Artificial Intelligence: The Growth Factor for Budding Entrepreneurs in Home Automation Industry
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The entrance of the world into the digital age has overhauled almost all the aspects of life, out of which one of the most noticeable evolution is – ‘the Smart Homes of New Age’. Automation, which is termed as a method, technique, or arrangement of operating or controlling a procedure by electronic gadgets and reducing human interference to a minimum, has risen as a new industry vertical in the last two decades. Gone are the days when someone has to check the house twice before leaving so that no lights, fans, or appliances are left switched on. It’s the age of automation, where relay modules, sensors, and automated systems will take care of the optimal usage of electricity and all devices. Moreover, the past years have witnessed AI evolving as a technology for developing automatic systems and making decisions using case-based reasoning. This leap has opened a great avenue for aspiring entrepreneurs to venture into and capitalize their innovative ideas.
The principal of building an automation framework for an office or home is expanding day by day with various advantages. Industrialist and scientists are attempting to work for proficient and affordability automatic systems to monitor and control diverse electronics like lights, fans, AC dependent on the prerequisite. The measurement displayed by Statista demonstrates a development conjecture for the worldwide home automation advertise in 2020 and demonstrates the real anticipated market estimation of the home automation showcase in 2013. For 2020, the worldwide brilliant home automation industry is projected to reach 21 billion U.S. dollars. The predicted CAGR between 2013 and 2020 is estimated to be 26.3 %. Today, when tech giants are also entering this domain, it also poses great potential for entrepreneurs in start-ups and MSMEs.
Automation makes an effective as well as a practical utilization of the power and diminishes a great part of the wastage. Homes of the 21st century will turn out to be increasingly more self-controlled and automated because of the solace it gives. The consistent evolution of Home automation has also encompassed the control and automation of lighting, warming, machines, and security. The home automation market is required to achieve INR 30,000 Cr by 2023.
With the development of innovation and Wi-Fi-based gadgets, home automation is consistently being acknowledged across segments in India. Moreover, the diverse application of home automation in segments of Lighting, Security, Heating, Ventilating & Air Conditioning (HVAC), and Entertainment has given this industry the required boost. As per a study, the penetration of home automation in Indian homes is going to increase from 2per cent in 2018 to 15per cent in 2023. Majorly, this is attributed to the growth of IT hubs and HNWI’s (high net worth individuals) across India, especially with the rise of earning millennials.
Home automation gadgets like motion sensors and remote appliance control units have seen improved interest over the recent years. These gadgets additionally incorporated with voice-based or action-based Artificial Intelligence (AI) gadgets like Amazon Alexa, Google Assistant, or others do not just improve the functionality but also take automation several notches higher. With such great potential, AI has become the new enhanced feature in home automation, giving an advantage to entrepreneurs to have a breakthrough in this growing sector. The combination of AI has reclassified the role of home automation and a few of the essential highlights that new age home automation items give is:
Appliance control and setting
From the accessibility of remote access and control of essential gadgets like fans, lights, TVs, forced air systems among others on your smartphone, new home mechanization products can be utilized to customization gadget settings dependent on a state of mind, time and use. AI enabled homes automation learns from the user activity and improvises on the same. This concept has gained momentum in this growing industry for entrepreneurs to introduce their creative products and services.
Integration with Voice controlled innovation
One of the primary highlights in recent time is the simple incorporation of these home automation products without the need for numerous control boards. Existing home automation gadgets can be effectively connected with voice-based gadgets like Google Home, Google Assistant, and Amazon Alexa to pick up voice access to various gadgets. This is just the beginning, and the competitiveness gets fierce with the entrance of both industry giants and innovative entrepreneurs in this segment.
Energy and monetary savings with home automation
Gone are the days of wasting electricity, resources, and money. The inclusion of AI in home automation has realized the concept of smart devices, which helps in saving energy and expenditure for the users. This functionality of AI in home automation also helps users to comprehend vitality utilization and point of confinement vitality wastage. Entrepreneurs can leverage this implication of AI and offer a more comprehensive solution in the Indian market.
Safety and Security with Home Automation
Lighting and security take up nearly 80% of the Indian home automation market, as per Renub Research. This itself rises as a great opportunity for young entrepreneurs and innovators to delve into and propose AI-enables smart products to modern Indian Home Makers. Interruption alert dependent on facial acknowledgement, remote access to constant video benefits from your smartphone, or microwave-based movement sensors that can distinguish irregular development and alert homeowners are a few of the modern security solutions proposed by AI-powered home automation entrepreneurs. Home Automation System is an emerging technology. Furthermore, the smart homes of the future will be facilitated with AI. The main objectives of home automation are controlling, management and coordination of home appliances in a comfortable, effective and AI are supplementing home automation as a technology for developing automatic systems that can perceive & learn from the environment, and can make a decision using case-based reasoning. With the introduction of AI to home Automation, the living space of the user can be controlled without the touch of a button. AI is undoubtedly becoming an integral part of the home automation industry in India and opens a new horizon for rising entrepreneurs to venture in and create new milestones.