According to a report by NASSCOM, the IoT market in India is expected to grow from USD 1.3 billion in 2016 to USD 9 billion by 2020, with a CAGR of 62%. India is among the top five countries in IoT patents, with over 6,000 patents filed between 2009 and 2019.
A vibrant ecosystem of IoT startups, enterprises, researchers, and academia with various domains and applications of IoT technology
The factors contributing to India’s position in the IoT sector are:
- India’s big and diversified population presents a great need and opportunity for IoT solutions that may improve individuals’ quality of life and well-being. IoT, for example, can allow intelligent solutions in healthcare, education, agriculture, the environment, and transportation.
- Initiatives and policies of the government that promote the development and implementation of IoT in many areas and domains For example, the Digital India Program aims to provide digital infrastructure, services, and empowerment to all citizens; the Smart Cities Mission aims to develop sustainable, inclusive, and livable urban areas; and the IoT policy aims to create a USD 15 billion IoT industry in India by 2020.
- The existence of prominent global and local firms in the IoT industry, as well as the availability of experienced and talented people, India, for example, has a vast pool of engineers, developers, designers, and entrepreneurs skilled in IoT technology and solutions. Accenture Solutions, Infosys, IBM India, Tata Communications, Tech Mahindra, and Wipro are among the top IoT firms around the globe.
- The growing usage of cloud computing platforms for low-cost data storage and processing generated by IoT devices,
- The growing edge computing trends enable IoT devices to execute data analysis and decision-making locally, decreasing latency and bandwidth usage.
- The decreasing prices of connectivity, sensors, and devices make IoT solutions more inexpensive and accessible to a wider range of industries and domains.
- The rising smartphone prevalence and mobile app development platforms allow IoT devices to communicate and integrate with consumers and apps.
- Technological breakthroughs in semiconductor and electronics devices that improve IoT device performance, functionality, and dependability.
- The availability of automation solutions that use IoT devices to increase the efficiency, productivity, and quality of numerous processes and activities
As a result, India is a prominent participant in the IoT market, with a clear vision and plan for utilizing IoT’s benefits and potential for social and economic growth.