Internet of Things - India

India

The IoT market in India is expected to experience significant growth in the coming years.
According to projections, the revenue in the IoT market is set to reach a staggering US$23.16bn by 2024.
Among the various markets within the IoT market, Automotive IoT emerges as the dominant player, with a projected market volume of US$6.08bn in 2024.
This indicates a strong presence of IoT technology in the automotive sector in India.
Furthermore, the revenue in the IoT market is anticipated to exhibit an impressive annual growth rate of 16.56% from 2024 to 2029.
As a result, the market volume is expected to expand to US$49.82bn by 2029.
This growth highlights the increasing adoption and integration of IoT solutions across various industries within the country.
In a global context, it is worth noting that United States is poised to generate the highest revenue in the IoT market.
Projections indicate that United States is expected to generate approximately US$342.50bn in 2024, highlighting its position as a global leader in IoT technology adoption and implementation.
These figures demonstrate the immense potential and opportunities that the IoT market holds for India.
As the country continues to embrace digital transformation and technological advancements, the IoT sector is poised for substantial growth, further solidifying India's position in the global IoT landscape.
India's Internet of Things market is booming, with a surge in smart city initiatives and increasing adoption of IoT in agriculture and healthcare sectors.

Key regions: United States, Australia, Canada, China, India

Definition:

The term Internet of Things (IoT) describes a network of physical and virtual devices that are able to communicate autonomously using the Internet Protocol (IP). The IoT market is defined by revenues generated specifically from components and services that enable connectivity and intelligence. These include hardware (e.g., sensors, chips, and other IoT-specific components), platforms (e.g., IoT platforms, security software), connectivity solutions (e.g., cellular, LoRa, SigFox), and services (e.g., equipment/system integration and maintenance).

For example, in the case of a smart security camera, only the IoT-related portion of the product contributes to the IoT revenue. This includes the components and features that make the camera "smart" and capable of connecting to the internet (such as IoT sensors or connectivity modules), but not the full price of the camera itself.

Structure:

The IoT market consists of 7 different segments. Consumer IoT includes connected devices used by end users for personal purposes such as smart security cameras or smart home hubs. Smart Finance covers IoT applications used in financial sectors such as insurance telematics/usage-based insurance, real estate, ATMs. IoT in Healthcare covers all IoT applications in a healthcare setting such as the ones used for patient care, remote patient monitoring and surgeries. The Industrial IoT covers IoT applications in Industrial settings such as the factory & agriculture automation, supply chain optimization and predictive maintenance. Automotive IoT covers IoT use cases in mobility and transportation settings, such as the V2X connections, advanced driver assistance systems (ADAS) & telematics solutions. Other IoT covers use cases such as the ones used in professional sports such as player or equipment tracking.

Additional information:

The Internet of Things market compromises of revenue, revenue growth, volume, IoT Investment, and a list of top companies and their consolidated revenues. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

The market is fragmented, but the key players in the market include Cisco (Cisco IoT platforms and software), Qualcomm, Dell EMC, and IBM.

For more information on data displayed, use the info button right next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.