Smarthome market revenue to hit US$453 million by 2026
The revenue of Vietnam’s smarthome market is expected to reach nearly US$240 million this year and US$453 million by 2026.
The information was revealed in the Vietnam Smarthome Report 2022, which was launched at a workshop on Internet of Things (IoT)/Smarthome in Vietnam held in Hanoi on April 27.
According to the survey, conducted by Lumi Vietnam Joint Stock Company in Hanoi, Da Nang and Ho Chi Minh City, 80.5% of respondents understand the concept of “smart home” and only 10.9% use it.
Nguyen Tuan Anh, Chairman of the company, the smarthome market in Vietnam is thriving, with an expected growth of 30%.
The competition in providing smarthome solutions and equipment will become stronger among Vietnamese IT companies as well as between Vietnamese enterprises and those from Europe, the US and China, he noted.
With such advantages as convenience, safety and time saving, smarthome has been chosen by 77.2% of men and 22.8% of women who participated in the survey, Anh said.
About 38% of people whose income ranges from VND30-50 million (US$1,300-2,170) and about 12.5% of those with income of below VND20 million (US$870) select smarthome solutions.
He also pointed out some barriers to the sector, including incompatibility of smart devices, difficulties in using, and no instruction in Vietnamese available.
The Vietnam Smarthome Report 2022 is the first in-depth report on the country’s smarthome market based on a survey of 1,000 people nationwide.