Colombia Smart Home Market Overview, 2028

A greater proportion of Colombians now live in urban areas as a result of the country's consistent economic growth. One of the main forces behind the growth of the smart home market is the tendency toward urban life. Living in cities, where hectic lives are common, has made people more interested in technology that makes life easier and more efficient. Smart thermostats, voice-activated assistants, and automatic lighting are just a few examples of the time- and effort-saving tools that homeowners may use in their homes. There are an increasing number of startups and tech firms in Colombia, which has a strong tech environment. These digital trailblazers are propelling the smart home industry's quick development. These businesses contribute to a diversified and competitive market by providing a range of smart devices and apps. As tech entrepreneurs create unique solutions tailored to local needs, consumers benefit from a broad array of products and services. Colombia has expanded access to high-speed broadband as a result of its consistent efforts to upgrade its internet infrastructure. The foundation of a strong ecosystem of automation and smart devices is laid by the growth of connectivity, which makes communication and control easy. Through this extension, Colombian consumers will have the ability to connect, monitor, and manage their smart devices from a distance, improving their everyday convenience and overall efficiency. Collaboration between sectors, like technology and real estate, is a significant factor propelling the Colombian smart house market. As a result of this partnership, smart home technology is incorporated into brand-new real estate projects, simplifying the adoption of smart solutions by buyers. According to the research report "Colombia Smart Home Market Overview, 2028," published by Bonafide Research, the Colombia Smart Home market is expected to reach market size of more than USD 1 Billion by 2028. In Colombia, voice-activated smart assistants, like Google Assistant and Alexa from Amazon, have become very common. With the help of these systems, homeowners may use voice commands to operate a variety of smart devices. Voice-activated smart assistants have improved daily living by doing tasks like playing music, controlling the thermostat, and changing the lighting. In Colombia, the trend toward home automation and integration is still developing. Smart home hubs and platforms facilitate the smooth integration of several devices, ranging from entertainment and security systems to lighting and climate management. Customized automation routines can be created by homeowners to increase comfort and productivity. Colombian residences are increasingly equipped with Internet of Things (IoT)-enabled equipment. With their sensors and connectivity, smart ovens, washing machines, and refrigerators let users monitor and manage these appliances from a distance. This reduces energy usage in addition to providing convenience. The newest home theater systems have improved home entertainment technology. Smart control systems, immersive surround sound, and high-definition projectors have revolutionized the way Colombians enjoy music and movies in the comfort of their own homes. A cinematic experience is provided by the combination of smart remotes and streaming services. The use of smart lighting solutions is growing rapidly. These systems provide customizable lighting to fit various situations and moods, in addition to energy savings. Color-changing LED bulbs and lighting automation based on occupancy and natural light levels are increasingly popular.

In terms of product type market is divided into security and access control, lighting control, entertainment system, HVAC control, smart speakers, smart home appliances, smart kitchen appliances, smart home healthcare systems, smart furniture, and others. Smart Kitchen appliances are growing at rapid pace in Colombia smart home market. Colombia is becoming more urbanised, and as more people relocate to cities, there is a growing emphasis on daily ease and efficiency. Smart kitchen appliances provide automation and ease, which appeals to city people. Smart kitchen gadgets can be tailored to Colombian users' interests and cooking practices. This versatility adds to their allure. Ovens, microwaves, and cooktops, for example, can optimise cooking times and temperatures, resulting in consistently and properly cooked meals. Based on protocols market is divided into wireless protocols, wired protocols, and hybrid protocols. Hybrid protocols are gaining traction in Colombia smart home market. Hybrid protocols are intended to bridge the gap between various communication standards and technologies, allowing smart home devices that use diverse protocols to coexist seamlessly. Interoperability is essential for building a cohesive and adaptable smart home ecosystem. Consumers benefit from hybrid protocols because they can mix and match devices from different companies and product lines. This level of adaptability is appealing because it eliminates vendor lock-in and supports consumer choice. Hybrid protocols make installation easier because users don't have to worry about device compatibility. This decreases the complexity of installation and setup, making it more accessible to a wider audience, including those who prefer DIY installation. Based on application market is segmented into new construction and retrofit. Retrofit application is expected to grow at fastest rate in Colombia smart home market. Building new smart houses or adding smart elements to new construction is frequently more expensive than retrofitting existing homes with smart technology. Due to its low cost, smart technology is now available to a wider range of people. Retrofit applications enable homeowners to select and install smart devices that are tailored to their unique needs and tastes, resulting in a more personalised smart home experience. Retrofitting a home with smart features can boost its market value, making it an appealing choice for homeowners wishing to increase the resale value of their properties. In terms of sales channel market is divided into direct and indirect. Indirect sales channel is major channel for distributing the smart home products and is expected to lead the market of Colombia during the forecast period as of its wide availability and convenience of purchase makes it preferred sales channel for smart home products. In terms of software and services market include, behavioral and proactive. Behavioral software & services is predicted to dominate the market of Colombia. Based on prior usage patterns, behavioural software can anticipate user demands and make automatic adjustments, such as altering lighting, temperature, and security settings. This improves home comfort and convenience. Behavioural software can detect anomalous patterns and behaviours that may suggest security or safety concerns. It can, for example, transmit notifications for odd door access or fire threats, improving home security and safety. Behavioural software frequently interfaces with other smart devices and services, resulting in a holistic smart home ecosystem in which all gadgets function in unison. Considered in this report: • Geography: Colombia • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Manmayi Raval

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Aspects covered in this report: • Colombia Smart Home market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product: • Security and Access Control • Lighting Control • Entertainment System • HVAC Control • Smart Speakers • Smart Home Appliances • Smart Kitchen Appliances • Smart Home Healthcare Systems • Smart Furniture • Other Controls By Protocols: • Wireless Protocols • Wired Protocols • Hybrid Protocols

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By Application: • New Construction • Retrofit By Sales Channel: • Direct • Indirect By Software & Services: • Behavioral • Proactive The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Smart Home industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.