IMARC Group’s report titled “India IoT Connectivity Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India IoT connectivity market size reached US$ 55 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 197 Million by 2028, exhibiting a growth rate (CAGR) of 20.3% during 2023-2028.
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Factors Affecting the Growth of the India IoT Connectivity Industry:
- Rising Startup Ecosystem and Innovation:
The increasing expansion of the startup ecosystem in India represents one of the key factors propelling the market growth. A multitude of startups specializing in internet of things (IoT) technologies are emerging, bringing innovative solutions to the market and fostering competition. These startups are instrumental in driving the adoption of internet of things (IoT) across several verticals, including healthcare, agriculture, retail, and smart homes, by offering customized and user-friendly solutions. Furthermore, venture capital investments in the IoT sector are on a rise, enabling these startups to scale their operations and increase their market reach. This vibrant startup ecosystem not only accelerates the development and adoption of IoT solutions but also positions India as a major hub for IoT innovation.
- Rising Focus on Sustainability and Energy Management:
The growing emphasis on sustainability and efficient energy management is positively influencing the market growth in the country. IoT technologies are being utilized for monitoring and reducing energy consumption in both industrial and residential sectors. Smart grids, smart meters, and home automation systems are some examples where IoT plays a pivotal role in energy conservation and management. Additionally, IoT applications in environmental monitoring, such as air quality sensors and water management systems, are gaining traction due to environmental concerns and regulatory requirements. This focus on sustainability is not only driven by government policies but also by the growing awareness and social responsibility among businesses and individuals.
- Advancements in Telecommunication Infrastructure:
Rising advancements in telecommunication infrastructure is bolstering the market growth in the country. The rollout of 5G technology is leading to improvements in network speed, latency, and connectivity, which is essential for the effective functioning of IoT devices. This enhancement in telecom infrastructure allows for more reliable and efficient data transfer, enabling real-time analytics and better performance of IoT applications in various sectors like healthcare, automotive, and manufacturing. The widespread availability of high-speed internet also facilitates the penetration of IoT in rural areas, opening new avenues for applications in agriculture and rural healthcare. The shift towards enhancing digital infrastructure, along with investments from private players in the telecom sector, ensures a robust backbone for IoT connectivity, fostering innovation and broader adoption of IoT solutions across the country.
Leading Companies Operating in The IoT Connectivity Industry in India:
- Cisco Systems
- Orange Business Services
- Bharti Airtel Limited
India IoT Connectivity Market Report Segmentation:
Platform accounts for the majority of the market share, attributed to its pivotal role in enabling seamless communication and data management for various IoT devices and applications.
- Buildings and Home Automation
- Smart Energy and Utility
- Smart Manufacturing
- Smart Retail
- Smart Transportation
Buildings and home automation represent the largest segment due to the rising purchase of smart home technologies and the increasing need for automated solutions in the residential sector.
By Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises exhibit a clear dominance in the market as they have the resources and infrastructure to implement comprehensive IoT solutions at scale.
By End Use Industry:
- Energy and Utilities
Transportation holds the biggest market share due to the implementation of IoT solutions to enhance logistics and fleet management.
- North India
- West and Central India
- South India
- East India
West and Central India dominate the market, owing to their strong industrial presence, thriving technological infrastructure, and strategic geographical location.
India IoT Connectivity Market Trends:
The increasing incorporation of artificial intelligence (AI) and machine learning (ML) with IoT devices is impelling the growth of the market in the country. This convergence is elevating the capabilities of IoT solutions, enabling more sophisticated data analysis, predictive maintenance, and enhanced decision-making processes. Additionally, industries, such as manufacturing, healthcare, and retail are adopting AI-enhanced IoT systems for real-time monitoring, analytics, and automation. This trend is not only improving operational efficiencies but also driving innovation in service offerings and user experiences. The AI-IoT nexus is becoming a key differentiator in the market, encouraging companies to invest more in these integrated technologies to gain a competitive edge.
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