Home automation is the linking of several appliances, along with monitoring and controlling devices used in a home through an intelligent network over a medium such as coaxial cable, electrical power wiring, infrared, radio frequency, or spread spectrum technology, coordinated by a computer. Globally, the smart home market is estimated to reach a value of INR 4.2 Tn by 2023, expanding at a compound annual growth rate (CAGR) of ~14.77% from 2018.
In India, the smart home market is in its nascent stage and is expected to increase at an astounding growth rate in the coming years. Currently, the penetration level of smart homes is higher in Indian metropolitans such as Bangalore, Delhi, Mumbai and Pune, which accounts for the majority of the smart home market. Smart lighting, smart speakers, smart thermostats, smart home hubs and smart surveillance are some of the major smart home offerings in the country. Under the ‘Make in India’ program, the Indian government is taking measures to reduce customs duty on telecommunication devices to boost the electronics manufacturing sector, which is in turn expected to drive growth in the Indian smart home market.

Key growth factors
An increase in the working population and rise in income of the middle class are the key demand drivers of the smart home market in India. Favorable demographics and changing consumer behavior are providing a conducive environment for the growth of automated devices

The burgeoning demand for electricity and its increasing costs are major concerns for consumers. The smart home appliances allow devices to communicate among themselves in order to control the use of energy, thereby emerging as effective energy-saving solutions. Thus, consumers are increasingly adopting smart devices to minimize energy costs

Threats
Indian consumers are price sensitive, and high costs imply lower installation rates. Therefore, the adoption and penetration of smart devices in the country is limited

Key players
ABB India Limited,
Honeywell Automation India Limited,
Oakter,
Silvan Innovation Labs Private Limited,
L&T Electricals and Automation Limited
are some of the major companies offering smart home products in the country.

Read Full Report:- https://www.aarkstore.com/technology/1654542/smart-home-market-in-india

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