Control & Connectivity - Sri Lanka

Sri Lanka

The projected revenue for the Control & Connectivity market in Sri Lanka is expected to reach US$43.5m in 2024.
This estimate is based on market analysis and trends.
Looking ahead, the market is expected to grow at an annual growth rate (CAGR 2024-2028) of 6.83%.
This growth trajectory would result in a projected market volume of US$56.7m by 2028.
In terms of household adoption, the Control & Connectivity market is expected to see an increase in the number of active households.
By 2028, it is projected that there will be approximately 731.5k users active households in Sri Lanka that are utilizing Control & Connectivity market technologies.
The household penetration rate, which measures the percentage of households using Control & Connectivity market technologies, is expected to be 4.4% in 2024.
However, it is anticipated to rise to 7.4% by 2028, indicating a growing market acceptance and adoption of these technologies among households in Sri Lanka.
On average, the revenue generated per installed Smart_Home in Sri Lanka is currently estimated to be US$105.10.
This figure represents the average amount of revenue generated from each Smart_Home installation in the country.
In a global comparison, it is noteworthy that 0 generates the highest revenue in the Control & Connectivity market.
In 2024, 0 is projected to generate revenue of 0.
This highlights the significant market size and potential 0 compared to other countries.
Overall, the Control & Connectivity market in Sri Lanka is expected to experience steady growth in terms of revenue, household adoption, and market penetration.
These projections indicate a promising future for the industry in the country.
Sri Lanka's control & connectivity market is experiencing a surge in demand for IoT solutions, driving innovation and digital transformation across industries.

Key regions: Norway, United Kingdom, Asia, Sweden, United States

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Analyst Opinion

The Control & Connectivity segment includes the essential equipment, that is part of an intelligent home network (hubs, switches, smart speakers, plugs). The segment is clearly dominated by smart speakers. With the arrival of Amazon’s Echo, the whole digital economy including the smart home market was disrupted. Competition followed and reduced Amazons market share, especially from Asia where Xiomi, Alibaba and Baidu are developing smart speaker systems. There is no doubt that smart speakers will foster growth in the market, since they are the number one entry-level product for consumers. However, we believe that not all use cases will include voice control in the future. Moreover, there will be more smart displays, such as Echo Show or Google Nest Hub.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.