Smarthome market revenue to hit 453 million USD by 2026

April 28, 2022 | 17:07

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The revenue of Vietnam’s smarthome market is expected to reach nearly 240 million USD this year and 453 million USD by 2026.

Smarthome market revenue to hit 453 million USD by 2026

Illustrative image. (Photo: soha.vn)

Hanoi - The revenue of Vietnam’s smarthome market is expected to reach nearly 240 million USD this year and 453 million USD 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 percent of respondents understand the concept of “smart home” and only 10.9 percent use it.

Nguyen Tuan Anh, Chairman of the company, the smarthome market in Vietnam is thriving, with an expected growth of 30 percent.

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 percent of men and 22.8 percent of women who participated in the survey, Anh said.

About 38 percent of people whose income ranges from 30-50 million VND (1,300-2,170 USD) and about 12.5 percent of those with income of below 20 million VND (870 USD) 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.

VNA

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