India Smart Home Market (2023-2029) | Size, Share, Growth, Revenue, Analysis, COVID-19 IMPACT, Value, Forecast, Companies, Industry & Trends

India Smart Home Market Highlights

Report Name	India Smart Home Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate	10.36%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Product, By Sales Channel, By Software & Services
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in India Smart Home Market Report

India Smart Home Market report thoroughly covers the market by product, sales channel, software & services. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Smart Home Market Synopsis

The smart home market in India attained promising growth and is likely to grow significantly in the coming years on the back of a number of factors such as high-speed internet connectivity and rising penetration of smartphones. Shifts towards nuclear families and growing urbanization are also stimulating market growth.

According to 6Wresearch, the India Smart Home Market size is anticipated to grow at a tremendous growth rate of 10.36% during the forecast period 2023-2029. This market in the country has become one of the most prominent markets and is experiencing major growth. The high-speed internet connectivity and rising penetration of smartphones have empowered consumers in the country to control as well as monitor their homes remotely. These factors have led to an expansion in interest in smart home solutions since people seek greater security, energy efficiency and convenience.  Growth in urbanization and shift toward nuclear families have also resulted in small living spaces. Smart home technologies provide solutions for managing space effectively, enhancing the overall quality of life, and optimizing energy consumption. The Smart Cities Mission by the Indian government, aims at created sustainable urban centers and it has inspired the smart home technology adoption in the country. This initiative focuses on the integration of smart solutions for enhanced governance, citizen well-being, and infrastructure, thus creating conducive environment in the country for home innovations. In addition, the rising awareness of energy conservation ad environment sustainability has driven the adoption of devices for smart homes such as smart thermostats, energy-efficient lighting, solar energy solutions.

COVIID-19 Impact on India Smart Home Industry

pandemic had a notable impact on India smart home market which is a key part of the Asia Pacific smart home market. The industry was already on a success trajectory prior to the pandemic on the back of the rising disposable incomes, increasing urbanization, and the rising the growing tech-savvy population, the coronavirus pandemic inspired certain trends as well as shifted priorities of consumers. There was a rise in the time people were spending time at their homes due to the lockdown as well as remote work arrangements which led to the heightened awareness of significance of home security, comfort, and convenience.

Smart Home Market in India: Leading Companies

The Indian Smart Home market was witnessing growth, driven by the rising consumer interest in home automation as well as connected devices. Many key players are contributing to this burgeoning industry. Some major companies included Schneider Electric, Honeywell, Syska, Philips (under Signify), Google (with its Nest range of products), Xiaomi (through its Mi Home ecosystem), Amazon (through its Echo devices and Alexa platform), and Wipro.

India Smart Home Market: Government Initiatives

One of the key initiatives taken by the government that is contributing to the India smart home market growth is the "Digital India" campaign. Under this, their focus is on promoting the use of technology, including smart home solutions in order to enhance the quality of life of citizens and improve public service efficiency. The Bureau of Energy Efficiency (BEE), a government agency, has presented energy efficiency labelling programs for appliances. The Smart City Mission is also a tremendous government program which aims to develop 100 smart cities in the country and these smart cities incorporate many smart technologies.

Market by Product

According to Dhaval, Research Manager, 6Wresearch, the Security & Access Control segment is anticipated to experience key growth in the future. Security and access control systems, including security cameras, alarm systems, smart door locks are the vital components of smart homes. With a growing focus on safety and security, coupled with the rising adoption of smart home technology, the demand for such products is likely to rise. appealing to consumers.

Market by Sales Channel

The indirect sales channel is projected to rise in the future and it typically include retailers, third-party distributors, and e-commerce platforms. This channel offers a wide range of products for smart home and provide people with easy access to a variety of alternatives. In addition, a number of consumers prefer to buy smart home devices via trusted retailers.

Market by Software & Services

The proactive software and services segment is likely to attain key growth in the future. Proactive smart home software and services include advanced features like artificial intelligence (AI), machine learning (ML) algorithms, and predictive analytics.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Smart Home Market Outlook
• Market Size of India Smart Home Market, 2022
• Forecast of India Smart Home Market, 2029
• Historical Data and Forecast of India Smart Home Revenues & Volume for the Period 2019 - 2029
• India Smart Home Market Trend Evolution
• India Smart Home Market Drivers and Challenges
• India Smart Home Price Trends
• India Smart Home Porter's Five Forces
• India Smart Home Industry Life Cycle
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Product for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Lighting Control for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Security & Access Control for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By HVAC Control for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Smart Speaker for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Smart Kitchen for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Smart Furniture for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Sales Channel for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Direct for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Indirect for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Software & Services for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Behavioral for the Period 2019 - 2029
• Historical Data and Forecast of India Smart Home Market Revenues & Volume By Proactive for the Period 2019 - 2029
• India Smart Home Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Sales Channel
• Market Opportunity Assessment By Software & Services
• India Smart Home Top Companies Market Share
• India Smart Home Competitive Benchmarking By Technical and Operational Parameters
• India Smart Home Company Profiles
• India Smart Home Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

• Lighting Control
• Security & Access Control
• HVAC Control
• Smart Speaker
• Smart Kitchen
• Smart Furniture

By Sales Channel

• Direct
• Indirect

By Software & Services

• Behavioural
• Proactive