With the aim to capture a 20 percent market share in the next 2-3 years, BPL on Friday launched its new range of products in the home automation and surveillance segment.
The company launched the new range of products under the brand BPL iQ – BPL iQ Smart Automation and BPL iQ Smart Surveillance.
“The total size of the market for automation is guessestimated to be Rs 600 crore and we are targeting to corner around 20 percent of this market in the next three years or so,” said K Vijaya Kumar, chief executive officer, BPL.
“Our expectations from the surveillance business, which is pegged at Rs 2,500 crore, are that we should be doing business worth around Rs.100 crore in the first year of operations and then scale it up to around Rs 250 crore in the next 3 years,” he added.
According to the company, the BPL iQ Smart Automation is an advanced and wireless technology which offers a one-touch control for security, temperature, lighting, audio and other home control functions.
“The BPL brand has always been about quality, comfort and tech superiority. Our new offerings in the home automation and surveillance segment bring the same technologically advanced, easy to operate systems that ease and secure our lives,” he said.
BPL’s home automation system range starts from Rs 50,000.
The BPL iQ smart surveillance cameras, with user friendly and technologically advanced features such as facial recognition and number plate recognition, start from Rs 1,000.
“Smart homes enable interactive security systems that increase the level of protection expected by consumers. Smart homes incorporate automatic systems, which include motion and window sensors, thermostats, lights, and door lock controls,” said Rakesh Panda, lead industry analyst for M2M connected devices at Technavio.
Government organizations in Asia Pacific are taking initiatives to install smart meters. Japan has had nearly 7.5 million smart meter installations in 2015. The demand for smart meters has witnessed a similar increase in South Korea.
China Government plans to invest in the IoT market as per its Twelfth Five-Year Plan. The government will invest more than $600 billion in IoT projects by 2020. High investment in IoT will fuel the demand for M2M services over the next four years.
Government organizations across regions such as China, Japan, Singapore, and India have pledged to develop advanced smart city. The government in India has allotted close to $1.15 billion for the development of smart cities.