Smart Home systems have witnessed massive growth and adoption globally in the last 2-3 years. Even in India, we are witnessing a tremendous increase in consumers onboarding the Smart Home revolution. In the US alone, over 32% of homes have penetration of Smart home products and in India, currently, we have an overall penetration of just over 3%.
Mostly, smart home systems are controlled by smartphones and voice assistants. Mobile phone applications and voice commands are used to control and monitor home functions using wireless communication techniques. Conceptually, smart devices are the integration of IoT services and cloud computing. Smart devices and IoT enabled devices are used interchangeably.
Talking specifically about India, there are enough anecdotes to indicate that the Smart Home and IoT Home appliances market is expanding swiftly:
1. Almost all marquee brands have launched IoT and Smart home products in the last two years. Multiple categories such as Lighting, Air Conditioners, Air Purifiers, WiFi Cameras etc have been picking up w.r.t meaningful IoT use cases.
2. Last two years, the demand for Smart TV has surpassed the demand for Non Smart TVs during Diwali season.
3. Google Home and Alexa have been amalgamating the IoT ecosystems by focusing on IoT products that can be controlled via Voice Assistants.
4. Covid-19 has accelerated the adoption of IoT in categories where touch-free experience is enabled for eg. Smart switches, smart locks, etc.
5. Online platforms have been recording more sales for Smart Cams in comparison to the traditional cams.
6. There is increased demand among consumers for App and Voice Assistant operated Smart home appliances.
With the increased demand and adoption in the market and sensing that Smart Home appliances are the future of consumer durables and electronics, brands are now creating a long term roadmap for IoT in their respective categories. Localization of IoT technology stack, localization of data and focus on RoI is what all brands are eyeing now.
Owing to adoption by consumers and reduction of cost, Smart Home is becoming part of the modern world.
Few trends that have started picking in India are:
Air conditioners to water heaters to washing machines, all home appliances are getting smart. The beauty of IoT lies that these smart devices can not only be controlled by a touch or voice but also can be troubleshot. For instance, smart washing machines enable users to pair them up with their smartphones and download additional programs. This feature also helps in instantly troubleshooting problems with the machine.
Market Research Future predicts that the home security market will be valued at more than $44,806.5 million by 2023.
Privacy is the top priority for home security solutions. New privacy and security features will continue to grow including cloud storage for video cameras and encrypted networks to securely manage your security system’s data to avoid hacking and data leaks.
The development of smart buildings and an increase in government initiatives for smart city projects are boosting the adoption of smart lighting, thereby impacting the market’s growth positively.
Dimming, color change, mood-setting are some of the common features that consumers have started looking for in their lights now.
When a home is connected with numerous smart devices, the routines come into play. The smart sockets that can automatically turn on/off devices at a particular time of day each day. The fan speed will open go two-notch down before you wake up to help you get rid of that morning numbness. The bathroom will get the water heated for your shower. Your stereo will start playing some morning tunes as you have your morning cup of coffee your coffee maker made when you woke up. All that one can imagine can be done with a Smart home equipped with smart appliances.
This article is written by Arpit Chhabra, the Co-Founder & CEO, IoTfy.