India Smart Home Market

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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: 11-Dec-2024 | No of Pages: 173 | No. of Tables: 134 | No. of Figures: 79 | 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        

  • 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

By Communication Protocol        

  • Wi-Fi    

  • Zigbee    

  • Z-wave    

  • Bluetooth    

  • Thread    

By Smart Home Hubs        

  • Standalone Hubs    

  • Built-in Hubs     

By Voice Assistants Integration        

  • Amazon Alexa    

  • Google Assistant    

  • Apple Siri    

  • Others    

By Smart Home Compatibility with Smartphones        

  • iOS    

  • Android    

By Installation        

  • DIY Installation    

  • Professional Installation    

By Sales Channel        

  • 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

  • Urbanization and rising incomes boost the market growth.

  • Digitalization and smartphone penetration fuels the market growth

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.

KEY PLAYERS

  • 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.

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Frequently Asked Questions

The key players operating in the India smart home market are 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.

According to Next Move Strategy Consulting, the size of the India smart home market is estimated to be at USD 15.31 billion by 2030.

The integration of artificial intelligence and blockchain technology is expected to create growth opportunities for the India connected home market.

Security and data privacy concerns related to smart home appliances act as restraining factors to the growth of the India smart home market.

According to Next Move Strategy Consulting, the India connected home market size was estimated at USD 3.68 billion in 2023.

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