1% by 2028.
  • The average revenue per installed Smart Home currently is expected to amount to US$254.60.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Bangladesh is witnessing a steady growth trajectory driven by increasing consumer awareness and adoption of smart technologies in households.

Customer preferences:
Bangladeshi consumers are increasingly seeking convenience, efficiency, and energy savings in their daily lives, which has led to a growing interest in smart home solutions. The convenience of controlling home appliances remotely via smartphones and voice assistants is particularly appealing to tech-savvy individuals and young urban professionals.

Trends in the market:
In Bangladesh, the Smart Home market is experiencing a surge in demand for smart lighting, security systems, and energy management solutions. With rising concerns about home security and the need for efficient energy usage, smart cameras, smart locks, and smart thermostats are becoming popular among homeowners. Additionally, the integration of artificial intelligence and Internet of Things (IoT) technology in smart home devices is enhancing the overall user experience and driving market growth.

Local special circumstances:
Bangladesh's rapid urbanization and increasing disposable income levels are contributing to the growth of the Smart Home market. As more people migrate to urban areas and adopt modern lifestyles, the demand for smart home solutions is expected to rise further. Moreover, the government's focus on digitalization and smart city initiatives is creating a conducive environment for the expansion of the smart home industry in the country.

Underlying macroeconomic factors:
The improving economic conditions in Bangladesh, coupled with a growing middle-class population, are fueling the demand for smart home products and services. As disposable incomes rise and technology becomes more affordable, more consumers are likely to invest in smart home solutions to enhance their quality of life. Additionally, the availability of high-speed internet connectivity and the proliferation of smartphones are facilitating the adoption of smart home technologies across the country.

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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