The smart home market in India has seen considerable advancements since 2018. With programs like ‘Digital India’ promoting high-speed internet connectivity across the country, the government is welcoming businesses to capitalize on this lucrative opportunity. Although currently in its nascent stage, the market for connected homes is expected to witness sizeable growth in the near future. According to Netscribes research, the projected growth of the smart home market by 2023 in India will be worth INR 363.7 billion.
Apart from offering a higher standard of living, smart home options come geared with a myriad of eco-friendly and advanced-security features. These attributes are contributing to its growing popularity, especially among metropolitan cities. Moreover, thanks to a strong smartphone penetration the Indian consumer has already evolved to embrace other smart, IoT-enabled devices like smart speakers and smart lights. To understand the factors driving this growth and the challenges in its adoption across Indian households, we conducted an in-depth market analysis using primary and secondary research. Here’s a quick round-up of what we found:
As consumer electronics manufacturers and technology companies race on to claim a lion’s share of this market, the current smart home competitive landscape belongs to major players like ABB India, Honeywell Automation India, Oakter, along with other companies. Many of these brands are creating smart devices for the domestic smart home market. Other players are either investing or collaborating on various smart home projects to stay at the forefront of a technologically-advanced India.