This drastic change has been based on the fast expansion of internet connection and the internet of things (IoT) technology. Simply put, IoT technology enables various devices connect to the internet and exchange data with each other with minimum human intervention. More than 15 percent of the IoT market was driven by the smart home segment.
The government backed IoT through various policies and fiscal budget allocations. As a signatory to many international conventions and cooperation treaties, it has paved the way for many international companies to file IoT patents in India, especially from United States. It was evident from the number of patents filed for sub-technology areas for hardware components, that sensors and network mechanisms were heart to IoT technology. Some of the major challenges within the sector, despite its growth and adoption, was concerning end-to-end encryption and network security.
The smart home market was segmented principally by usage. The smart home market was divided into six segments, namely, appliances, energy management, comfort and lighting, control and connectivity, security, and entertainment. Smart appliances accounted for the highest revenue within the market. Smart home devices not only provided comfort to their users, but also improved home security, created personalization options, and helped to reduce utility costs. In addition to the existing companies, like Philips, Fossil, Xiaomi and Samsung, many new players were entering the market. One example was Hero Electronix, a subsidiary of Hero Group, entered the smart home market in September 2019 with its smart home camera.
