The cost of a smart home has drastically come down with the availability of retrofit automation solutions. Many new startups have entered the market in the past 2 years and are providing retrofit solutions at a price as low as INR 3360. With the increasing demand for comfort and automation at such a low cost, the residential segment is expected to adopt retrofit home automation solutions in metro cities as well as tier-2 and tier-3 cities.
The smart home market in India was almost negligible till the year 2013. After that, the market started to increase and has grown significantly in the last four years. The smart home market in the country consists of three major sectors: viz. hospitality, commercial, and residential. The automation solutions in these sectors are further categorized into lighting, blinds and shades, servers, entertainment, security and access control, energy management, etc. Home Automation consists of lighting, blinds, hub/server, entertainment, and others like smart sockets, cabling, triggers, etc. Till now, the highest adoption of automation has remained in the hospitality segment, which includes hotel exteriors and hotel rooms. The obvious reason for this is that premium as well as five-star hotels are bound to provide the epitome of comfort and service to their customers.
According to a recently published report by Bonafide Research, ""India Smart Home Market Outlook, 2027–28"", the smart home market in India grew at a CAGR of more than 38% during the historical time period, with more than INR 2800 Crore market size in 2021–22. Currently, the lighting automation and control category is at the top and is expected to capture the majority of the revenues in the coming years as well. The smart home, which was considered to be a costly affair in India, has now seen a total turn around with the introduction of retrofit home automation solutions. The commercial segment, even though it is not a major market for automation, has grown significantly in the last two years. The major adoption expected in this sector is of security and access control automation in the coming few years.
On the contrary, residential users have remained skeptical about adopting automation in their homes due to the fact that their solutions are very costly. The growth or adoption that has happened in the past few years has been majorly based upon the new entire home automation by the rich people who could have afforded it. However, in the future, the smart home market is expected to grow because of the availability of retrofit home automation solutions. Major adoption in the residential segment currently has remained in the lighting and entertainment segments.
In recent times, many start-ups have been established in India to provide automation solutions and they are all mainly providing retrofit solutions that are designed and manufactured by them only. The price of installing automation in a room has come down to as low as Rs. 8000, and such retrofit solutions are not costly for even people from tier-2 and tier-3 cities. Moreover, with the rising disposable incomes in India and the need for comfort and luxury, people are ready to shell out the cash, which in turn will make the market grow. This has provided a great opportunity for players, and thus the market has seen more and more startups established in the home automation field.
Major companies operating in the smart home market in India are Control4 India Private Limited, Crestron Electronics India Limited, Lutron GL Sales & Service Private Limited, Legrand India Private Limited, Inoho Electronics Private Limited, Silvan Innovation Labs Private Limited, PERT Info-consulting Private Limited, RIOT Labz Private Limited, and Home Brain IOT Service Private Limited.
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