Monday 28 September 2020

GCC smart homes market set to hit $3.4bn by 2025

DUBAI, December 9, 2019

The market for the smart homes technology in the GCC region has witnessed substantial year-on-year growth over the last few years and is expected to increase further to hit more than $3.4 billion by the end of 2025, according to Research And Markets.

The smart home is a house which uses Internet-connected devices to monitor and control systems and appliances remotely.

The smart home market in the GCC involves smart speakers, lighting, smoke alarms, thermostats, humidifiers, monitoring/security, wireless doorbells, and video entertainment products.

Smart home technology is also referred as home automation, since it provides owners comfort, convenience, security, and energy efficiency in the management of smart devices, often by a smart home app on their smartphone or another connected device.

With the advent of high-speed internet and increasing consumer awareness regarding connected devices is among the major factors predicted to offer a fillip to the GCC countries smart home market.

In the region, the top players are Saudi Arabia, the UAE and Qatar, which together have a significant market share in GCC countries.

On the Saudi scenario, the report said the smart home security market was booming as the Ministry of Interior in Saudi Arabia had made it compulsory for all businesses to have surveillance cameras installed in their premises to protect against theft related crimes.

With the increasing digitalisation and internet connectivity across the GCC countries, the smart home market is gaining traction. Using the internet of things (IoT) technology, the smart home utilises automation and simplifies one's home environments to a greater extent, it added.

The smart homes market in the UAE is poised for solid growth in the coming years and is set to expand at a CAGR (compound annual growth rate) of 14.8 per cent, stated the report.

According to the report, the urban populations across the GCC countries extensively show their inclination towards home automation as this novel technology offers ease of living and saves energy.
Increasing adoption, declining price trends of sensors and processors, the rising disposable income of people and the ever need for improving home security are among other factors expected to drive the growth of GCC countries smart home market over the forecast period, it added.-TradeArabia News Service


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