81 per cent of consumers are willing to spend on IoT-enabled products for safety and comfort
The pandemic transformed our digital lives as millions stayed home for work, learning and fun, and homes in urban India embraced several Internet of Things (IoT) devices in the last 18-20 months that are only set to grow in 2022.
The India home automation market size was valued at $1.79 billion in 2018 and is expected to reach $13.5 billion by 2026, growing at a CAGR of 29.8 per cent during the forecast period, as per a recent report by Allied Market Research.
Home automation systems in India have witnessed unprecedented demand in recent years, due to increased concerns about safety and security, especially in urban areas, the report said.
The 5G technology will add to the level of security that smart home products provide due to its enhanced level of encryption, according to Madhav Sheth, CEO, realme India, VP, realme and President, realme International Business Group.
"5G is destined to enhance the smart home experience for consumers and cause major disruptions in the smart home segment," said Sheth.
"5G's ability to provide low latency and faster and seamless connectivity makes it ideal for smart home products," he added.
From smart vacuum cleaners to smart lighting, from AI-driven washing machines to 360-degree door cameras and intelligent coffee machines, urban Indians are embracing IoT products like never before
"The need for comfort has been guiding purchase in the past few years with an increase in buying power of the urban middle class," said Dinesh Aggarwal, Joint Managing Director, Panasonic Life Solutions and Head, Spatial Solutions, Panasonic India.
"The pandemic has added a desire for safety as an influencing factor. Thus a combined value proposition of safety, comfort, convenience and a connected experience are the influencing factors while purchasing appliances and devices," Aggarwal added.
He mentioned that during the pandemic, the need for "protection" has increased and as per the company's syndicated research, 81 per cent of consumers are willing to spend on IoT-enabled products for safety and comfort.
"This 'IOTification' includes the remote operation of lights and switches, regulation of various appliances including air conditioner, TV, refrigerator, washing machines, etc. through a platform that interconnects them and is accessible through a smartphone or any other mobile device," Aggarwal informed.
Furthermore, factors like a better quality of life, a rise in people's disposable income, and increased knowledge of smart automated systems have enhanced the country's adoption of home automation systems.
"We at realme have also introduced an extended line of smart home products that are a part of the TechLife Ecosystem that we are trying to build for our consumers to provide with a smart, connected and trendy lifestyle," Sheth said.
"In 2022, we are looking into venturing into over 15 newer categories of AIoT products and will launch over 50 AIoT products to provide versatile solutions to empower user's everyday life," he informed.
The company is working on several new products for smart homes and the new devices will be part of the company's broader smart home category that presently includes a robotic vacuum cleaner, LED smart bulb, motion-activated night light, a smart plug, etc.
Panasonic India is currently working with two of the largest e-commerce platforms in India to transform the present living spaces to accommodate the evolved needs of the consumers around connectivity, convenience, safety and sustainability.
"Over the next few years, the installed base of smart connected homes and appliances will triple and continue to grow in India," Aggarwal noted.