Smart Home - Kenya

  • Kenya
  • Revenue in the Smart Home market is projected to reach €51.1m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.53%, resulting in a projected market volume of €77.0m by 2029.
  • Household penetration will be 47.8% in 2024 and is expected to hit 68.4% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to €6.39.
  • A global comparison reveals that most revenue is generated United States (€35,610.0m in 2024).
 
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Analyst Opinion

Smart home technology in Kenya is rapidly gaining popularity among consumers, with an increasing number of households opting for automated solutions to enhance convenience and efficiency in their daily lives.

Customer preferences:
Consumers in Kenya are showing a growing preference for smart home devices that offer energy efficiency, security, and convenience. This trend is in line with global preferences, where individuals are increasingly seeking ways to streamline their daily tasks and reduce energy consumption through smart technology.

Trends in the market:
One notable trend in the Kenyan smart home market is the adoption of affordable and user-friendly smart devices. As technology becomes more accessible and affordable, more households in Kenya are investing in smart solutions such as smart lighting, thermostats, and security systems. This trend is driven by the desire for modernization and the convenience that smart technology offers.

Local special circumstances:
Kenya's smart home market is also influenced by local factors such as infrastructure development and urbanization. As urban centers in Kenya continue to grow, there is an increased demand for smart home solutions that can enhance security and energy efficiency in high-density areas. Additionally, the country's focus on sustainable development is driving the adoption of smart devices that promote energy conservation and environmental sustainability.

Underlying macroeconomic factors:
The growing middle-class population in Kenya, coupled with increasing internet penetration and smartphone adoption, is fueling the demand for smart home technology. As disposable incomes rise and technology becomes more accessible, more Kenyan consumers are willing to invest in smart devices to improve their quality of life. Furthermore, government initiatives to promote digital innovation and smart city development are creating a conducive environment for the growth of the smart home market in Kenya.

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.

Vue d’ensemble

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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