Tremendous potential of SMART HOMES with Constant Technological Advances

Over the last few years, the definition of luxury homes has been constantly evolving. Moving past lavish houses in prominent or prestigious addresses, it has come to embody sophisticated technologies, serviced-residences, global brands, and sustainable offerings. Technology has effectively fuelled a new concept in the housing sector by providing consumers with one-of-a-kind living experiences.

In a post-pandemic world, factors such as consumer preferences, improved lifestyle, an increase in disposable income, and a surge in awareness about automated systems have boosted the adoption of smart home devices. A strong preference for tech-enabled residences reflects modern consumers' and millennials' desire for better and more upscale homes, which would let them do more with their own space. This in turn drives the smart home market's growth. According to reports, in 2022, the revenue in the smart home market is expected to generate US$126.10 billion.

Smart homes in India

The concept of technology-enabled homes, or smart homes, is not new to India. With increasing interest in investing in tech-enabled real estate from millennials and other homebuyers, developers have started introducing it in premium residential assets. Previously considered the property of the ultra-wealthy, changing demographics have led to heightened demand from a growing technologically-savvy population that understands its importance in everyday life. Customers look for smart home products because of the numerous benefits they provide, ranging from energy efficiency, security, and convenience to luxury aesthetics. Products including Google Home and Amazon Alexa have enabled residents to control their lights, switch on their ACs, order groceries, record matches they've missed, and more. The homes of the future will not only be automated but will also be able to intelligently predict consumer habits and design automation routines using artificial intelligence.

The rise in popularity of the smart home concept can be traced to several factors.

• Convenience: A smart home allows you to control a variety of electronic devices and systems from anywhere in the house or across the world.
• Efficiency: You can operate several devices or equipment with a single touch or through your smartphone. This method is not only quick and streamlined, but saves money on electricity as well.
• Comfort: Home automation makes your life easier by eliminating the need to constantly be on your feet. You can use smart devices to handle all your household tasks through apps while sitting comfortably on the sofa or in bed.
• Customisation: Smart homes allow you to arrange your technological devices however you want. You can customise each compatible appliance as your daily routines dictate, as well as set timings for assorted tasks to be implemented.

Smart houses save energy and heat, making them environmentally friendly and potentially more cost-efficient to live in. The AI integrated into these smart homes allows the technology to keep a close eye on your routines and will avoid wasting energy when it is not required. Smart homes are built to get the most out of the energy that is available. They can therefore save 30-40 per cent of their energy.

Consumer preferences

Consumer buying behaviour will play a key role in shaping the future needs of the market. Modern homebuyers prefer spacious and smart homes, flexible work and living areas, and low-density projects. They want to live in cutting-edge and novel residences that exude luxury, are good for the environment, and reflect global and futuristic trends that embody aspirational high-end homes.

Home design will therefore focus on including elements such as ventilation systems for optimised indoor air quality, natural light features, and dedicated areas for physical activity, catering to overall health. With the Covid-19 pandemic leading to the growth of the hybrid-work model, homebuyers have demonstrated a greater appreciation of technology that allows them to keep up with doing everything at home - from work and leisure to schooling.

The generation most interested in having smart technology in their homes is millennials, with a survey showing 38 per cent of millennials aged 27 to 36 already having purchased or implemented technology for their homes. According to another survey, 72 per cent of millennials would be willing to pay the amount required for a tech-enabled home. The demographic has entered the property market relatively recently, but as they advance in their personal and professional journeys, they comprise a large segment of current homebuyers. Their tech-savvy dispositions and environmentally conscious values are poised to dramatically shape the market.

Tech-driven transformation

The seamless integration of technology can deliver transformative solutions. In this vein, a smart home is a home with better, faster, and enhanced operating abilities. Smart homes, home automation, Wi-Fi-enabled developments, contactless elevators, and other advancements can foster connected communities that improve people's lives. Customer engagement & sales processes using new-gen CRM & VR/AR tools will define intuitive customer journeys. New construction technologies will achieve better quality, greater sustainability, and faster delivery times.

With the pandemic transforming everything we do, everything from how we work, how we interact with each other, and how we go about our daily lives has changed. Furthermore, with people spending more time indoors than ever before, consumers' desire for ease, safety, and comfort through integrated technology tools has become critical. They favour smart, connected, and energy-efficient home appliances and devices. As a result, they not only want smart devices like smart sockets, switches, and smart gadgets to enhance their lifestyle, but they also want a lower total cost of ownership.

Conclusion

The smart home ecosystem is the future. As people spend more time in their homes and desire spaces that mirror the lifestyles they aspire to, tech-enabled homes will only continue their meteoric rise. As India moves towards international standards of style, luxury, and futuristic offerings, developers will continue to innovate to meet these evolving consumer demands. Smart homes will anticipate needs, providing consumers with a new lifestyle that is more connected, efficient, and intelligent.

- Reeza Sebastian

President - Residential Business, Embassy Group

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