India Smart Home Market Size (2024 - 2029)

India Smart Home Market Analysis

The India Smart Home Market size is estimated at USD 4 billion in 2024, and is expected to reach USD 14.28 billion by 2029, growing at a CAGR of 30% during the forecast period (2024-2029).

• The Indian smart home market is changing rapidly. Smart homes are mainly advertised as residences with high-tech security capabilities. The market is expanding to include innovations such as fire alarms, entertainment systems, lighting systems, gas leak detectors, and energy-efficient products. In addition to improved security, convenience, and comfort, smart homes also offer substantial energy savings.
• The primary driver for the urban Indian population adopting smart homes is the focus on security. Approximately 50% of customers interested in smart homes are motivated by their security features. Energy management is becoming increasingly popular in smart homes with the increasing emphasis on environmental issues. Utilizing smart lighting systems, energy-saving appliances, and programmable thermostats can assist homeowners in maximizing their energy efficiency. For instance, in April 2024, Signify Innovations India Ltd aimed to increase its revenue from the smart lighting business by establishing 200 Philips Smart Light Hubs across the country within the next two to three years.
• With the growing issues about energy conservation, consumers are looking for ways to reduce energy consumption in homes. Smart home devices, such as energy-efficient lighting and smart thermostats, help optimize energy usage. Moreover, government initiatives promoting sustainable development and digitalization, such as the smart cities mission, are driving the adoption of smart home solutions in India.
• Growing concerns about data privacy and cybersecurity are significant barriers to smart home adoption in India. Consumers are aware of the potential risks combined with connected devices, such as hacking and unauthorized access to personal information. The rising popularity of smart home devices is leading to a higher level of worry and an increase in the number of issues encountered. The expansion of connected devices also brings new risks and weaknesses, highlighting the importance of thorough security measures and device safeguards.
• Macroeconomic factors like rapid urbanization in India lead to the construction of more residential buildings, providing opportunities for integrating smart home technologies in new constructions. In addition, technological advancements such as the proliferation of smartphones and high-speed internet connectivity create a conducive environment for adopting smart home solutions in India.

India Smart Home Industry Segmentation

For market estimation, the revenue generated from the sale of smart home devices offered by different market players for a diverse range of applications is tracked. Market trends are evaluated by analyzing investments made in product innovation, diversification, and expansion. Further, advancements in technology are crucial in determining the growth of the market studied.

The Indian smart home market is segmented by product type (comfort and lighting, control and connectivity, energy management, home entertainment, security, smart appliances, HVAC control) and technology (Wi-Fi, Bluetooth, and other technologies). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.