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India Internet of Things Market Report by Component (Hardware, Software, Services, Connectivity), Application (Smart Home, Smart Wearables, Smart Cities, Smart Grid, IoT Industrial Internet, IoT Connected Cars, IoT Connected Healthcare, and Others), Vertical (Healthcare, Energy, Public and Services, Transportation, Retail, Individuals, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112023A5412
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Market Overview:
The India internet of things market size reached US$ 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2032, exhibiting a growth rate (CAGR) of 12.17% during 2024-2032.
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Report Attribute
|
Key Statistics
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|---|---|
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Base Year
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2023
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|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 1.2 Billion |
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Market Forecast in 2032
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US$ 3.3 Billion |
| Market Growth Rate 2024-2032 | 12.17% |
The internet of things (IoT) is a network of interrelated and internet-connected objects that can collect and transmit data over a wireless network without human intervention. It relies on machine learning (ML) or artificial intelligence (AI) technologies to analyze data and offer businesses access to advanced analytics by collecting data on customer behavior. It assists in making informed decisions, increasing security by monitoring digital and physical infrastructure for optimizing performance, improving efficiency and reducing safety risks. As a result, IoT finds extensive applications in retail, government, healthcare, manufacturing, agriculture, and transportation sectors across India.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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India Internet of Things Market Trends:
The growing utilization of blockchain technology to enhance security, enable the inclusion of low-value devices, and simplify device management represents one of the key factors driving the market in India. Moreover, there is a rise in the number of startups in the country due to consolidation activities, massive funding, technological advancements, and a burgeoning domestic market. This, along with the expanding ecosystem wherein sensors and devices are connected to a network, is propelling the growth of the market. In addition, there is an increase in the usage of affordable devices with cloud computing. This, coupled with the rising trend of connected homes and buildings, is catalyzing the demand for IoT in the country. Besides this, the growing employment of IoT in the healthcare industry for real-time monitoring of patients, enhancing connectivity, and altering the doctor-patient relationship is positively influencing the market. Additionally, the Government of India is extensively investing in digital infrastructure to promote flagship programs, such as Make in India and Digital India, which are offering lucrative growth opportunities to industry investors.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India internet of things market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on component, application and vertical.
Breakup by Component:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Hardware
- Software
- Services
- Connectivity
Breakup by Application:
- Smart Home
- Smart Wearables
- Smart Cities
- Smart Grid
- IoT Industrial Internet
- IoT Connected Cars
- IoT Connected Healthcare
- Others
Breakup by Vertical:
- Healthcare
- Energy
- Public and Services
- Transportation
- Retail
- Individuals
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Component, Application, Vertical, Region |
| Region Covered | North India, West and Central India, South India, East India |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2299 Five User License: US$ 3399 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The India Internet of Things market was valued at US$ 1.2 Billion in 2023.
We expect the India Internet of Things market to exhibit a CAGR of 12.17% during 2024-2032.
The increasing deployment of the Internet of Things across several industries, including transportation, retail, manufacturing, healthcare, agriculture, etc., as it helps in making informed decisions, improving productivity, reducing safety risks, etc., is primarily driving the India Internet of Things market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of the Internet of Things, owing to the growing demand for automation to remotely enhance security and operational efficiency, during the lockdown scenario across the nation.
Based on the vertical, the India Internet of Things market can be bifurcated into healthcare, energy, public and services, transportation, retail, individuals, and others. Currently, the energy sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where South India currently dominates the India Internet of Things market.
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