No place like a connected home
The Middle East smart homes market is expected to register a healthy growth rate in the coming years on account of favourable government initiatives towards energy efficiency and building smart cities.
Moreover, high per capita income and growing preferences for luxurious homes coupled with increasing Internet of Things (IoT) market is expected to positively influence the region's smart homes market. The market of smart homes in the Middle East includes lighting controls, HVAC controls, security and access control, entertainment controls, etc. Due to growing security concerns, the demand for security solutions is increasing in the Middle East. Moreover, with growing population, the demand for energy efficiency measures as well as residential units is increasing, which in turn is aiding the region's smart homes industry.
The UAE is one of the leading markets for smart home systems in GCC region. Although, the UAE market registered a slow growth during 2013-2015 owing to the decline in residential sector construction market coupled with the low FDI inflow. However, on account of growing awareness and increasing acceptance of automation technology, the UAE market is expected to exhibit a major deployment of smart homes systems in the country.
The UAE smart homes market is expected to grow at a CAGR of 14.8 per cent during 2016-22. Growing construction of villas in UAE has fuelled the growth of smart homes market in the country. Abu Dhabi, Al Ain and Dubai have accounted for the largest revenue share in the overall market. During the forecast period, Dubai is forecast to grow at relatively higher CAGR on the back of government initiatives to build smart city in the region.
Smart home adoption has been slow but will surely gain traction among consumers in the near future. This is because of the fact that safety and security is key concern for residents in the country. Besides this, there are a few other reasons for smart home adoption:
- Growing awareness and acceptance of advanced security solutions across Middle Eastern countries has resulted in an increase in the adoption of smart home products for offering real time security, energy-efficient solutions, devices, etc., which, in turn, is expected to positively impact the region's smart homes market during forecast period.
- Increase in penetration of smartphones, smart wearables, tabs, etc. is propelling the demand for smart homes across Middle East region, as these devices help the users to manage and track the functioning of home appliances through various wireless protocols such as WiFi, 3G, Bluetooth, etc. and sensors for enabling automated functioning of appliances.
- Increasing technological advancements, such as motion sensing air conditioners, gesture control, energy saving lighting control solutions, etc. are helping the users to control door locks and lights, adjust thermostats, etc. of their smart home from anywhere in the world.
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