The Latin America, Middle East and Africa Smart Home Devices Market would witness market growth of 21.6% CAGR during the forecast period (2023-2030).
Rising concerns about home security and safety have prompted consumers to invest in smart home security systems, including cameras, motion sensors, doorbell cameras, and smart locks. These devices offer real-time monitoring, alerts, and remote access, providing homeowners peace of mind and enhanced protection against burglary, vandalism, and unauthorized access.
Additionally, growing awareness of environmental issues and the importance of energy conservation has driven demand for it to promote sustainability and energy efficiency. Smart thermostats, lighting controls, and energy monitoring systems enable users to reduce energy consumption, lower utility bills, and minimize their carbon footprint.
According to the International Trade Administration (ITA), Ministry of Communications and Information Technology of Saudi Arabia aims to establish a robust and cutting-edge digital architecture that supports Vision 2030’s goal of digital transformation through e-commerce, digital education, digital health, smart cities, national data, and e-government. Also, Saudi Arabia is currently building several smart cities (including NEOM, Red Sea, Qiddiya, Waad Alshamal, and SPARK), and aims to be the most connected and digitized nation by 2030. Therefore, the increasing development of smart cities in the region is propelling the growth of the market.
The Brazil market dominated the LAMEA Smart Home Devices Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10,451.3 Million by 2030.The Argentina market would register a CAGR of 22.3% during (2023 - 2030). Additionally, The UAE market is showcasing a CAGR of 21.2% during (2023 - 2030).
Free Valuable Insights: The Worldwide Smart Home Devices Market is Projected to reach USD 399.5 Billion by 2030, at a CAGR of 19.2%
Based on Component, the market is segmented into Solutions, and Services. Based on Type, the market is segmented into Lighting Control, Security & Access Control, Home Appliances, Entertainment & Other Controls, Smart Kitchen, HVAC Control, Smart Furniture, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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