India Internet of Things Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 12.17% (2024-2032)
Market Size in 2023: USD 1.2 Billion
Market Size in 2032: USD 3.3 Billion
The India internet of things market (IoT) is growing quickly thanks to applications in consumer healthcare, industrial automation, and cities that are smart. According to the latest report by IMARC Group, the market size reached USD 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 3.3 Billion by 2032, exhibiting a growth rate (CAGR) of 12.17% during 2024-2032.
India Internet of Things Market Trends and Drivers:
India Internet of Things market (IoT) is growing rapidly. Key trends are driving this growth. More sectors like healthcare, agriculture, and transportation are adopting IoT. In healthcare, remote monitoring and telemedicine surged in popularity during the pandemic. Agriculture now uses IoT for precision farming, enabling farmers to monitor soil and crops.
Meanwhile, the transport sector has adopted connected vehicles. This improves fleet management and logistics. By 2024, India aims to boost its IoT market with public and private investments. This effort aims to spark innovation and build necessary infrastructure. Also, the National Digital Communications Policy is improving connectivity.
It is fostering a supportive regulatory environment. This growth is making India a global leader in IoT innovation and deployment. India’s cities are growing quickly, pushing for smart city development. The government is launching projects to improve urban living with IoT solutions. These projects target better transportation, waste management, energy use, and safety.
As city populations rise, the need for connected devices and systems becomes vital. IoT technologies allow for real-time data use, enhancing resource management and living standards. The smart cities initiative boosts IoT adoption.
It supports the government’s goals for sustainable growth. India’s industrial sector is shifting towards Industry 4.0, with IoT at its core. Manufacturing firms are adopting IoT to boost efficiency, cut costs, and enhance quality. These technologies allow them to monitor machines, anticipate repairs, and streamline supply chains.
The demand for smart sensors and connected devices is soaring. This is due to the need for quick data and automation. Government initiatives like “Make in India” and “Digital India” are boosting IoT in manufacturing. To stay competitive, companies must adopt IoT. This need is driving significant growth in the field. India’s consumer market is rapidly adopting smart devices.
This shift is due to higher incomes and a more tech-savvy population. Consumers now want smart home devices and wearables. They want convenience, connectivity, and better experiences. Cheap smartphones and the internet have fueled this trend. Now, people can control devices remotely.
E-commerce platforms are key in making these devices accessible. As people learn more about smart technologies, the demand for innovative IoT solutions also rises. This need prompts manufacturers to develop better, more user-friendly products, thus boosting market growth.
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India Internet of Things Market Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
• 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
• South India
• East India
• West India
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5412&flag=C
Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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This release was published on openPR.
