1.The market is dominated by international brands creating a future possibility Global Technology adapted to Arab Needs.
Other Challenges in Smart Home Market
A smart home is a residence with advanced automation systems and intelligent devices that users can control remotely through a smartphone or computer. It increases comfort, convenience, security, and energy efficiency by automating and controlling lighting, heating/cooling, appliances, entertainment, and security systems. Features can include voice-activated assistants, sensors, and integrated networks for seamless communication.
Competition is fierce in the GCC intelligent home market, where companies must offer competitive pricing, innovative products with advanced features, and a strong reputation for quality and reliability. Additionally, excellent customer service and support are crucial for success. Collaboration and forming strategic partnerships with other firms in the industry can also provide a competitive advantage.
Major companies present in the market are Johnson Controls Revenue, Schneider Electric, Emerson Electric Revenue, LG, LeGrand, Siemens AG, Honeywell, and Apple.
2.Energy Management: The need to efficiently use electricity
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Residential buildings electricity consumption totalled to 324.5 Mn KwH, while total production totalled to 811.2 Mn KwH in 2018, in Saudi Arabia.
Differential pricing for utilities among Expats vs Locals in UAE, Bahrain.
Average monthly energy consumption in UAE totaled 25.0% of monthly income while in Saudi Arabia it as 20.0% in 2019.
Energy Policies: The current electricity pricing policy in the Gulf Cooperation Council (GCC) countries is unsustainable as decades of subsidies have led to high consumption rates and wasted power. Electricity subsidies have cost GCC countries more than $120 Bn over the past 20 years.
There is a very crucial need for smart home devices which can help in conserving electricity as rising prices of electricity is being witnessed.
3.Unique product offerings focusing on more than Energy Savings should be considered when entering the market.
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Gaps In the Available Offering:
- Core Benefit: Customers consider factors like Pricing, Brand, quality while purchasing but highest priority is given to the “Core Benefit” Brands need to refocus on customer needs and simplify offerings.
- Data Privacy: Available technology fails to provide a sense of privacy and data security to the customers which could be a reason to the low adoption rate.
- Customer Knowledge: Awareness about smart devices is low, which may cause some reluctance during purchase or being unaware of the potential of smart devices.
Service Quality: Customers consider smart devices a, one time investment. Companies in can pay more in-depth attentions to after sales services.
Key Segments Covered
GCC Smart Home Market:
By Country
- UAE
- Saudi Arabia
- Qatar
- Kuwait
- Oman
- Bahrain
By Application
- Lighting
- HVAC
- Security & Access Control
- Entertainment System
- Others
By Connection
- Wired Connection
- Wireless Connection
UAE Smart Home Market
By Application
- Lighting
- HVAC
- Security & Access Control
- Entertainment System
- Others
By Cities
- Dubai
- Abu Dhabi
- Sharjah
- Rest of UAE
By Property
- Villas
- Townhouses
- Apartments
By Type of Sales
- Retail Sales
- Project Sales
By End Users
- Real Estate Developers
- Integrator Firms
- Individuals
- Others
Saudi Arabia Smart Home Market
By Application
- Lighting
- HVAC
- Security & Access Control
- Entertainment System
- Others
By Cities
- Riyadh
- Jeddah
- Dammam
- Rest of Saudi Arabia
By Property
- Villas
- Townhouses
- Apartments
By Type of Sales
- Retail Sales
- Project Sales
By End Users
- Real Estate Developers
- Integrator Firms
- Individuals
- Others
Companies Covered
- Control4
- Legrand
- Johnson Controls
- Schneider Electric
- Emerson
- LG
- Siemens
- Greentec Automation
- Shifra Smart Home
- Apex Smart Home
- Alayoubi Technologies
- Elettrico
- Dots Tech Systems
- Fast Net
- Exotic International
Key Target Audience
- Smart Home Integrators
- Real Estate Developers
- Smart Home Manufacturers
- Home Automation Companies
- Venture Capitalists and PE Firms
Time Period Captured in the Report:-
- Historical Period– 2014-2019
- Forecast Period– 2020-2024F
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