The home automation market in India is expected to cross Rs 50,000 crore by 2024 on the back of better internet connectivity, consumer awareness and cheaper devices. loT (or internet of things where all devices are connected) is a buzzword with about 38% of advanced tech startups working in the space. Here’s what home automation considered a step towards IoT and smart cities looks like in India
Share of home automation market across India in 2018
WHY ARE HOMES GETTING SMARTER?
GROWTH OF IT HUBS: located in Pune, Hyderabad, Bengaluru, Noida and Coimbatore, IT hubs have a tech-savvy population quick to adopt new gadgets.
HIGH NET WORTH INDIVIDUALS: They’re concentrated in NCR, Punjab and Gujarat, and have residents who want to make splash
WHAT TECH IS USED FOR AT HOME: Security systems form the largest product segment in India’s home automation market. Security is dominated by organised players, while lighting comprises largely unorganised players who import sensors and switches from China.
Source: , Times of India Statista, Red Seer Consulting, Renub Research
Note: Home automation comprises four functional segments lighting, security audio/Mdeo and HVAC Cheating, ventilation and air conditioning