Smart Home - Iraq

  • Iraq
  • Revenue in the Smart Home market is projected to reach US$45.0m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.28%, resulting in a projected market volume of US$84.0m by 2029.
  • Household penetration will be 73.1% in 2024 and is expected to hit 81.5% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$6.07.
  • 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 Iraq is experiencing a significant growth trajectory driven by various factors shaping consumer behavior and market dynamics.

Customer preferences:
In Iraq, customers are increasingly seeking smart home solutions that offer convenience, security, and energy efficiency. With the rise of urbanization and a growing middle-class population, there is a greater demand for connected devices that can streamline daily tasks and enhance overall quality of life. Consumers in Iraq are showing a preference for smart home products that can be easily integrated into their existing homes without extensive renovations.

Trends in the market:
One notable trend in the Iraqi Smart Home market is the adoption of smart security systems. As concerns about safety and security continue to be a top priority for consumers, there is a growing interest in smart cameras, doorbell cameras, and monitoring systems that can be remotely accessed and controlled. Additionally, smart lighting solutions are gaining popularity as they offer energy savings and customization options to users. The trend towards creating interconnected smart home ecosystems is also on the rise, with consumers looking for seamless integration between different devices and platforms.

Local special circumstances:
Iraq's unique geopolitical landscape and infrastructure challenges play a role in shaping the Smart Home market in the country. The legacy of past conflicts and security concerns have led to a greater emphasis on home security solutions among consumers. Additionally, the irregularities in the power supply infrastructure have prompted a demand for smart energy management systems that can optimize electricity usage and reduce costs.

Underlying macroeconomic factors:
The economic landscape in Iraq, characterized by a young population and increasing disposable income levels, is contributing to the growth of the Smart Home market. As more households have access to smartphones and high-speed internet connectivity, the foundation for smart home adoption is being laid. Furthermore, government initiatives to improve technology infrastructure and digital connectivity are creating an enabling environment for the expansion of the Smart Home market in Iraq.

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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