Can the smart home market in India gain major traction?

Home automation is no longer stuff of science fiction. It has become a living and breathing concept in the form of smart homes. It is one of the biggest innovations in the field of real estate today, and is equipped with the latest features and technologies. Tier 1 and tier 2 cities of India are seeing an increase rise in demand for smart home facilities as it provides comfort, security and is now a part of a lifestyle. 

Why smart homes might gain traction? 

The smart home market in India is still evolving, and at its core, smart homes is the ability to manage a system of networked devices, also known as the Internet of Things [IoT] through apps on the smart-phones and computers. In India, this concept was limited to the high-income strata of society, but now it is spreading among the mid-income segment also. For young professionals, smart homes are now seen as essential components of their dwelling rather than a different product offering. New advanced technology is making customers smarter and so are their homes. Today’s homebuyers are looking for homes that complement their lifestyle and make their lives simpler. Moreover, increasing awareness about the need for sustainable development and living is another reason for the rise in demand of smart homes. 

Why smart homes might not gain traction? 

Smart home solutions are expensive and the use-cases are not defined clearly enough to attract the attention of a majority of Indian consumers. For smart homes to truly take off, prices have to come down and the technologies need to be adapted to suit Indian lifestyle. The Indian consumer is not so keen to pay extra for these services and someone who has already spent lakhs to buy an apartment will not be willing to shell atleast 10% extra to install these facilities. Smart homes are yet to penetrate the market and affordability and connectivity are holding back the smart home market in India now.