In the developing backdrop of Internet of Things (IoT) network, Cube26 launched its smart bulb IOTA Lite on November 5, 2015, setting its first foot in the Indian automation market. Remote switching control by portable smart devices is possible through configured software application. Extended 15,000 hours of lighting, over 16 million color options, and rated at 7 watts are among the other highlights of the product.
Announcing the availability of product for sale on their shopping portal, Adarsh Menon, Flipkart Head of Consumer Electronics quoted, “The home automation segment is growing and is estimated to grow to $40 billion by 2020. Smart lighting, as part of this, is expected to be about $10 billion, which in itself is a huge opportunity.”
Cube26 alone, has generated seed funding worth 50 crore INR from Tiger Global Management and Flipkart during 2015. Citing Lee Fixel, a partner at Tiger Global Management during the occasion, “We value technology innovators who understand consumer needs as they evolve across platforms and devices in India.”
The very fact that rapidly growing startup Cube26 has ventured to tap potential of the budding Indian automation industry indicates towards the massive opportunities presented by the segment. As the disposable income for individuals continue to grow, lavish lifestyle gain popularity in Indian households and work spaces. Technology awareness grows along the increasing population with smart portable devices. This poses automated system vendors with the opportunity to provide advanced control of home equipment to its end-users.
Research advancements in electronic device and control equipment segment has further relieved the cost of manufacturing and installing of smart devices. In an effort to be energy efficient, several business verticals have chosen to adopt automated systems while availing convenience of operation. Additionally, current government policies for developing smart cities has opened widespread market opportunities for the regional vendors. Poor web networking and unavailability of internet to a certain population restrains the industries growth in this segment. The market is segmented by commercial, residential, and hospitality implementation, out of which maximum demand is expected by the latest. Global market giants are expected to spread their investment outreach given the market surge.
In a recent report titled, “India Home Automation Market Overview”, added by Research Beam reviews the key drivers and restraints that have influenced the Indian home automation market segment. Its quantitative analysis of the overall market structure reveals exponential growth trends over the next decade.