India Internet of Things Market Overview, Industry Growth Rate, Research Report 2024-2032

Written by Rahul Singh  »  Updated on: April 25th, 2024

India Internet of Things Market Overview, Industry Growth Rate, Research Report 2024-2032

The latest report by IMARC Group, titled “India Internet of Things Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,“ offers a comprehensive analysis of the industry, which comprises insights into the India internet of things market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The India internet of things market size reached US$ 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2032, exhibiting a growth rate (CAGR) of 12.17% during 2024-2032.

India Internet of Things Market Overview:

The Internet of Things (IoT) refers to the expansive network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet. These objects range from ordinary household items like refrigerators and lighting systems to sophisticated industrial tools. IoT merges the physical and digital worlds, opening up a host of new opportunities and challenges. In the consumer segment, IoT technology is used in home automation, enhancing user convenience through smart appliances that can communicate with each other and be controlled remotely via smartphones or voice commands. On an industrial scale, IoT can streamline processes and improve safety by monitoring equipment to predict failures before they happen, thus saving time and costs.       

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India Internet of Things Market Trends:

The increasing penetration of internet connectivity and the burgeoning adoption of smart devices across various sectors are driving the market in India. The Indian government's strong emphasis on digital initiatives has significantly propelled the infrastructure necessary for IoT technologies by enhancing internet accessibility in urban and rural areas alike. Moreover, there is a substantial shift in the industrial sector towards automation and data-driven decision-making, driving demand for IoT solutions in the manufacturing, automotive, and healthcare industries. The manufacturing sector, in particular, is leveraging IoT for predictive maintenance, supply chain optimization, and improving operational efficiencies, thereby reducing costs and enhancing productivity. In healthcare, IoT devices are increasingly used for patient monitoring, management of chronic conditions, and ensuring timely medical interventions, which is critical given the country's vast population and often strained healthcare resources. Furthermore, the startup ecosystem in India is vibrant, with many young companies focusing on IoT applications, supported by both government funding and private investments.

India Internet of Things Market Segmentation:

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
  • West and Central India
  • South India
  • East India

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market.

Key highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • COVID-19 Impact on the Market
  • 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 leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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