This drastic change has been machined by the internet of things technology, commonly known as IoT. Simply put, IoT is the connection of things to the internet via standard protocols. A major share of the IoT market was driven by the smart home segment.
The government backed IoT through various policies and fiscal budget allocations. The country was a signatory to many international conventions and cooperation treaties. This paved the way for several international companies to file IoT patents in India. In recent years, a number of companies with IoT domains have received funding amounting to over 50 million U.S. dollars.
Sensors and network mechanisms were to play a pivotal role in enabling IoT. This was evident from the number of patents filed for sub-technology areas for hardware components. Some of the major challenges within the sector, despite its growth and adoption, was to do with end-to-end encryption.
The smart home market is segmented principally by usage. The smart home market has 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. Not only did they enhance comfort, they also provided security, personalization, and helped to reduce costs.
The revenues for control and connectivity, as well as security, were estimated to grow exponentially by 2025. Both domestic and international players made up the smart home market in the country. In addition to the market players of the respective segments, there was also an influx of players from foreign segments. For example, Hero Electronix, a subsidiary of Hero Group, has forayed into smart home products since September 2019.
Some of these players had product portfolios spanning only across one segment, while others ventured across multiple segments. Wipro Limited, Signify Innovations India Limited formerly known as Philips Limited, Tata Group owned Titan Company Limited, Fossil Group, and Huami Corporation were some of the leading players with products within single segments, while Xiaomi, MI, Samsung, and Panasonic made their presence felt across multiple segments.