Smart Home - Cyprus

Cyprus

Revenue in the Smart Home market is projected to reach US$8.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 14.77%, resulting in a projected market volume of US$14.8m by 2028.
Household penetration will be 6.9% in 2024 and is expected to hit 11.7% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$331.40.
A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).

Definition:

The Smart Home market constitutes the sale of networked devices and related services that enable home automation for private end users (B2C). Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring, and regulation of functions in a private household.

The remote control and monitoring of individual devices and, if applicable, their direct communication with one another (Internet of Things), is an essential component of intelligent home automation.

Devices whose primary function is not the automation or remote control of household equipment, e.g., smartphones and tablets, are not included here. Similarly, devices that relate to household connection and remote control only to a limited extent, such as smart TVs, are not included either.

Structure:

Smart Home is segmented into six main markets:

The Control & Connectivity market includes the essential equipment (connected and remote-control devices) and services that are part of an intelligent home network. The segment includes smart speakers (Amazon Echo, Google Home, etc.), central control and communication units (hub/gateway), programmable control buttons (e.g. wall switches and adjustable dials), and smart plugs for the control of non-smart devices.
The Security market includes the sale of devices for networked access control and management for buildings and premises. This includes surveillance products (e.g. security cameras, motion sensors, programmable and remote control door locks) as well as equipment for risk monitoring (connected smoke detectors and humidity sensors).
Home Entertainment comprises the sale of products and services for multi-room entertainment (e.g. sound systems) as well as connected remote controls and streaming devices (e.g. Amazon Fire TV stick, Google Chromecast). General, freely programmable buttons and switches (see Control & Connectivity) or light bulbs for different lighting scenarios (see Comfort & Lighting) are not included. Smart TVs are also not considered here because their functions are, in most cases, not directly controlled via the Internet but networking is primarily used for the retrieval of media content.
The Energy Management market covers the sale of products and services for the control and reduction of energy consumption (e.g. automated heating control and timers) as well as connected sensors (e.g. temperature, sunlight, and precipitation sensors). Networked light bulbs (see Comfort & Lighting) and smart sockets/plugs (see Control & Connectivity) are not included. Unlike in previous releases, smart plugs are no longer part of this segment but can now be found in the Control & Connectivity segment. Smart Meters are not part of our Smart Home market.
Smart Appliances includes connected versions of all kinds of household appliances. This includes large appliances (fridges, washing machines, ovens etc.) as well as small appliances (microwaves, coffee machines, vacuum and mowing robots etc.), provided they are connected to the internet. An indirect connection via a local network is also possible, as long as the remote access and control of the respective appliances via the connection is given.
Comfort & Lighting includes devices for the improvement of the living atmosphere. These are devices such as sensors and actuators (e.g. door and window sensors, shutters) as well as connected and remote controllable light sources (smart bulbs) or garage door controls.
Programmable or controllable power sockets are not included (see Control & Connectivity).

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Samsung, LG, Amazon, Google, Ring, and Bosch, renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

Amidst the increasing demand for smart home technology globally, Cyprus is also witnessing a surge in the adoption of such innovative solutions.

Customer preferences: Customers in Cyprus are showing a growing interest in smart home devices that offer convenience, energy efficiency, and enhanced security. The preference for interconnected systems that can be controlled remotely via smartphones or voice assistants is on the rise. Additionally, there is a notable inclination towards smart devices that can help in managing household chores and improving overall quality of life.

Trends in the market: One of the prominent trends in the smart home market in Cyprus is the integration of artificial intelligence and machine learning capabilities into devices. This allows for personalized automation and predictive functionality, catering to the specific needs and routines of users. Moreover, the emphasis on sustainability and eco-friendliness is driving the adoption of energy-efficient smart home solutions in the country. From smart thermostats to lighting systems, there is a growing trend towards eco-conscious choices in Cyprus.

Local special circumstances: Cyprus's geographical location and climate play a significant role in shaping the smart home market trends in the country. The warm Mediterranean weather encourages the use of smart climate control systems to maintain optimal indoor temperatures efficiently. Additionally, the island nation's focus on tourism and hospitality sector also influences the adoption of smart home technologies, especially in rental properties and vacation homes. The need for remote monitoring and management of such properties aligns well with the capabilities offered by smart home devices.

Underlying macroeconomic factors: The economic stability and increasing disposable income levels in Cyprus are contributing to the growth of the smart home market. As more households have the purchasing power to invest in smart technologies, the market is experiencing a steady expansion. Furthermore, government initiatives promoting energy efficiency and sustainable living are creating a favorable environment for the adoption of smart home solutions in the country. The combination of economic factors and evolving consumer preferences is driving the smart home market towards a path of continuous development and innovation in Cyprus.

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.