Control & Connectivity - Colombia

Colombia

Revenue in the Control & Connectivity market is projected to reach US$71.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 13.68%, resulting in a projected market volume of US$119.6m by 2028.
In the Control & Connectivity market, the number of active households is expected to amount to 2.0m users by 2028.
Household penetration will be 4.5% in 2024 and is expected to hit 12.0% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$102.70.

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Analyst Opinion

The Control & Connectivity market in Colombia is experiencing significant growth and development.

Customer preferences: Colombian customers are increasingly demanding products and services that enhance their connectivity and control over various devices and systems. With the rising adoption of smart home technology and the increasing need for efficient and secure data connectivity, there is a growing demand for control and connectivity solutions in the country. Customers are looking for products that offer seamless integration, remote access, and advanced control features to enhance their overall user experience.

Trends in the market: One of the key trends in the Control & Connectivity market in Colombia is the increasing adoption of Internet of Things (IoT) technology. The IoT ecosystem is expanding rapidly, with more devices and systems becoming interconnected. This trend is driving the demand for control and connectivity solutions that enable seamless integration and communication between different devices and systems. As a result, companies in the market are focusing on developing innovative IoT solutions to meet the growing demand. Another trend in the market is the rising popularity of smart home technology. Colombian consumers are increasingly embracing smart home devices such as smart thermostats, lighting systems, security systems, and entertainment systems. These devices require control and connectivity solutions to enable users to remotely control and monitor their homes. As a result, companies in the market are developing advanced control and connectivity solutions specifically designed for smart home applications.

Local special circumstances: Colombia has a rapidly growing middle class, which is driving the demand for consumer electronics and smart home devices. As more households in the country adopt smart home technology, the demand for control and connectivity solutions is expected to increase significantly. Additionally, the government of Colombia has been actively promoting the adoption of digital technologies and smart city initiatives, which is further driving the demand for control and connectivity solutions.

Underlying macroeconomic factors: Colombia has experienced steady economic growth in recent years, which has contributed to the growth of the consumer electronics market. As the economy continues to grow, consumers have more disposable income to spend on technology products and services, including control and connectivity solutions. Furthermore, the Colombian government has implemented policies to attract foreign investment and promote technological innovation, which has created a favorable business environment for companies operating in the Control & Connectivity 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.