Smart Homes: Security, Ease of Living and Environment-Friendly
October 5th, 2019
Rachna Pandey is a single working woman in a metro city. Like many working people, she spends most of her time at work. Rachna also travels frequently within India and abroad for work, leaving her home empty for most days. In this scenario, the likelihood of someone breaking into her home for robbery increases.
According to the National Crime Records Bureau (NCRB), 2,44,119 cases of robbery, theft, burglary, dacoity, among others, took place in residential premises in 2017. About 70% of all thefts in India are home thefts. Clearly, safety and security have become a major concern in our cities due to increasing crime rate. In such a scenario, smart homes are becoming increasingly popular in the cities.
Previously, the adoption of smart homes was predominantly limited to the luxury segment. However, with increasing internet penetration and affordability, smart homes are fast making inroads into the mid-income segment as well and are becoming an essential element of their home requirements. This trend is more visible among the millennial home buyers, who are tech-savvy and mostly work in the IT/ITES sector.
According to Statista, a German online portal for statistics, 40.5% of the smart home users in India are in the range of 25-34 years old. Further, the revenue in India for smart home market amounts to US$3,110m in 2019. This is expected to show an annual growth rate (CAGR 2019-2023) of 22.9%, resulting in a market volume of US$7,102m by 2023.
Besides offering security and convenience, smart homes are environment-friendly, as these reduce energy consumption. Additionally, home owners can monitor the energy usage of homes and make adjustments to reduce energy consumption further. This also translates into cost saving for them.
Over the years, smart home features have evolved exponentially. From the initial security features, the concept of smart home automation has come a long way to include features such as gas leakage detectors, fire detection systems, soft panic switch to trigger emergency action, entertainment systems, energy efficiency systems lighting systems among others. Increasing penetration of smart devices have further facilitated the growth of smart homes market in India.
SOBHA has always been ahead of the curve. The company launched its first home in 2012 with SOBHA Habitech in Bengaluru.