India's IoT market is expected to reach $9.28 billion by 2025 from $4.98 billion in 2020, according to Frost & Sullivan.
Backed by strong connectivity and coverage, rising internet penetration, a surge in smart applications adoption, new business models, and government initiatives such as smart city projects, India’s Internet of Things (IoT) market is expected to reach $9.28 billion by 2025 from $4.98 billion in 2020, according to Frost & Sullivan. Pandemic-triggered changes in enterprise behavior and verticals’ focus on automation are driving the market.
“IoT solution deployment for manufacturing industries, including automotive, energy and utilities, smart cities (government), retail, and other industries such as logistics, will drive investments for enterprise IoT products and services,” said Apalak Ghosh, Associate Director, Information & Communications Technologies, Frost & Sullivan. “Enterprises are becoming more technology-focused and increasing investments in cellular IoT to generate value from their digital transformation.”
Ghosh added that use cases such as industrial automation, building automation, security, and surveillance account for the majority of the market revenue. Telcos may benefit from a share of this revenue, depending on their strategic partnerships with hardware providers and their roles in the IoT value chain.
India offers multiple opportunities for IoT providers, and the country’s IoT ecosystem is expected to continue growing to offer entire new streams of revenue. Market participants should focus on: