Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The "India Connected Homes Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
India Connected Homes Market was valued at USD 12.4 billion in 2024 and is expected to reach at USD 21.45 Billion in 2030 and project robust growth in the forecast period with a CAGR of 9.4% through 2030
The India Connected Homes Market is experiencing robust growth as a result of increasing consumer adoption of smart home technologies and a rising focus on enhancing home automation and security. This market encompasses a range of technologies and devices designed to improve the convenience, efficiency, and security of residential spaces.
Key components include smart lighting, intelligent heating and cooling systems, advanced security solutions, and integrated home entertainment systems. The expansion of high-speed internet and the proliferation of IoT (Internet of Things) devices have significantly contributed to the market's growth.
Additionally, the growing emphasis on energy efficiency and cost-saving solutions has further fueled demand for connected home products. The market is also supported by favorable government policies, technological advancements, and an increasing number of tech-savvy consumers seeking to upgrade their living environments. With a broad array of products and services available, the India Connected Homes Market is poised for continued expansion as it addresses the evolving needs of modern homeowners.
Rising Adoption of Smart Security Systems
The India Connected Homes Market is witnessing a significant rise in the adoption of smart security systems. As concerns over home safety and personal security become increasingly prominent, consumers are increasingly turning to smart technologies that offer advanced features such as real-time monitoring, remote access, and automated alerts. Smart security systems, including smart locks, cameras, and motion sensors, provide homeowners with enhanced control over their property and offer peace of mind.
The integration of these systems with mobile applications enables users to monitor their homes from anywhere, receive instant notifications, and even control security features remotely. This trend is driven by the growing awareness of security threats and the desire for more sophisticated, user-friendly solutions. Market players are responding to this demand by developing innovative security products and systems that offer seamless integration with other smart home technologies, thereby enhancing their appeal to a broader consumer base.
Integration of Voice Assistants and AI
The integration of voice assistants and artificial intelligence (AI) is a key trend shaping the India Connected Homes Market. Voice-controlled devices such as Amazon Alexa, Google Assistant, and Apple's Siri are becoming central to smart home ecosystems, offering users a convenient and intuitive way to manage their connected devices. The incorporation of AI allows these voice assistants to learn user preferences and automate tasks based on patterns and habits, further enhancing the user experience.
This trend reflects a broader shift towards more personalized and intelligent home environments where devices communicate and collaborate to improve convenience, energy efficiency, and overall quality of life. The increasing availability of AI-powered smart home products and the growing adoption of voice-controlled technology are expected to drive market growth, as consumers seek more advanced and user-friendly solutions for managing their connected homes.
Growing Focus on Energy Efficiency
Energy efficiency is becoming a major focus in the India Connected Homes Market as consumers and policymakers increasingly prioritize sustainability. Smart home technologies, such as smart thermostats, lighting controls, and energy management systems, are designed to optimize energy use and reduce utility costs. These devices enable homeowners to monitor and control their energy consumption more effectively, contributing to both environmental sustainability and cost savings.
The integration of energy-efficient solutions into smart home systems aligns with India's broader goals of reducing carbon emissions and promoting green technologies. This trend is driving innovation in the market, with manufacturers developing advanced products that offer enhanced energy-saving capabilities and real-time feedback on energy usage. The increasing awareness of environmental issues and the need for sustainable living practices are expected to fuel the demand for energy-efficient connected home solutions.
Expansion of Smart Home Ecosystems
The expansion of smart home ecosystems is a prominent trend in the India Connected Homes Market. Consumers are increasingly interested in creating integrated and cohesive smart home environments that offer seamless interaction between various devices and systems. This trend is driving the development of comprehensive smart home solutions that encompass a wide range of functionalities, including lighting, heating, cooling, security, and entertainment.
Companies are focusing on providing interoperable products that work together effortlessly, enabling users to customize their smart home experiences according to their needs and preferences. The growth of smart home ecosystems is also facilitated by advancements in connectivity technologies, such as IoT (Internet of Things) and 5G, which enable more reliable and efficient communication between devices. As the market evolves, there is a growing emphasis on creating interconnected systems that enhance convenience, efficiency, and user satisfaction.
Increasing Penetration of Smart Home Devices in Urban Areas
Urban areas are experiencing a higher penetration of smart home devices compared to rural regions, reflecting a trend in the India Connected Homes Market. Rapid urbanization, higher disposable incomes, and increased technological adoption in cities are driving the demand for connected home solutions. Urban consumers are more likely to invest in smart home technologies due to their higher living standards, greater exposure to technological advancements, and a focus on enhancing lifestyle convenience.
The concentration of smart home product offerings in metropolitan areas is further supported by the availability of infrastructure and services that facilitate the installation and maintenance of these devices. As urban areas continue to grow and evolve, the adoption of smart home technologies is expected to rise, leading to a more connected and technologically advanced urban living environment. This trend underscores the need for targeted marketing strategies and product offerings tailored to the unique needs of urban consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $12.4 Billion |
| Forecasted Market Value (USD) by 2030 | $21.45 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | India |
Report Scope:
Key Market Players
- LG Electronics Inc.
- NEST Labs, Inc.
- Xiaomi Corporation
- Arlo Technologies, Inc.
- Amazon Inc.
- Google LLC
- Apple Inc.
- Samsung Electronics Co., Ltd.
- Honeywell International Inc.
- Bosch Security Systems Inc.
India Connected Homes Market, By Functionality:
- Energy and Utilities Management
- Smart Entertainment
- Wellness and Monitoring
- Security and Safety
- Smart Appliance
India Connected Homes Market, By Component:
- Light Control Solution
- Security Solution
- Entertainment Solution
- Home Healthcare Solution
- Energy Management Solution
India Connected Homes Market, By Platform:
- Smartphones
- Laptops
- Home Gateway
- Other
India Connected Homes Market, By Region:
- North India
- South India
- West India
- East India
For more information about this report visit https://www.researchandmarkets.com/r/p4n23x
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