The urbanization and rising incomes along with widespread digitalization across the region are driving the demand for the India smart home market during the forecast period.

The India Smart Home Market size was valued at USD 3.68 billion in 2023, and is predicted to reach USD 15.31 billion by 2030, at a CAGR of 22.6% from 2024 to 2030, according to new research by Next Move Strategy Consulting.

Urbanization and rising incomes are major catalysts driving the adoption of smart home technology in India. The country's rapid urbanization and expanding middle-class population, coupled with increasing disposable incomes, that led to a significant surge in demand for modern, interconnected living experiences. Projections indicate a substantial rise in India's urban population by 2040, further boosting the demand for smart home solutions. As incomes climb, smart home technologies become more affordable and accessible to middle-class households, creating an ideal environment for adoption as urban residents seek convenience, automation, and energy efficiency, propelling the country's growth.

Moreover, India's swift digitalization and widespread smartphone usage lay a technological foundation for the smart home market's expansion. The prevalence of smartphones enables easy control and management of smart home devices, appealing to tech-savvy Indian consumers. Supported by government initiatives such as Digital India and enhanced internet access, India witnessed a surge in digital users, particularly mobile internet users. This digital transformation drives the nationwide adoption of smart home technologies, contributing to the expansion of India smart home market trends.

However, the growth of the smart home market faces a significant challenge due to security concerns surrounding interconnected systems. Devices such as thermostats, cameras, and door locks are vulnerable to hacking, posing risks to residents' privacy and safety. Weak or easily predictable passwords and inadequate Wi-Fi network security exacerbate this vulnerability, allowing hackers to gain unauthorized access and compromise devices or sensitive data.

On the other hand, blockchain technology holds significant promise for enhancing the security and privacy of smart home systems. By encrypting and securely storing sensitive data, blockchain empowers users to control access, reducing the risk of unauthorized intrusion. It verifies device identities, ensuring interactions only with trusted devices, and automates tasks through tamper-proof smart contracts. Furthermore, blockchain decentralizes device control, minimizing vulnerabilities and simplifying access management. Its integration not only bolsters security and privacy but also fosters a safer smart home environment, creating opportunities for the India smart home market growth.

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Several key players operating in the India smart home industry include Honeywell International, Inc., Schneider Electric, ABB Ltd, Amazon, Samsung, LG Electronics, Google Home, Somfy, D-Link Systems, Inc., Xiaomi Inc.

Key Insights from the India Smart Home Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the India smart home market is provided in the report.

• The value chain analysis in the India smart home market study provides a clear picture of the roles of each stakeholder.

• The market share of key players in the India smart home market is provided in the report along with their competitive analysis.