Why technology and telecom companies are betting big on India’s smart home market?
The rise of demand for smart homes in India was inevitable as the millennials mark their entry into the home buyers club. Apart from a wide range of configuration and lifestyle-based offerings to new home buyers, many developers are also plugging in the “smart home” concept as a USP in positioning their offerings. According to research reports, the global smart home market is expected to grow at a CAGR of 14.5% till 2022 and with revenues touching a whopping USD 53.45 billion.
The past 6-7 years have seen a lot of activity in the smart home domain with a plethora of home automation solutions being offered by startups and established brands. From smart home security solutions to smart lighting to smart electronic devices like TVs, Washing Machines, Refrigerators etc. there is a noted upsurge in the number of connected devices in modern-day homes.
Global giants like Samsung, LG, Philips etc. have set up full-fledged divisions offering Smart Home IoT solutions and have lined up a slew of product offerings which will enable users to control and monitor every aspect of the home, including temperature, lighting, electrical appliances, gas and water leakages, motion detection, and opening and closing of doors and windows and much more.
Indian Telecom players like Reliance-Jio and Bharti-Airtel have announced services like the Jio Smart Home Accessories suite and smart home IoT solutions by Airtel. Currently, only about 8.7% of homes in South Asia have IoT devices like Smart TVs or Surveillance systems compared to the global average of 40%.
The days ahead will see many innovative offerings in this space both from the technology and IoT service providers as well as from developers adopting many services as standard offerings in their new projects. From Google or Alexa powered homes to biometric and facial recognition-based controls to mood detecting sensors taking care of ambient lighting or water temperatures, the future is surely bright and exciting for smart homes.
The resurgence of global technology companies’ interest in the Reliance-Jio platform will further intensify the smart home market in India. Various prominent technology investors like Google, Amazon, Facebook, etc. have invested billions of dollars and led to pushing further adoption of IoT devices through the introduction of upcoming 5G technology.