Control & Connectivity - Malaysia

Malaysia

Revenue in the Control & Connectivity market is projected to reach US$47.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 16.00%, resulting in a projected market volume of US$86.2m by 2028.
In the Control & Connectivity market, the number of active households is expected to amount to 0.8m users by 2028.
Household penetration will be 4.7% 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$122.20.

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Analyst Opinion

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

Customer preferences: Customers in Malaysia have shown a strong preference for advanced control and connectivity solutions. This can be attributed to the increasing adoption of smart devices and the growing need for seamless connectivity across various platforms. Additionally, customers are increasingly seeking solutions that offer enhanced security and privacy features, as well as improved user experience.

Trends in the market: One of the key trends in the Control & Connectivity market in Malaysia is the rising demand for Internet of Things (IoT) devices. The increasing number of connected devices, such as smart home appliances and wearable devices, has fueled the need for robust control and connectivity solutions. This trend is expected to continue as more industries and sectors embrace IoT technologies. Another trend in the market is the growing popularity of cloud-based control and connectivity solutions. Cloud computing offers several advantages, including scalability, flexibility, and cost-efficiency. As a result, many businesses in Malaysia are adopting cloud-based solutions to streamline their operations and improve efficiency.

Local special circumstances: Malaysia's strategic location in Southeast Asia and its strong digital infrastructure make it an attractive market for control and connectivity solutions. The government has also been actively promoting the adoption of digital technologies, which has further accelerated the growth of the market. Additionally, the increasing number of tech-savvy consumers in the country has created a favorable environment for the development of innovative control and connectivity solutions.

Underlying macroeconomic factors: The strong economic growth in Malaysia has contributed to the expansion of the Control & Connectivity market. The country's robust manufacturing sector, in particular, has driven the demand for control and connectivity solutions, as manufacturers seek to improve productivity and efficiency. Furthermore, the government's focus on digital transformation and the development of a digital economy has provided a supportive environment for the growth of the market. In conclusion, the Control & Connectivity market in Malaysia is witnessing significant growth due to customer preferences for advanced solutions, such as IoT devices and cloud-based solutions. The country's favorable business environment and strong digital infrastructure have also contributed to the market's development. With the ongoing digital transformation initiatives and the increasing adoption of smart technologies, the market is expected to continue its upward trajectory in the coming years.

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.