Latin America smart lighting market is anticipated to expand substantially by 2028. The proliferation of e-retail platforms and significant penetration by global market participants across LATAM are foreseen to propel regional market growth in the future.

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The global smart lighting market is slated to expand at a substantial rate through 2028 due to rising demand for customized smart lighting among consumers worldwide.

Smart lighting refers to data-driven connected lighting systems that are integrated into IoT (Internet of Things). It is eco-friendly lighting, which makes it an ideal solution in designing roadways that have a lower environmental impact. It can adjust to ambient daylight settings to help drivers move in and out of tunnels more smoothly, allowing their eyes to adjust quickly as they enter or drive out of brighter light. Smart lighting technology has gained massive prominence in developing safe roadway transportation, which has bolstered product adoption in recent years.

Moreover, companies in the sector have been focusing on product innovation to improve their industry presence, thereby enhancing market dynamics. To cite an instance, in April 2022, Signify N.V., a Dutch lighting company, released a comprehensive overview of its proposed technique for the worldwide phase-out of mercury in general-purpose lighting. A pioneer in the lighting industry, Signify supports the Minamata Convention's goals and plans to actively assist nations in their transition from traditional lighting to smart, LED-based lighting.

The smart lighting market has been bifurcated on the basis of component, technology, application, and region. Based on component, the industry has been segmented into hardware, software, and services. Under services, the market has been further divided into pre-sales and post-sales. The pre-sales segment is expected to expand at a steady rate through the review timeline owing to increasing customer demand for customized smart lightings.

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Based on application, the smart lighting market has been segregated into indoor lighting and outdoor lighting. Under indoor lighting, the industry has been bifurcated into commercial, residential, and industrial. The commercial segment is set to witness robust growth over the forecast period on account of high demand for smart lighting in commercial facilities, such as malls, stadiums, and museums, in order to improve customer experience.

With respect to technology, the smart lighting market has been categorized into wired and wireless. Under wireless, the industry has been classified into ZigBee, Bluetooth, Wi-Fi, hybrid, and EnOcean. The Bluetooth segment is poised to register a sturdy growth rate through 2028 because of soaring Bluetooth usage in smart lighting systems due to its low energy consumption and reliable connectivity.

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