Smart home market projected to grow 30% pa

Smart home market is expected to double in revenue every 3 years and grow at a rate of 30% year on year with high awareness among respondents in metros and upper-end segments, reveals a survey.

Security, convenience and energy efficiency were the largest drivers for smart homes, while high cost, lack of clarity about the real value and in few cases lack of awareness were the only barriers, according to a survey conducted on behalf of Schneider Electric India by AZ Research Partners, Bengaluru.

The survey was conducted among end customers of premium apartment complexes, duplex, triplex and villas within the range of Rs 50 lakh to Rs 1 crore, Rs 1-5 crore and above Rs 5 crore as well as builders of such complexes.

Shrinivas Chebbi, Vice President, Buildings and Partner BU, Schneider Electric India, said, “Almost 75% respondents were aware of Smart Homes, which was almost universal among the upper-end segment. But awareness was low among the lower end, since these respondents hailed from smaller towns, with 11% not aware even on being prompted.”

In the above Rs 5 crore segment 100% respondents were aware of Smart Homes, while in the Rs 1-5 crore bracket 87% were aware. In the Rs 50 lakh to Rs 1 crore section, only 49% were aware, while another 28% expressed awareness on being prompted, with the balance 23% having no awareness at all.

Taking into account respondents from every bracket, the consolidated awareness figure was 79%.

“Aware respondents identified Smart Homes with security systems such as CCTV cameras and video calling, lighting systems, fire and gas leak alarms, etc. On controls in Smart Homes, the highest salience was for security and lighting controls, followed by AV and entertainment,” Chebbi added.

In terms of the source of awareness on Smart Homes, 35% named builders as their main source, while 25% the Internet. About 18% named hotels as their main source of information, 15% friends and family and the remainder citing magazines and newspapers.

On evaluating service providers for Smart Homes, customers were mostly seeking a large company that was a technology leader, while a few said they would prefer dealing only with their builders, showed the survey.

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