The latest report by IMARC Group, titled “India Internet of Things Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the India internet of things market is expected to exhibit a CAGR of 14.23% during 2023-2028. The Internet of Things (IoT) refers to the giant collective network of connected devices embedded with processors, sensors, and communication hardware to gather and share data over the internet wirelessly. It uses artificial intelligence (AI) and machine learning (ML) technologies to analyze the data received from various IoT devices. It collects and integrates real-time data on customer behavior to provide organizations with advanced analytics, assisting in informed business decision-making. It also aids in improving security by monitoring digital and physical infrastructure, mitigating safety risks, enhancing efficiency, and optimizing performance. As a result, IoT is rapidly gaining traction across various industries in India, including retail, manufacturing, healthcare, government, agriculture, and transportation.
India Internet of Things Market Trends:
Rapid digitalization across various industries coupled with the surging internet penetration represents the primary factor driving the market in India. Besides this, the rising utilization of blockchain technology to strengthen security, simplify device management, and facilitate the inclusion of low-value devices is another major growth-inducing factor. In addition, the Government of India (GOI) is making heavy investments in digital infrastructure to promote flagship programs, such as Make in India and Digital India. Along with this, the emerging trend of connected homes and buildings has catalyzed the IoT demand across the country. Furthermore, there has been widespread adoption of IoT solutions in the healthcare sector to enable real-time monitoring of patients, alter the doctor-patient relationship, enhance connectivity, and improve patient care quality. Moreover, the advent of Industry 4.0 and the surging popularity of smart manufacturing and automated warehouses have propelled the market growth. Other factors, including the increasing penetration of connected vehicles and affordable devices with cloud computing, extensive investments in smart city projects, escalating demand for smart wearables, rising number of startups, and technological advancements, are also providing a positive thrust to the market growth.
- Based on the component, the market has been segregated into hardware, software, services, and connectivity.
- On the basis of the application, the market has been divided into smart home, smart wearables, smart cities, smart grid, IoT industrial internet, IoT connected cars, IoT connected healthcare and others.
- The market has been classified based on the vertical into healthcare, energy, public and services, transportation, retail, individuals, and others.
- Region-wise, the market has been segmented into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been examined, along with the detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Component, Application, Vertical, Region
||North India, West and Central India, South India, East India
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