Industry: Retail and Consumer | Publish Date: 11-Dec-2024 | No of Pages: 173 | No. of Tables: 134 | No. of Figures: 79 | Format: PDF | Report Code : RC2291
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. A smart home, alternatively referred to as a connected home, is a dwelling outfitted with cutting-edge technology and automated systems.
The smart home systems facilitate the centralized control and monitoring of a variety of household devices, appliances, and security features through a unified network. These intelligent devices are managed remotely and frequently respond to voice commands or present schedules, enhancing convenience, energy efficiency, and security for homeowners.
Common components found in connected homes encompass smart thermostats, lighting systems, security cameras, voice assistants, and other interconnected devices tailored to enhance the overall quality of life.
The rapid urbanization in India coupled with the expanding middle-class population and increasing disposable incomes, serves as a significant growth driver for the smart home market. As more individuals migrate to urban areas in pursuit of better opportunities, the demand for modern, connected living experiences escalates.
Projections from the International Energy Agency indicate that India is poised to witness a substantial increase of approximately 270 million people residing in its cities and urban regions by 2040.
Moreover, with the rise in income, middle-class households find connected home technologies increasingly affordable and accessible. These factors collectively create a conducive environment for the adoption of connected home solutions as urban residents seek the convenience, automation, and energy efficiency these technologies offer, thereby fueling the India smart home market growth.
India's accelerating digitalization and widespread smartphone usage lay the technological groundwork for the expansion of the smart home market. The prevalence of smartphones enables users to effortlessly control and manage their connected home devices, adding a layer of convenience and accessibility that resonates with tech-savvy Indian consumers.
Supported by the government's Digital India initiative and the growing internet access in recent years, India has witnessed a surge in digital users, with approximately 692 million active digital users recorded as of February 2023. Notably, mobile internet users in the country dominate online traffic in the world's second-largest internet market. This digital transformation boosts the widespread adoption of connected home technologies across the nation, further propelling the India market growth.
The India smart home market demand encounters a significant obstacle due to concerns about the security of interconnected systems. Smart devices such as thermostats, cameras, and door locks are vulnerable to hacking, presenting potential risks to residents' privacy and safety. This vulnerability often arises from weak or easily guessed passwords and inadequate Wi-Fi network security measures.
Exploiting these weaknesses, hackers gain unauthorized access, potentially assuming control of devices or accessing sensitive data. To address these risks, cautious homeowners must prioritize stringent password protocols, regularly update device firmware, and fortify their home networks to mitigate the risk of cyber intrusions and protect their connected homes from potential breaches.
The integration of blockchain technology into smart home devices for heightened data security is widely acknowledged for its robust security features and transparent attributes, offering significant potential to fortify the security and privacy of connected home systems.
This technology achieves its objectives by encrypting and securely storing sensitive home automation data, empowering users to regulate access to their information and reducing the risk of unauthorized intrusion.
Additionally, blockchain validates device identities, ensuring that only trusted devices engage within the connected home network, and simplifies operations through tamper-proof smart contracts.
Moreover, it decentralizes device control, mitigates vulnerabilities, and facilitates transparent management of access control and permissions. By incorporating blockchain into smart homes, not only does it enhance security and privacy, but it also fosters a safer and more confidential environment. Consequently, this advancement is positioned to create abundant growth opportunities for the market.
Several market 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.
Smart Lighting
Smart Bulbs
Smart Light Strips
Smart Switches
Smart Home Security and Surveillance
Smart Cameras
Video Doorbells
Smart Locks
Security System
Smart Entertainment
Smart TVs
Smart Speakers
Streaming Devices
Smart Appliances
Smart Refrigerators
Smart Ovens
Smart Washing Machines
Smart Dishwashers
Smart Home HVAC Management
Other Smart Appliances
Wi-Fi
Zigbee
Z-wave
Bluetooth
Thread
Standalone Hubs
Built-in Hubs
Amazon Alexa
Google Assistant
Apple Siri
Others
iOS
Android
DIY Installation
Professional Installation
Online Retailers
Retailers
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 3.68 Billion |
Revenue Forecast in 2030 |
USD 15.31 Billion |
Growth Rate |
CAGR of 22.6% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Companies Profiled |
15 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Honeywell International, Inc.
Schneider Electric
ABB Ltd
Amazon
Samsung
LG Electronics
Google Home
Somfy
D-Link Systems, Inc.
Xiaomi Inc.
Sonoff India
Apple Inc.
Aliste Inc.
Cyfrodom
Havells India Ltd.