Everyone wants to live a life where everything is easier and efficient. We as humans are spending millions to have a quality life so we can live better. The growth of the smart home market comes down to smart homes and home automation.
Smart homes provide peace of mind and enable people to address security issues. Home automation delegates basic activities (such as switching on light bulbs) to sensors, timers, and remote controllers. IoT i.e Internet of Things is one good solution for all our needs.
Google Nest Hub
The IoT aims to develop internet connectivity for the daily purpose devices that can efficiently send and receive data. These IoT devices may come in the form of your printer, thermometer, alarm clock, phone, or any other device.
It is basically the evolution of the mobile and installed applications connected to the internet. IoT-based devices collect information successfully using data analytics and thus these devices can also share the information on the cloud.
Being such amazing technology, it’s obvious that big tech companies are working their best on such devices to bring a revolution into the market; so that the majority of the population has these devices and can standardize their lives. Google is one of those companies. The tech giant has launched an all-new series of smart home devices, one of which is the Google Nest Hub.
This amazing device by Google is simply your home virtual assistant. Google Nest Hub is a speaker like the other Smart Home devices, but it adds a 7-inch touchscreen to its list of attributes. You can do almost anything with this device from watching pictures to playing music on the Internet or even controlling other smart devices at home.
Nest Hub Max works with thousands of smart home devices, like lights, TVs, and locks, and you can easily control them all from one place. You can also control compatible TVs, speakers, and game consoles from Nest Hub Max with your voice or from one dashboard. Google is gearing up for its growth outside North America and India seems to be a very big market for it.
Market in India
India is growing quickly. A lot of money in terms of FDI (foreign direct investment) is pouring in to leverage the fast digitization of the country which wholly explains why India will be a good market for Google Nest Hub.
According to the India Brand Equity Foundation, $33.49 billion flowed into the country between April and December 2018. In the second quarter, smartphone shipments into India clocked 37 million units. Increased smartphone usage and funds from FDI are likely to fuel demand for smart home solutions in the country.
Revenue in the Smart Home market of India is projected to reach US$ 4138m in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 17.7%; resulting in a projected market volume of US$ 7936m by 2024, if India witnesses a steady increase in smart home solutions and smart products like Google Nest Hub. Household penetration will be 1.9% in 2020 and is expected to hit 12.5% by 2024.