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Rise of Smart Homes and what it means

The concept of Smart Homes, just like Smart Cities, is steadily gaining currency in India. In fact, it is only in the last few years that the idea of digital homes has picked up among urban homes. Thanks to leaps in technology and price affordability, automation in homes is a reality now and is also economically more acceptable.

Initially, Smart Homes were being marketed primarily as houses with high-end security features. But, the market is now evolving into newer areas like lighting systems, gas leakage detectors, fire detection systems, entertainment systems and energy efficiency systems. Therefore, Smart Homes, apart from providing better security, conveniences and comfort to the resident, also provide significant energy savings. This realization is being felt in the urban milieu like never before. According to a research commissioned by Schneider Electric India to assess the Smart Home market in India, the predisposition to go in for smart homes is also very positive in urban India.

It is estimated that the Smart Homes solutions market in India is growing in India at a rate of 30 percent Year on Year. At this rate, the market will double in revenue every 3 years. The market is therefore, likely to explode over the next few years.

So, what factors are largely spurring the growth of Smart Homes in India? Experts believe that the largest drivers for

Smart Homes in the current scenario are:
1) Security (51%)
2) Convenience (20%)
3) Energy efficiency (13%)
4) Comfort (8%)
5) Prestige (8%)

As security has emerged as the key motivation driving the acceptance of Smart Homes, security features are clearly vital to Smart Homes. Customers expect all features which will aid in making their homes more secure. Also electrical controls like AC controls, Smart gadgets and UPS controls are ‘desire’  factors. Non delivery on this will make them dissatisfied with the solution and delivery on  this will add to overall satisfaction.

All entertainment controls like AV control, content sharing, content and demand are not really expected by customers and delivery of these features will delight and are therefore ‘delight’ factors. Interestingly, customers are also not expecting on-campus or off-campus services and information feed and would therefore be delighted to get these facilities. In a nutshell, Smart Homes or Digital Homes are gaining increasing popularity in India’s urban areas and the key areas consumers are looking for in a  smart home are security, convenience and energy efficiency. Read the research in full detail here.

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