India Smart Home Market by Product Type (Smart Lighting, Smart Home Security & Surveillance, Smart Entertainment, and Smart Appliances), by Communication Protocol (Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread), by Smart Home Hubs (Standalone Hubs and Built-in Hubs), by Voice Assistants Integration (Amazon Alexa, Google Assistant, Apple Siri, and Others), by Smart Home Compatibility with Smartphones (iOS and Android), by Installation, (DIY Installation and Professional Installation), and by Sales Channel (Online Retailers and Offline Retailers) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Retail and Consumer | Publish Date: 06-Nov-2024 | No of Pages: 140 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : RC2291
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India Smart Home Market Overview
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.
Urbanization and Rising Income is Driving Smart Home Adoption
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.
Digitalization and Smartphone Penetration Boosts 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.
Security and Data Privacy Concerns Pose a Hindrance to the 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.
Integration of Blockchain Technology into Smart Home Devices Presents Lucrative Opportunity for Market Expansion
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.
Competitive Landscape
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.
India Smart Home Market Key Segments
By Product Type
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Smart Lighting
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Smart Bulbs
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Smart Light Strips
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Smart Switches
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-
Smart Home Security and Surveillance
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Smart Cameras
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Video Doorbells
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Smart Locks
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Security System
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Smart Entertainment
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Smart TVs
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Smart Speakers
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Streaming Devices
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-
Smart Appliances
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Smart Refrigerators
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Smart Ovens
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Smart Washing Machines
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Smart Dishwashers
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Smart Home HVAC Management
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Other Smart Appliances
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By Communication Protocol
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Wi-Fi
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Zigbee
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Z-wave
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Bluetooth
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Thread
By Smart Home Hubs
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Standalone Hubs
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Built-in Hubs
By Voice Assistants Integration
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Amazon Alexa
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Google Assistant
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Apple Siri
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Others
By Smart Home Compatibility with Smartphones
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iOS
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Android
By Installation
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DIY Installation
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Professional Installation
By Sales Channel
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Online Retailers
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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 |
10 |
|
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. |
KEY PLAYERS
-
Honeywell International, Inc.
-
Schneider Electric
-
ABB Ltd
-
Amazon
-
Samsung
-
LG Electronics
-
Google Home
-
Somfy
-
D-Link Systems, Inc.
-
Xiaomi Inc.
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