Smart homes market to grow 30% annually: Report
14 Dec 2015
According to a new survey the smart home market is expected to grow at 30 per cent YOY, ensuring thereby that the market would double in revenue every three years.
A smart home can be said to be an automated house with electrical connections, functions and facilities capable of being operated by a smartphone or a computer.
The study was released by Schneider Electric, which is among the global leaders in energy efficiency, conducted on its behalf by AZ Research Partners, Bengaluru.
The survey polled end customers of premier apartment complexes, duplex, triplex and villas within the range of Rs50 lakh to Rs1 crore, Rs1-5 crore and Rs5+ crore, and builders of such complexes. According to the survey the awareness among respondents about Smart Homes, was almost universal in metros and upper-end segments.
Respondents were well disposed towards the concept with almost all customers in upper-end homes seeking Smart Home solutions at some level.
The survey revealed security, convenience and energy efficiency were the largest drivers for smart homes. Conversely, high cost and lack of clarity about the real value, were the only barriers and in a few cases, lack of awareness was a likely barrier.
Speaking about the survey, Shrinivas Chebbi, vice president, 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.
"The quality of knowledge about smart homes across budget segments was quite good, especially in metros, but vague in non-metros. 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."
