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Smart Homes

The smart home market offers opportunities in energy, comfort, entertainment and security. The biggest driver for growth will be adding comfort features like smart ACs and heating. DIY installation and simple customer experiences can help address barriers to adoption. The smart home market is expected to grow significantly, with household penetration rising from 1.5% in 2019 to 9.5% by 2023 and annual revenues growing at a 43.6% CAGR.

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niraj kumar
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25 views1 page

Smart Homes

The smart home market offers opportunities in energy, comfort, entertainment and security. The biggest driver for growth will be adding comfort features like smart ACs and heating. DIY installation and simple customer experiences can help address barriers to adoption. The smart home market is expected to grow significantly, with household penetration rising from 1.5% in 2019 to 9.5% by 2023 and annual revenues growing at a 43.6% CAGR.

Uploaded by

niraj kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SMART HOMES CHALLANGE

Market opportunity Enablers to grow Smart Homes Go to Market strategy


1) Energy, comfort, entertainment and security
1)Demographic age: 17 to 65 above
are the most important.
2)Family size: 2 & above members
Revenue in the smart 3)Household Income: Above 15 lakhs per
home market amounts 2)The biggest driver will be comfort: quick annum
to US$1691m in 2019 ACs, heating, and automation/ AI 4)Generations: Silent Generations, Baby
Wommer & Gen X Gen Y
3) DIY installation : The need for professional
installation is always a cost driver and time
consuming, therefore also a possible purchase
barrier for customers. Targeting: For smart we would like to target GenX
The average revenue per and GenY generation who can influence their
installed Smart Home currently parents, Guardians and inform then the benefits of
amounts to US$58.18. 4) Simple customer journey : Mapping the smart homes
customer experience and optimizing all
touchpoints is important for every Positioning: Smart homes for smart people
complex product. After-sales service
and easy-to handle service enquiries
are often neglected
Household penetration is 1.5% in
We would like to establish relationship based
2019 and expected to hit 9.5% by
sales model as google already has market base
2023. 5) Simple customer journey : Mapping
for its smart items and nurturing its existing
the customer experience and optimizing
customers should be the starting point. Google
all touchpoints is important for every
should go for the inside sales business model
complex product. After-sales service and
and the content advertising would help to create
easy-tohandle service enquiries are
self service models. Opening showrooms and
often neglected.
Revenue is expected to show an giving live demos would be the key parameter for
the customer to choose smart homes
annual growth rate (CAGR 2019-23)
of 43.6%, resulting in a market
volume of US$5,007m by 2022 · · ·

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