Hybrid work accelerates demand for smart security devices

A rising number of individual homeowners and residential property developers are 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. 

“After covid-19, we saw demand for smart cameras. This year we are seeing interest in smart door locks. Awareness about these products has also gone up among home users. As fiberization picks up and more homes switch to fiber networks and with the coming of 5G, surveillance is one of the segments that is expected to see a lot of growth,” said Faisal Kawoosa, chief analyst at TechARC, a market research firm. 

Gokhale pointed out that ease of installation and easier product availability on e-commerce sites are some of the key growth drivers in this segment. “These products are also easy to install and configure thus removing any dependence on system integrators for the deployment of security systems,” he added. 

The expanding market has also brought new security-as-a-service products into the market. A case in point is Airtel’s new home surveillance solution called Xsafe, launched in September, which offers smart cameras along with services such as motion sensing, smart tracking, night vision, and secure cloud storage for an annual subscription fee.