Market Size of ASEAN Smart Homes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 21.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Smart Homes Market Analysis
The ASEAN Smart Homes market is expected to register a CAGR of approximately 21% over the forecast period (2021 - 2026). The smart home landscape is witnessing growth, led by the new generation of smart home gadgets such as smart speakers, connected light bulbs, smart locks, etc.
- Covid-19 has further enhanced the demand for home automation due to the growing remote working and work from home scenarios. Several cities in South East Asia witnessed effective implementation channels of nationwide economic relief packages. As large-scale social assistance programs take time to design and deliver, cities equipped with better digital infrastructure were found to be relatively efficient in the targeted delivery of relief to intended beneficiaries.
- Further, several solution providers viewed an increase in revenues owing to the growing demand for smart home products triggered by the pandemic. In May 2020, MMX Malaysia, a local kitchen appliance brand, reported that its sales quadrupled during the COVID-19. The major demand was coming from Cookware and Cooktops products.
- Also, expansion activities of several market incumbents is another major factor driving the growth of the smart homes market. The smart home ecosystem is experiencing rapid expansion, represented by Amazon's acquisition of Ring, a maker of internet-connected doorbells and cameras, for an estimated USD 1 billion.
- The emergence of smart homes has increased the prominence of video surveillance systems in the residential segment in the past few years. The surveillance systems implemented in this sector have varied applications, such as monitoring and access control. These systems are also equipped with features, such as motion detection and night vision.
