The growing adoption of Cloud in IoT services, shifting of focus to industrial IoT (IIoT), the rising market of M2M communication, and the increasing trend of wearable technology applications are among the major factors driving the IoT market in India. Nonetheless, IoT Market in India is at a very nascent stage and market ecosystem is highly fragmented.
While awareness is growing and prices are reducing, there are 4 very clear areas of growth in the IoT ecosystem in India. Early movers who can tap into these opportunity trends will get way ahead of laggards
- Smart Cities Initiative: The Government to invest INR 50,802 Crore in the first 20 smart cities and towns over the next 5 years. GoI’s Smart Cities initiative has spiked demand for more connected solutions like connected parking, smart lighting, smart energy etc. for citizen services. This will accelerate IoT deployments across the country.
- StartUp India: The IoT start-up ecosystem has grown significantly; close to about 90 to 110 start-ups have cropped up to develop vertical- specific niche IoT solutions.
- Make in India: Make in India initiative resulting in-house IoT device manufacturers and global companies setting up manufacturing bases. Make in India Campaign has encouraged local manufacture of chipsets and device reducing cost of modules and driving deployment of Machine to Machine (M2M) solutions.
- Digital India: Bharat Net a high speed digital highway to connect all 2.5 lakh gram panchayats; this would be world’s largest rural broadband connectivity using Optical Fiber. GoI’s focus on building a digital backbone for the country through Digital India Initiative to usher in huge market opportunities for IoT. Solutions can also be extended to create Smart Villages in rural settlements.
In the next 4 years the market of IoT in India can balloon into close to $20 Billion
Sapan Agarwal drives content and marketing for Frost & Sullivan. Sapan is based out of Kuala Lumpur Malaysia and can be reached at firstname.lastname@example.org | +603 6204 5830