Despite its slow start in the IoT arena, India is rapidly catching up with other developed economies and emerging as a hub for IoT solutions. The IoT market itself is expected to grow to USD 9 billion (from existing USD 1.3 billion) and installed devices base to 1.9 billion by 2020 (from the current base of 60 million).
There is growing realization within the IT services, BPM and ER&D industries about the beneficial impact of deploying IoT. IT services companies in fact, understand the competitive edge they can gain by implementing IoT applications across areas such as IT consulting, custom software, IT Outsourcing, and Support Services. Other non-IT sectors too are expected to join the IoT bandwagon in the near future including verticals such as Manufacturing and Automotive, Healthcare, Retail and Agriculture.
IoT solutions deployment for Digital Utilities/Smart Cities and in the Manufacturing, T&L and Automotive industries will drive the demand for Industrial IoT applications
Rise of tech-savvy consumers along with increasing smartphone and mobile Internet penetration will continue to spur the growth of consumer IoT applications
Industrial IoT adoption is higher than Consumer IoT adoption owing to the cost of IoT devices and security as well as privacy concerns of consumers
IoT presents opportunities for players across the value chain, with application vendors expected to garner 50 percent share of the Indian IoT market
By 2020, industries such as Utilities, Manufacturing, Automotive and Transportation and Logistics are expected to see highest adoption levels in India
The government of India's planned investment worth USD 1 billion for 100 Smart Cities over the next five years is expected to be a key enabler for IoT adoption across these industries