As per MRFR analysis, the India Internet of Things Market Size was estimated at 28.96 (USD Billion) in 2023. The India Internet of Things Market is expected to grow from 32.85 (USD Billion) in 2024 to 114.53 (USD Billion) by 2035. The India Internet of Things Market CAGR (growth rate) is expected to be around 12.023% during the forecast period (2025 - 2035).
Key India Internet of Things Market Trends Highlighted
The Internet of Things (IoT) market in India is expanding significantly due to a number of important factors, including the growing use of smart technologies in industries including healthcare, agriculture, and smart cities. The goal of government programs like Digital India is to improve technology infrastructure so that more people can connect and use IoT devices.
The need for smart sensors, gadgets, and platforms has increased as a result of this effort, empowering consumers and organizations to make data-driven decisions. Expanding IoT applications in agriculture to increase crop output and optimize resource use is one opportunity to be investigated in order to support the nation's food security objectives.
India's growing automobile sector is also emphasizing linked car technology, which offers a viable path for Internet of Things solutions meant to increase the effectiveness of transportation. IoT security is becoming more and more popular, according to recent trends, as companies realize how critical it is to protect their networks from online attacks.
The market is being impacted by the drive for sustainability, as numerous businesses are looking for IoT solutions that help with waste reduction and energy management. Additionally, the growth in IoT-focused firms demonstrates a thriving ecosystem propelled by a youthful workforce ready to try out new technologies.
The interaction of industrial demand, government policy, and technology improvements is creating a distinctive environment for the Indian IoT market and laying the groundwork for future growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
India Internet of Things Market Drivers
Rising Demand for Smart Devices and Home Automation
The demand for smart devices in India has significantly surged due to the increasing adoption of home automation solutions. As per the Ministry of Electronics and Information Technology, the Smart Home market in India is expected to reach a valuation of approximately USD 15 billion by 2024, driven by a growing middle-class population and a rise in disposable income.
Companies like Tata Consultancy Services and HCL Technologies are actively investing in Research and Development for smart home technologies, contributing to innovation and consumer accessibility. This growth in the smart home segment is expected to have a ripple effect on the India Internet of Things Market, accelerating the integration of IoT solutions in households across urban areas.
Government Initiatives and Support for IoT
The Indian government has launched several initiatives aimed at fostering the growth of the Internet of Things. Notably, the Digital India initiative aims to transform India into a digitally empowered society and knowledge economy.
The government has also allocated substantial funds for the development of smart cities, with an investment of USD 20 billion in the coming decade according to the Ministry of Housing and Urban Affairs.
This initiative promotes the deployment of IoT solutions for efficient resource management and urban planning, thereby significantly influencing the India Internet of Things Market and creating a conducive environment for IoT startups and established organizations alike to innovate and thrive.
Expansion of 5G Connectivity
The rollout of 5G technology across India is set to revolutionize the Internet of Things capabilities. The Telecom Regulatory Authority of India has indicated that 5G deployment will cover 40 percent of the country by 2024.
This will enable smoother and faster data transmission, essential for real-time IoT applications across various sectors like healthcare, transportation, and smart cities. Telecom giants like Reliance Jio and Bharti Airtel are investing heavily in infrastructure to support 5G, which will substantially enhance the capacities of devices connected through IoT.
This increased connectivity is anticipated to drive the adoption of IoT solutions significantly, thereby boosting growth in the India Internet of Things Market.
India Internet of Things Market Segment Insights
Internet of Things Market Application Insights
The India Internet of Things Market is experiencing notable advancement, particularly in the Application segment, which is pivotal in driving technological integration across various industries. The market has witnessed a significant transformation as corporations and consumers alike embrace connected devices to enhance efficiency and improve quality of life.
With the growth of Smart Home technologies, the market is tapping into the rising demand for automation, energy management, and enhanced security systems in residential settings. This segment has gained momentum thanks to increased disposable incomes and a growing urban population that seeks advanced solutions to simplify everyday tasks.
Moreover, Industrial Automation has emerged as another cornerstone of the Application segment, where industry players are harnessing IoT solutions to optimize operations, reduce costs, and enhance safety protocols.
Smart factories are becoming more commonplace, where connected devices communicate seamlessly to streamline workflows and information sharing. The Indian government’s initiatives aimed at improving manufacturing capabilities and embracing smart technology further bolster this segment's relevance.
In Healthcare, IoT applications are transforming patient monitoring and management, making it possible for healthcare providers to offer real-time insights into patient conditions. The increased focus on telemedicine and remote patient care has further amplified the significance of this segment, driven by a growing awareness of personal health and wellness.
The rise of wearables, which allow individuals to track various health metrics, has contributed to an expanding market. Transportation is undergoing a remarkable transition with IoT integration, enabling smarter logistics, improved fleet management, and enhanced safety features.
The Indian logistics sector is evolving due to solutions that optimize routing and reduce delays, which are essential in a rapidly urbanizing country. Additionally, the push for smart cities has placed transportation in the spotlight, resulting in heightened investments in sustainable infrastructure.
Wearables represent another rapidly growing sector within the Application segment, appealing to health-conscious consumers and tech enthusiasts alike. These devices offer convenience and real-time monitoring of personal fitness metrics, representing a significant shift in consumer behavior towards proactive health management.
In summary, the Application segment of the India Internet of Things Market is poised for sustained growth, driven by technological advancements, increased urbanization, and a growing acceptance of smart solutions across sectors.
Each of the areas within this segment, from Smart Home innovations to Healthcare technologies, plays an integral role in shaping the future landscape of IoT in India. The implications of these trends suggest not only significant market potential but also the opportunity to enhance quality of life and operational efficiencies across various industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Internet of Things Market Component Insights
The Component segment of the India Internet of Things Market plays a vital role in the overall growth and development of the industry. This segment includes Hardware, Software, and Services, each contributing significantly to the advancements in IoT applications across various industries.
Hardware, which encompasses devices and sensors, is crucial for data collection and connectivity, powering applications in sectors such as manufacturing, agriculture, and smart cities. Software solutions provide the necessary analytics and integration capabilities that allow businesses to derive actionable insights from the data collected by hardware.
Meanwhile, the Services component supports the deployment, management, and maintenance of IoT systems, ensuring seamless connectivity and operational efficiency. As more industries adopt IoT technologies, the need for skilled services and innovative software solutions will continue to expand in India.
The market is characterized by rapid technological advancements and increasing government initiatives that foster the growth of smart cities, digital infrastructure, and automation in various sectors. This environment presents ample opportunities for industry players to innovate and enhance their offerings, driving demand across the Component segment.
Overall, the India Internet of Things Market's segmentation reflects a comprehensive ecosystem that addresses diverse market needs while facilitating the nation’s digital transformation.
Internet of Things Market End-use Insights
The India Internet of Things Market showcases a diverse End-use landscape, reflecting its broad applicability across various sectors. Among these, Consumer Electronics plays a pivotal role, as smart home devices and connected appliances gain traction among Indian consumers, driven by rising disposable incomes and urbanization.
The Manufacturing sector benefits from IoT through enhanced automation and operational efficiency, addressing a growing demand for smart factories and Industry 4.0 solutions. In Retail, the integration of IoT technologies enables personalized shopping experiences and better inventory management, thus reshaping customer interactions.
The Healthcare segment is significant, as IoT facilitates remote monitoring and telehealth services, especially vital in rural areas where access to healthcare professionals is limited. Lastly, Transportation is increasingly dominated by IoT innovations, leading to improved logistics, smart traffic management, and a push towards electric vehicles.
This multifaceted deployment across these sectors is instrumental in fueling the India Internet of Things Market growth, as organizations seek to leverage IoT for enhanced productivity and consumer engagement. Overall, the segmentation of the India Internet of Things Market illustrates its potential to revolutionize varied industries, making it a crucial aspect of India’s digital economy.
Internet of Things Market Network Technology Insights
The Network Technology segment within the India Internet of Things Market represents a critical backbone for connectivity and communication among various IoT devices. With the rapid proliferation of IoT applications across sectors such as healthcare, agriculture, and smart cities, effective networking is essential for enabling real-time data exchange and analytics.
Wireless communication mechanisms are increasingly favored due to their flexibility and ease of deployment, making them pivotal in scenarios where mobility and quick installation are necessary. On the other hand, wired technologies, while often less flexible, deliver stability and high-speed data transfer, playing a significant role in industrial environments where continuous and reliable connectivity is crucial.
The Government of India’s push for digital transformation and its support for smart initiatives further bolster the market growth, as enterprises increasingly adopt advanced networking solutions to enhance operational efficiency.
As these technologies evolve and improve, they are set to significantly impact the overall operational dynamics of various sectors, highlighting the essential role of Network Technology in the overall advancement of the India Internet of Things Market.
India Internet of Things Market Key Players and Competitive Insights
The India Internet of Things Market is rapidly evolving, reflecting a growing interest in smart technologies across various sectors such as manufacturing, healthcare, agriculture, and urban development. The competitive landscape is marked by the emergence of numerous players who are deploying innovative solutions to harness data and connectivity effectively.
The government's push for Digital India and initiatives like Smart Cities further boost market growth, offering ample opportunities for competition and collaboration among industry stakeholders. Companies are increasingly focusing on developing advanced IoT platforms and applications tailored to local needs, which fuels both innovation and competition.
As a result, the Indian IoT market is characterized by both established and emerging firms racing to capture market share, set market trends, and establish their technology as the standard across industries.
HCL Technologies has made significant strides in the India Internet of Things Market by leveraging its strong technical expertise and extensive experience in software development and IT services. The company's robust portfolio includes IoT integration services, platforms, and analytics that cater to diverse sectors such as manufacturing and healthcare.
HCL Technologies stands out in the market due to its capability of delivering customized IoT solutions that align with the specific needs of Indian enterprises. Moreover, its strategic partnerships with technology providers enable it to enhance its offerings further, resulting in strong customer relationships and retention.
With its continued investment in research and development, HCL Technologies is well-positioned to exploit emerging opportunities in the IoT landscape in India, thereby solidifying its role as a leading player in this competitive market.
Siemens has established a formidable presence in the India Internet of Things Market, focusing on automation and digitalization solutions tailored to various industries, including energy, healthcare, and manufacturing.
The company offers a range of key products and services, such as the Siemens MindSphere platform, an open cloud-based IoT operating system that enables industries to connect machines and analyze data effectively.
Siemens' strengths lie in its innovative technology and long-standing legacy in industrial solutions, making it a trusted partner in transformation projects across sectors. With active engagement in mergers and acquisitions, Siemens has expanded its capabilities and acquired complementary firms that enhance its IoT solutions portfolio.
The company's commitment to sustainability and efficiency in its offerings further establishes its credibility in the Indian market. Siemens' ability to adapt to local requirements and its collaboration with various stakeholders ensure that it remains competitive and influential in driving IoT adoption across the Indian landscape.
Key Companies in the India Internet of Things Market Include:
India Internet of Things Market Developments
The India Internet of Things Market has witnessed significant growth, with notable developments from key companies. In October 2023, HCL Technologies announced an expansion in partnerships to enhance its IoT ecosystem, emphasizing smart manufacturing solutions. Siemens has been intensifying efforts in digital transformation projects, focusing on integrating IoT technologies across industries.
Concurrently, GreyOrange and Zebra Technologies are pushing advancements in robotics and automated solutions for supply chain management. Recent acquisitions and mergers include Tech Mahindra’s acquisition of a major AI startup to expand its IoT capabilities, announced in September 2023. Reliance Jio is leveraging its telecommunications dominance to enhance IoT services for a wider consumer base.
The market has seen a valuation rise, spurred by increasing investments in smart infrastructure and digital services, contributing to India's vision of becoming a global IoT hub. Major happenings over the past two years include the establishment of government initiatives targeting the growth of IoT startups and fostering innovation in the sector.
The Indian IoT industry is expected to play a crucial role in sectors such as healthcare, agriculture, and smart cities, showcasing its transformative potential across the economy.
Internet Of Things Market Segmentation Insights
Internet of Things Market Application Outlook
Internet of Things Market Component Outlook
Internet of Things Market End-use Outlook
Internet of Things Market Network Technology Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | 28.96(USD Billion) |
| Market Size 2024 | 32.85(USD Billion) |
| Market Size 2035 | 114.53(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 12.023% (2025 - 2035) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | HCL Technologies, Siemens, GreyOrange, Zebra Technologies, Bosch, Wipro, Reliance Jio, Tech Mahindra, AT&T, Cisco Systems, Minda Corporation, Infosys, Tata Communications, IBM, Honeywell |
| Segments Covered | Application, Component, End-use, Network Technology |
| Key Market Opportunities | Smart agriculture solutions, Healthcare IoT applications, Industrial automation growth, Smart cities development, Connected automotive systems |
| Key Market Dynamics | Rapid urbanization, Growing smartphone adoption, Government initiatives, Increasing connectivity, Demand for automation |
| Countries Covered | India |
Frequently Asked Questions (FAQ) :
The India Internet of Things Market was valued at 32.85 USD Billion in the year 2024.
By 2035, the India Internet of Things Market is anticipated to reach a valuation of 114.53 USD Billion.
The expected CAGR for the India Internet of Things Market from 2025 to 2035 is 12.023%.
The Smart Home application segment held the largest market value at 10.0 USD Billion in 2024.
The Industrial Automation segment is expected to be valued at 28.0 USD Billion by the year 2035.
Major players in the India Internet of Things Market include HCL Technologies, Siemens, and Reliance Jio among others.
The Healthcare application segment was valued at 5.0 USD Billion in 2024.
The Transportation application is projected to increase its market value to 20.0 USD Billion by 2035.
Key growth drivers include increased adoption of smart technologies, industrial automation, and healthcare innovations.
The Wearables application segment is expected to be valued at 16.53 USD Billion by 2035.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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