India has emerged as the second-largest digital market in the world thanks to cheap data, high discretionary income, and subsidized hardware costs. Technology has become a central component in everyday life to such an extent that it is being used to design smart homes.
The smart home market in India grew significantly to an estimated 9 billion USD, ranking India’s number of smart homes the third largest in the world in 2020.
This remarkable development has been carried by the rapid expansion of internet connection and the internet of things (IoT) technology. IoT facilitates multiple devices to connect to the internet and share data with each other with minimal human assistance. Interestingly, a total of 15% of the IoT market is contributed by the smart home segment.
As this sector grows and adapts rapidly, one of the major challenges it faces is security, in terms of network and end-to-end encryption.
The smart home market is divided into six major segments in terms of usage. The segments are appliances, energy management, comfort and lighting, control and connectivity, security, and entertainment.
Among these, smart appliances make up for the highest revenue share of the market.
Ease of access is the primary goal of smart appliances. Apart from that, improved security, customization, and reducing utility expenses are other perks of smart appliances.Companies such as Philips, Fossil, Xiaomi, and Samsung are old players in the smart home market. Recently, a subsidiary of Hero Group, Hero Electronix, joined in the fray with their smart home camera in September 2019.