Home automation: Living in the future – Brand Wagon News

Picture this: a sleek tabletop device, its design unmistakably Apple, boasting a screen akin to an iPad, but with a twist — it has robotic arms. This isn’t just a device; it wants to be the orchestrator of your smart home, a portal to effortless video conferencing, and a vigilant guardian of your front door. Whispers from Cupertino suggest that Apple is working overtime on this new centerpiece for the modern home. If successful, it could shape a new market.

While Apple remains tight-lipped on these reports, analysts say this development signals a broader shift towards smart living with a range of intelligent devices becoming integral to our daily lives. But what does this mean for India? “Smart home devices are gaining popularity in India as they help consumers save power, reduce utility costs, and increase convenience via remote monitoring and control,” says Anshika Jain, senior analyst at Counterpoint Research.

The numbers speak for themselves. The Indian smart home market is estimated to be worth over $6.5 billion, with projections to reach $9.2 billion by 2028, growing at a compound annual growth rate (CAGR) of around 9.1%. “The demand is particularly strong for smart speakers, security devices, and home automation systems. Factors such as affordable internet, advancements in AI, and a broader range of affordable smart devices are fueling this expansion,” says Yasin Hamidani, director, Media Care Brand Solutions. Moreover, the rise of IoT and smart home integration, coupled with a focus on sustainability, fuels interest in smart home devices across Indian households, adds Vikram Raman, vice president, marketing, e-commerce and consumer service at Ariston Group India.
Although we are some decades away from a fully automated home or building, smart products are already overseeing many aspects of the places we live in and work from. Malvika Jethwani, country lead for Echo and smart home, Amazon Devices, India notes, “In the last one year, smart fans and smart ACs have emerged as the most purchased products by Alexa users in India–seeing a 37% increase. It’s a good indication of customers’ smart home adoption life cycle.”

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A Redseer report says smart home device penetration rate climbed to 8-10% in 2023 and if the trend were to continue, adoption rates will reach 12-15% by 2025 and 25-28% by 2028. Hamidani says the emergence of contactless environments driven by the Covid-19 pandemic, government initiatives promoting digital infrastructure, coupled with the entry of global brands in the Indian market have contributed to the growing acceptance of smart home devices. The emphasis on sustainability and energy efficiency has given the shift a much-needed shot in the arm, says Sachin Verma, founder of FEDUS India.

Obstacles ahead

The convenience factor could be the clincher though pricing can be the primary deterrent for the consumer. A basic Philips LED bulb, for instance, costs around 100, whereas its “smart” counterpart can set you back by 500 to `1,000 — which is steep and can deter potential buyers.

For brands, a foray into this market would require more than a few technological tweaks to existing devices. It mandates adjusting the entire business model to identify new revenue streams and marketing opportunities.
Atul Gupta, co-founder & CFO of smart luggage brand Arista Vault, says the industry’s growth hinges on continued technological advancements that make integration more affordable.

“The industry needs to drive affordability while appealing to mass use cases and universal needs,” he notes.
That apart, the interconnected nature of smart homes brings with it the many risks associated with privacy, says Verma. As more devices become linked, the threat of cyber-attacks and unauthorised access to personal data looms large, creating apprehension among consumers and potentially hampering adoption. This vulnerability is a critical concern that the industry must address to build trust in smart home technologies. Infrastructure challenges further complicate the landscape, particularly in rural and semi-urban areas where unstable internet connectivity can hinder the effective use of smart home devices. In both these cases, the onus of improving consumer awareness and education lies on the brands that decide to throw their hats into the ring.

The key to success in this industry is democratisation, much like what we’ve seen in the smartwatch space. Brands like Noise grew by capitalising on the heightened health awareness brought on by the Covid pandemic, tapping into the unique dynamics of the Indian market. They prioritised consumer price sensitivity, setting themselves apart from foreign brands that initially took a more premium approach in the country.

In other words, make smart devices more accessible to enhance their appeal. “We still consider smart devices to be premium products. With the widespread availability of the internet, the time is ripe to kick-start growth,” says Nisha Sampath, managing partner at Bright Angles Consulting.

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