Quadintel published the latest research report on the Smart Home market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Smart Home market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
The smart home market in India is expected to reach INR 324.14 Bn by 2024, from INR 90.15 Bn in 2019, expanding at a compound annual growth rate (CAGR) of ~29.17%. Increasing disposable income, rising geriatric population and initiatives undertaken by the government for smart city development, have provided an impetus to the smart home market in India. In addition, escalating demand for energy-efficient systems and growing popularity of smart speakers have also been fueling market growth. However, high cost of smart home devices is expected to limit the widespread adoption of these products in the country.
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Based on product type, the smart home market is segmented into smart lighting, control and entertainment systems, security and access control, smart thermostat, and smart home appliances.
The smart home appliance segment is the leading segment, which held a market share of ~45.55% in 2019. These appliances are controlled either using smartphones, voice or touch technology, making it more convenient for users to operate. These control features have attracted several users to adopt connected appliances in their households. This, in turn, has propelled the growth of the smart home appliance market in India.