NEW DELHI: The Indian government's efforts to increase internet penetration through "Digital India Campaign" are resulting in spreading awareness and adoption of Internet of Things (IoT) amongst end users, according to 6Wresearch.
The IoT market in India is at its nascent stage, however in 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, the agency said.
India's Internet of Things (IoT) market is likely to grow at a CAGR of 28.2% during 2016-22, driven by industrial vertical, according to 6Wresearch.
In India, 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.
"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 Goel, Research Analyst, Research and Consulting, 6Wresearch, said in a statement.
Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch said that India is under digital revolution of doing things which was 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," Sharma said.
Media Source: Telecom Economictimes Indiatimes