HANOI, Vietnam, April 28, 2022 /PRNewswire/ — According to Statista, with 10% of households equipped with smart home, Vietnam is the 28th largest smart home market globally. More optimistically, Global Index expects Vietnam to be in the top 10 outstanding smart home markets worldwide. This statement is validated when World Data Lab estimates that the middle-class population in Vietnam will reach 56 million people by 2030.
In Vietnam, 80.5% of the 10,000 surveyed respondents shared that they have known about smart home, and more than 10% have used it directly, according to Vietnam smart home Report 2022 – the first smart home market report in Vietnam published by Lumi Vietnam. The figure of 10% promises to skyrocket in the near future, with the ability to keep up with the rapid pace of scientific and technological development of the Vietnamese people in association with an increasing standard of living.
From this leverage, the total smart home market revenue in 2022 will reach $239.93 million, by 2026, this figure will reach nearly $454 million, according to Statista.
smart home and COVID-19, challenges and opportunities
A survey conducted between December 11th and December 16th, 2020 revealed that 70% of consumers improved their homes during COVID-19, more than half used smart devices, according to PRNewswire. It is safe to say home automation with connected devices is the new way in response to the pandemic to keep lives standard stable.
In Vietnam, COVID-19 has had a tremendous impact on how smart homes are utilized. The market has been boosted yet requires flexibility of customized smart home solutions to meet customers’ special demands during the pandemic.
Lumi Vietnam, as an example of a fully Make-in-Vietnam brand which has its own Vietnamese human sources for a complete production circle of smart devices, has been motivated to complete the ecosystem with devices that guarantee safety, comfort, health and surveillance.
It has Vietnam’s first AI Camera hub which is the central data processor that can upgrade ordinary cameras into smart ones with artificial intelligence. Regarding healthcare and comfort, a new line of smart lights with human-centric lighting technology has also been launched to prevent eye diseases by providing simulated natural light. Furthermore, the brand-new generation of smart door locks has been produced in association with increasing security awareness.
COVID and the adverse challenges may be an obstacle to Asia businesses generally and smart home corporates in Vietnam particularly. Nevertheless, the opportunities are visible for those who endeavor to understand customer insight and satisfy it with enthusiasm.
Decade of tectonic shifts to technological life rhythms
Lumi Vietnam has significantly contributed to creating and leading the Vietnamese smart home market from the first bricks, changing the definition of technological life, smart home for tens of thousands of Vietnamese. In addition, Lumi Vietnam has been creating a comfortable and convenient living environment for more than 40,000 domestic and foreign customers.
Lumi’s first decade witnessed relentless efforts with practical technology solutions for life. It Vietnam’s achievements are not only the average growth rate of 30% per year but also the high appreciation of customers, bringing the living experience of a part of Vietnamese to catch up with the world in the 4.0 technology trend and the IoT trend.
Changes for better servicing customers and thriving smart home industry in Vietnam
Nguyen Duc Tai, Lumi’s CEO shared: “Ten years ago, the smart home market in Vietnam was almost zero, we started with the first touch switches and didn’t know we were doing smart home. There are many limitations in terms of market, competition, user perception and technology platform. However, after ten years, we are confident that we have initially penetrated the market. Now, we continue to be at the forefront of research and development activities that enhance the user experience.”
Previously, buyers only recognized Lumi for its “smart” and “Make in Vietnam” goods; today, the “creative” and “aesthetic” components will be explained and proven when each solution is introduced to the market.
Taking Lumi as an example, it can be concluded that in a typical market like Vietnam, where technology development is typical and user needs change, doing business is not enough, it is pivotal to educate the market and keep flexibly changing the customer approach strategies.
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