India Internet of Things Market Size was valued at USD 34.3 Billion in 2022. The India Internet of Things market industry is projected to grow from USD 41 Billion in 2023 to USD 171.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.60% during the forecast period (2024 - 2032). The growing demand for decision-making based on data expansion in the information technology (IT) sector is the main market driver anticipated for the government's increased investment in India's Internet of Things Market.
Figure 1: India Internet of Things Market, By Organization Size, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
India is becoming more and more urbanized, which has raised the need for clever solutions to manage utilities, transportation, energy, and urban infrastructure more effectively. To provide internet of things devices with the required connectivity infrastructure, the IT sector is essential. The internet of things market is expected to grow because of advancements in networking technologies, including low-power wide-area networks (LPWAN) and 5G, which provide dependable and smooth communication between Internet of things devices. Furthermore, the development of strong security measures, including intrusion detection systems, authentication procedures, and encryption protocols, by the IT sector is essential for shielding internet of things devices and data from online threats and driving the market. The IT sector spearheads the development of standards and protocols for seamless integration.
Furthermore, in the current market, internet of things is quite expensive. Cost pressures are present for automotive payers and systems, and the need for affordable solutions is rising. To satisfy consumer requests, manufacturers must strike a compromise between developing novel implants and keeping prices reasonable. Since real-time data collection and analysis enable better decision-making, predictive analytics, and the identification of patterns and trends, businesses can leverage the vast amounts of data generated by Internet of Things (internet of things) devices to gain valuable insights that will enable them to optimize operations, improve customer experiences, and discover new revenue streams. Furthermore, the vast amount of data produced by the internet of things devices demands the availability of strong data processing and storage capabilities. The market for collaborative robots is anticipated to grow to USD 12.3 billion in the next two years. Working alongside humans, and intelligent robots can be programmed by most factory workers to perform even the most repetitive and laborious duties with accuracy.
The India Internet of Things market segmentation, based on Component, includes Hardware, Software, and Services. The hardware segment dominated the market mostly. This is because there is a growing need for internet of things devices. These devices include machines, appliances, actuators, sensors, and gadgets that may transfer data over networks and are designed for uses.
Figure 2: India Internet of Things Market, by component, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The India Internet of Things market segmentation, based on Organization Size, includes Large Enterprises and SMEs. The large enterprises generated the most income. This is because they have the infrastructure, resources, and financial capacity to invest in new technologies; large organizations have been at the forefront of the adoption of IoT. These businesses frequently possess the size and resources necessary to deploy complete IoT solutions across numerous divisions and activities.
The India Internet of Things market segmentation, based on Focus Area, includes Smart Manufacturing, Smart Transportation/Mobility, Smart Energy and Utilities, Smart Retail, Connected Healthcare, Smart Agriculture, Smart Buildings, and Other Applications. Connected Healthcare generated the most income. Utilizing the Internet of Things devices, medical equipment may be tracked and managed to guarantee its availability when required. IoT-enabled asset tracking can also aid in preventing the loss or theft of priceless equipment, prescription drugs, and other necessary medical supplies while on hospital grounds.
Initiatives like Digital India and Smart Cities, which promote the adoption of Internet of Things technologies across a variety of sectors, including healthcare, agriculture, transportation, and infrastructure, have been actively promoted by the Indian government. India's industries are using Internet of Things solutions more and more to boost productivity, cut expenses, and increase operational efficiency. The industries of manufacturing, energy, utilities, and logistics are major forces behind the implementation of the Internet of Things. The consumer Internet of things market in India is expanding as a result of rising consumer awareness of and demand for connected products, including wearables, linked cars, and smart home appliances. India boasts a thriving ecosystem for start-ups, with several creative Internet of Things companies creating solutions specific to regional requirements. These startups bring innovative technologies and business strategies that help the Internet of Things market expand.
Leading market players are putting a lot of money into R&D to increase the range of products they sell, which will encourage further growth in the India Internet of Things sector. Additionally, market players are engaging in a range of calculated actions to increase their presence, with important market developments including releases of new products, contracts, acquisitions and mergers, increased investments, and cooperation with other enterprises. To grow and endure in a market that is becoming more and more competitive, India's Internet of Things industry must provide reasonably priced goods.
Major players in the India Internet of Things market are making investments in R&D operations in an effort to boost market demand, including Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan) GE Digital (US), and others.
April 2023: To facilitate new industrial applications and aid in the expansion of the IoT ecosystem, Qualcomm unveiled state-of-the-art IoT technologies. For a variety of IoT use cases, including smart buildings, businesses, retail, and industrial automation, the most recent IoT solutions offer more performance, cutting-edge connectivity, and next-generation processing.
November 2022: With the introduction of new Matter-enabled software development kits for Thread SimpleLink and Wi-Fi wireless microcontrollers (MCUs), Texas Instruments (TI) hopes to accelerate the Internet of Things (IoT) industry's adoption of the Matter protocol.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 34.3Billion |
| Market Size 2023 | USD 41 Billion |
| Market Size2032 | USD 171.7 Billion |
| Compound Annual Growth Rate (CAGR) | 19.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Organization Size, Focus Area |
| Countries Covered | India |
| Key Companies Profiled | ·        Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan) GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US)  |
| Key Market Opportunities | ·        Growing demand for decision-making based on data ·        Technology Developments in the in Wireless Smart Sensor Use |
| Key Market Dynamics | ·        Growing expansion of the information technology (IT) sector friendliness. ·        Growing E-commerce Presence |
Frequently Asked Questions (FAQ) :
The size of the India Internet of Things market was estimated at USD 41 billion in 2023.
It is anticipated that the market will expand at a compound annual growth rate (CAGR) of 19.60% from 2024 to 2032.
The key players in the market are Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan) GE Digital (US)
Hardware dominated the market in 2023.
Large Enterprises had the largest share in the market
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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