Smart Home - South Korea

South Korea

The Smart Home market in South Korea is projected to generate revenue of US$7.2bn in 2024.
This revenue is expected to grow at an annual rate of 10.86% from 2024 to 2028, resulting in a projected market volume of US$10.9bn by 2028.
Additionally, the number of active households in the Smart Home market is expected to reach [users_currentlayer_yearend] by 2028.
By 2024, the household penetration rate for Smart Home markets is estimated to be 60.5%, and it is projected to increase to 119.0% by 2028.
Currently, the average revenue per installed Smart Home market is expected to be US$536.60 in South Korea.
When compared globally, it is worth noting that United States generates the highest revenue in the Smart Home market, with an estimated US$38,800.0m in 2024.
South Korea is at the forefront of smart home technology adoption, with a high demand for AI-powered devices and seamless connectivity.

Key regions: United States, United Kingdom, Germany, Europe, Norway

Market

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Currency

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.