Russian smart home market to hit US$2.3 billion by 2023

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Market research from Statista has highlighted the huge growth opportunities in the Russian smart home segment. Sales in the smart home market are forecast to hit US$609m in 2019, with an annual growth rate of 40.4% driving the overall market value to US$2.37 billion per annum by 2023. Household penetration of smart home solutions stands at just 2.8% in 2022, but is projected to climb to 10.7% by 2023.

The Statista research also highlights the potential of specific smart home categories in Russia. Drilling down to a category level, the research claims that the value of the smart appliances segment will be US$178m in 2019, growing to US$725m by 2023 with a compound annual growth rate of 42.2%.

The smart home security segment is expected to hit US$357m by 2023, growing at 36.7% year-on-year from a value of US$102m in 2019. Revenues in the control and connectivity segment amounts to US$117m in 2019. Control and connectivity revenue is expected to show an annual growth rate of 45.4%, resulting in a market value of US$521m by 2023.

Smart home energy management solutions are forecast to grow at 44.5% a year, reaching a value of US$264m in 2023, compared to US$61m in 2019. Sales in the comfort and lighting segment are projected to increase at 45.9% per annum to climb from a market value of US$47m in 2019 to US$212m by 2023.

The home entertainment smart home segment amounts to US$105m in 2022, according to Statista. Revenue is expected to show an annual growth rate of 28.8%, resulting in a market volume of US$288m by 2023.

The overall number of Russian households with smart home solutions is forecast to increase from 1.5 million in 2019 to hit 5.5 million in 2023.

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