With growing need for connectivity |
generating sources for the IoT solution |
among devices, systems and services |
providers in the years to come. |
using variety of protocols and domains; |
According to“ India Internet of Things |
automating business processes; and |
( IoT) Market Forecast & Opportunities, |
real-time monitoring and tracking of |
2020”, IoT market in India is projected |
services and systems, Internet of Things |
to grow at a CAGR over 28 % during |
( IoT) technology has been gaining |
2015- 2020. IoT is being rapidly brought |
increasing market traction over the last |
into use across diverse industry verticals |
few years. In the IoT concept, a‘ Thing’ |
to reduce operational and manpower |
can be any natural or man-made object |
costs, and increase operational |
that can be assigned an IP address and |
efficiency. Consumer electronics, |
provided an ability to transfer data over |
automotive & transportation, BFSI, |
a network. Need for standardization of |
home & building, energy & utilities, |
all devices across an IoT ecosystem |
retail, supply chain & logistic sectors, |
coupled with favorable government |
and manufacturing are the key |
policy environment are set to fuel |
emerging application areas where IoT |
growth in the country’ s IoT market over |
technology is majorly being adopted. |
the next five years. Planned government |
However, India’ s IoT market is highly |
projects such as smart cities, smart |
fragmented with numerous players |
grids, smart transportation, etc., are |
operating across the value chain. |
expected to be the major revenue | |
Growing need for real-time monitoring, |
the India IoT market, followed by |
tracking and automation coupled with |
automotive & transportation and BFSI |
favorable government initiatives to drive |
sectors. Major players operating in India |
Internet of Things( IoT) market in India. |
IoT market include Intel, Texas |
According to a recently released |
Instruments, Telit, Gemalto, Infosys, |
TechSci Research report,“ India Internet |
IBM, and Wipro. |
of Things( IoT) Market Opportunities |
“ Growing adoption of Cloud in IoT |
and Forecast, 2020”, IoT market in India |
services and shifting focus over |
is projected to grow at a CAGR more |
industrial IoT( IIoT), rising market of |
than 28 % during 2015 – 2020. Growth |
M2M communication and increasing |
in the market is anticipated on account |
trend of wearable technology |
of ongoing technological developments |
applications are among the major |
in IoT technology for providing better |
factors driving IoT market in India. |
connectivity and coverage as well as |
Moreover, government launched |
real-time monitoring and tracking of |
International IoT Research Collaboration |
services and systems across diverse |
Scheme( IIRC), which aims to attract |
industry verticals to reduce operational |
private investments in IoT related R & D. |
and manpower costs. Moreover, various |
Furthermore, various Indian companies |
government projects such as smart |
are increasing their focus and |
cities, smart transportation, smart grids, |
partnering with other companies for |
etc., are also expected to further propel |
developing new IoT and M2M solutions. |
use of IoT technology in the country |
For instance, Wipro entered into a |
over the next five years. |
partnership with Software AG in January |
In the IoT landscape, number of |
2015 to develop a joint solution |
connected devices have also been |
platform which would provide real-time |
increasing at a tremendous rate over |
intelligence for the Internet of Things |
the last few years. Various companies |
( IoT) market.”, said Mr. Karan Chechi, |
across India have realized that they can |
Research Director with TechSci |
use data to optimize costs, deliver |
Research, a research based global |
better services, and boost revenues. In |
management consulting firm. |
2014, consumer electronics dominated | |