Control & Connectivity - Armenia

Armenia

Revenue in the Control & Connectivity market is projected to reach US$4.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.20%, resulting in a projected market volume of US$5.9m by 2028.
In the Control & Connectivity market, the number of active households is expected to amount to 97.8k users by 2028.
Household penetration will be 5.5% in 2024 and is expected to hit 9.2% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$83.15.

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Analyst Opinion

The Control & Connectivity market in Armenia has been experiencing significant growth in recent years.

Customer preferences: Armenian customers have shown a strong preference for advanced control and connectivity solutions. They are increasingly seeking products that offer seamless integration and enhanced functionality. With the rapid advancements in technology, customers are demanding more intelligent and intuitive control systems that can be easily operated and monitored remotely. This has led to a rise in the adoption of smart home automation systems and connected devices in Armenia.

Trends in the market: One of the key trends in the Control & Connectivity market in Armenia is the increasing demand for home automation systems. Homeowners are looking for solutions that can automate various aspects of their homes, such as lighting, heating, security, and entertainment. This trend is driven by the convenience and energy efficiency that automation offers. Additionally, the growing awareness of the benefits of smart homes, such as increased security and comfort, has also contributed to the rise in demand for home automation systems. Another trend in the market is the integration of control and connectivity solutions in commercial buildings. Businesses in Armenia are recognizing the importance of efficient control systems to optimize their operations and reduce costs. This includes the integration of building management systems, access control systems, and energy management systems. The demand for these solutions is driven by the need for better control, security, and energy efficiency in commercial buildings.

Local special circumstances: Armenia has a growing tech-savvy population and a strong IT sector, which has played a significant role in driving the growth of the Control & Connectivity market. The country has a high level of internet penetration and a well-developed telecommunications infrastructure, which provides a solid foundation for the adoption of control and connectivity solutions. Additionally, the government of Armenia has been actively promoting the development of the IT sector, which has created a favorable environment for the growth of the Control & Connectivity market.

Underlying macroeconomic factors: The growing economy of Armenia has also contributed to the development of the Control & Connectivity market. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, consumers are more willing to invest in control and connectivity solutions that offer convenience, comfort, and energy savings. Furthermore, the government of Armenia has implemented various initiatives to promote the adoption of advanced technologies, including control and connectivity solutions. This includes providing incentives for businesses to invest in technology and offering support for research and development in the IT sector. These initiatives have created a favorable business environment for companies operating in the Control & Connectivity market and have contributed to its growth in Armenia. In conclusion, the Control & Connectivity market in Armenia is experiencing significant growth due to customer preferences for advanced control and connectivity solutions, the increasing demand for home automation systems, the integration of control and connectivity solutions in commercial buildings, the country's tech-savvy population and well-developed IT sector, and the favorable macroeconomic factors, including the growing economy and government initiatives to promote technology adoption.

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.