Individual homeowners and residential property developers are increasingly opting for Internet of Things (IoT)-based security devices as employees start to return to their offices following the easing of the pandemic. These security devices include smart cameras for real-time tracking, smart locks that can be unlocked with fingerprints, and smart video doorbells that can let the homeowner use a smartphone app to watch and talk with a visitor using the doorbell’s built-in camera and microphone.
“There is a growing awareness and need for smart home security devices, especially smart home security cameras, in the Indian market. Despite the economic uncertainty, the smart home security camera market has witnessed 8% YoY (year-on-year) growth in H1 2022,” said Debasish Jana, a market analyst at International Data Corporation (IDC) India.
According to IDC, 700,000 smart home security cameras were shipped in India in the first nine months of this year.
Industry experts attributed the strong interest in the smart home security segment to the post-covid shift to hybrid work. According to them, many working professionals are using smart cameras and smart doorbells for convenience and also for the safety of the elderly and children at home.
“Over the past year, the smart home security camera market has witnessed an uptick in terms of growth and adoption. Driven by the hybrid working environments, ease of use, availability of smart features, and affordability, the category has witnessed an increasing demand, with consumers looking for an all-around home protection solution,” said Anuj Sharma, chief marketing officer at Xiaomi India.
Property developers are also trying to cash in on this interest by offering smart security products pre-installed in new homes. “The demand for smart surveillance products has seen an increase in the residential real estate market, primarily due to the number of residential units being made available after covid, which were on hold during the pandemic,” said Pushkar Gokhale, Business Head, Godrej Security Solutions.Property developers such as L&T Realty said they are offering smart locks and video door phones in residential projects.
Though smart cameras are the most sought-after product in the home security segment, smart doorbells and smart locks are also seeing interest.
For instance, Godrej Locks has seen the number of residential property developers buying digital locks grow from 18% to 30% of its customer base in the last two years, said Shyam Motwani, business head. “More and more customers are looking for keyless solutions,” he added.
