Although, Internet of Things (IoT) market in India is at its nascent stage, in the 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% 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.
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," Shefali further added.
According to Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch, "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," Aditi concluded.
Media Courtesy : India Infoline