The Internet of Things (IoT) market in India was expected to grow at a CAGR more than 28 per cent during 2015 – 2020, according to a recently released research report.
Titled, ‘India Internet of Things (IoT) Market Opportunities & Forecast, 2020’, the report by a research based global management consulting firm TechSci Research said growth in the market was anticipated on account of ongoing technological developments in IoT technology for providing better connectivity and coverage as well as real-time monitoring & tracking of services and systems across diverse industry verticals to reduce operational and manpower costs. Moreover, various government projects such as smart cities, smart transportation, smart grids, were also expected to further propel use of IoT technology in the country over the next five years.
In the IoT landscape, the number of connected devices had also increased tremendously over the last few years. Various companies across India had realised they could use data to optimise costs, deliver better services, and boost revenues.
In 2014, for example, consumer electronics had dominated the India IoT market, followed by automotive & transportation and BFSI sectors. Major players operating in India IoT market included Intel, Texas Instruments, Telit, Gemalto, Infosys, IBM, and Wipro, said the report.
“Growing adoption of Cloud in IoT services and shifting focus over industrial IoT (IIoT), rising market of M2M communication and increasing trend of wearable technology applications are among the major factors driving IoT market in India. Moreover, government launched International IoT Research Collaboration Scheme (IIRC), which aims to attract private investments in IoT related R&D. Furthermore, various Indian companies are increasing their focus and partnering with other companies for developing new IoT and M2M solutions. For instance, Wipro entered into a partnership with Software AG in January 2015 to develop a joint solution platform which would provide real-time intelligence for the Internet of Things (IoT) market.”, said Mr. Karan Chechi, Research Director with TechSci Research.
“India Internet of Things (IoT) Market Forecast & Opportunities, 2020” has evaluated the future growth potential of Internet of Things (IoT) market in India, and provides statistics and information on market structure, size, and shares. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India IoT market.
Image Credit: TechSci Research