More investors flock to smart-home market
HCM CITY — The smart-home market is attracting much interest from foreign and local companies due to its enormous potential, with experts estimating it to grow into a behemoth worth millions of dollars.
According to a report by Statista, the German company providing market and consumer data, this year the market is expected to be worth US$184 million.
The revenue is expected to show an annual growth rate of 25.01 per cent, resulting in a projected market volume of $449 million by 2025.
The average revenue per smart home currently is expected at around US$77.56.
The market is expected to grow to US$330 million in 2022, cybersecurity firm BKAV estimated.
BKAV was quoted by Investment Review as saying 500,000 households were equipped with smart-home systems by 2018.
Experts said smartphones and the internet, especially 5G technology, have becoming more and more popular among Vietnamese consumers, and increasing incomes have encouraged middle-class consumers to opt for smart-home technologies.
K. M. Leong, general manager for Southeast Asia of Xiaomi International told Viet Nam News: “Việt Nam is definitely a promising and dynamic market in the region and the smart-home and IoT landscape is certainly growing.
“As smart homes become more popular it encourages major developers to use smart technology. Amid the technology 4.0 trend, we think the time has certainly come for this industry.”
The Government’s development directions on Industry 4.0 directly enable the advancement of technology through a number of platforms such as smartphones and common apps such as wallets, health trackers, translation, and maps.
“Support from the Government will also open up a lot of opportunities for the market and companies and enable consumers to experience smart living.”
According to Leong, Việt Nam leads the world in the growth of smartphone traffic and number of millennials, and the latter’s growing tech-savviness will boost user preference for technology.
Seeing the potential, many major domestic and foreign players like Schneider, Hager, Legrand, Smartg4, Xiaomi, WattStopper, TIS Smart Home and Crestron, My Home, Kawa, Broadlink, Bluetech, Bkav Smart Home, LumiAcis Việt Nam, E-smart Home, and Gamma have flocked to the market.
A Bkav spokesperson was quoted by Vietnam Investment Review as saying the smart-home market would soon boom.
A VNPT representative agreed, saying the market has great potential and is huge with millions of clients.
Many companies have launched a slew of new products.
VNPT Technology has launched the ONE Home solution.
Xiaomi has continued to strengthen connectivity across devices on its AIoT platform.
It plans to invest further to create betterstrengthen connectivity between devices on AIoT. — VNS
Related News
Coconut is expected to become a billion-dollar export item
16:40 | 01/11/2024 Import-Export
Plastic exporters interested in converting to recycling technology
16:36 | 01/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Latest News
EU partners no longer 'lenient', Vietnam must adapt through ESG policies
09:02 | 05/11/2024 Import-Export
Changes in Canada's trade defense laws
09:00 | 05/11/2024 Import-Export
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
More News
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
17:29 | 03/11/2024 Import-Export
Vietnam and UAE trade sees billion-dollar growth
07:15 | 03/11/2024 Import-Export
Sharing responsibility for ensuring security and safety of the supply chain
07:13 | 03/11/2024 Import-Export
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Your care
EU partners no longer 'lenient', Vietnam must adapt through ESG policies
09:02 | 05/11/2024 Import-Export
Changes in Canada's trade defense laws
09:00 | 05/11/2024 Import-Export
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export