According to a new Netscribes report published on Research on Global Markets, the smart home market in India is expected to have a significant compound annual growth rate (CAGR) of 14.77% and reach a market size of INR 4.2 Tn by 2023.
Although the smart home market in India is still at a nascent stage, the increased penetration of smart homes in metropolitans like Delhi, Mumbai, Pune and Bangalore is expected to drive the growth of this market during the forecasted period. The increased adoption of smart home appliances like smart lighting, smart speakers, smart surveillance and others, for controlling energy consumption, is also a driver for this market.
Despite the promising forecast, the premium cost of smart home appliances, resulting in lower-than-expected adoption, remains a challenge for the smart home market in India. However, government initiatives like reduction of customs duty on telecommunication products will result in price reduction of these appliances, which will in turn, boost market growth.
Key highlights of this report:
- Historical, current and forecasted market size data for the smart home market in India
- Qualitative analysis of the major drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of major players operating in the market
- Qualitative analysis of the smart home market in India and its segments
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for smart homes in India, to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.
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