Smart home market revenue to hit $453 million by 2026

The smart home market in Việt Nam is thriving, with an expected growth of 30 per cent. — Photo cafeland.vn

The information was revealed in the Việt Nam Smarthome Report 2022, which was launched at a workshop on Internet of Things (IoT)/Smart home in Việt Nam held in Hà Nội on Wednesday.

According to the survey, conducted by Lumi Việt Nam Joint Stock Company in Hà Nội, Đà Nẵng and HCM City, 80.5 per cent of respondents understand the concept of “smart homes” but only 10.9 per cent use it.

Nguyễn Tuấn Anh, Chairman of the company, said the smart home market in Việt Nam was thriving, with an expected growth of 30 per cent.

Expressing his views on the potential of the IoT/smart home trend, Anh said that the future of billions of IoT devices, when connected, was really a near future with almost no limits for the development of smart homes, smart offices, smart city, and smart traffic devices.

With a rapidly-adapting economy and a dynamic and tech-savvy population, it could be said that Vietnamese people's living standards and the need to enjoy comfort were increasing day by day, he noted.

IoT technology and its core products were one of the indispensable foundations for the process of modernising the living experience of Vietnamese users, said Anh.

The competition in providing smart home solutions and equipment would become stronger among Vietnamese IT companies as well as between Vietnamese enterprises and those from Europe, the US and China, he noted.

When asked about choosing between smart home brands from Việt Nam and abroad with the same price, respondents said that they would prioritise Vietnamese products. Specifically, up to 64.75 per cent of respondents would choose Vietnamese brands and 35.25 per cent foreign brands.

With advantages such as convenience, safety and time saving, smart homes were chosen by 77.2 per cent of men and 22.8 per cent of women who participated in the survey, Anh said.

About 38 per cent of people whose income ranges from VNĐ30-50 million and about 12.5 per cent of those with income of below VNĐ20 million selected smart home solutions.

He also pointed out some barriers to the sector, including incompatibility of smart devices, difficulties in use, and no instructions in Vietnamese available.

The Việt Nam Smarthome Report 2022 is the first in-depth report on the country’s smartphone market based on a survey of 10,000 people nationwide.