Smart City, Digital India To Spur IoT Market By 2022: Study
Although, Internet of Things (IoT) market in India is at its nascent stage, however in last few years, the market registered key growth backed by the increase in number of connected devices coupled with increasing internet penetration and exponential growth is anticipated in the coming years due to launch of government projects – Smart City Project and Digital India Campaign.
According to 6Wresearch, India Internet of Things Market is projected to grow at a CAGR of 28.2 percent during 2016-22. In India IoT market, Industrial IoT accounted for majority of the market share followed by consumer IoT. Industrial IoT segment market is registering growth on account of rise in industrial applications for increase in production. Government efforts to increase internet penetration through “Digital India Campaign” is resulting in spreading awareness and adoption of IoT amongst end users, the study said.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, “Smart wearable are gaining popularity in our country owing it to the growing awareness and increasing acceptance of smart watches in the country.Further, home automation application in consumer IoT segment is set for a major boost due to declining prices and emergence of smart homes concept in the country.”
Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch, said, “India is under digital revolution of doing things which were not possible before. IoT is main part of it and is creating practical improvements for this transformation.”
“With the incorporation of IoT in both consumer and industrial sector, there is a rapid expansion of the ecosystem. Major companies are turning to adopt IoT to increase their efficiency and customer experience,” Sharma concluded.
NASSCOM has projected the growth of IoT market in the country to USD 15 billion by 2020 from the current $5.6 billion. Industrial IoT, which currently accounts for 60 percent for the total market will be the major booster of the IoT growth in the country. Whereas, Consumer IoT, which includes smarthome devices as well as wearables, will account for the remaining market. The rapid growth of E Commerce, rise of tech-savvy consumers, and increasing penetration of internet and smartphones are set to expand both the consumer and industrial IoT business in India.
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