Indian IOT Industry Growth, Trends Analysis & Forecast to 2026

India has huge potential for the development of its IoT industry. According to the India Brand Equity Foundation, in hyper-connected country India, IoT has the potential to reach an estimated 2 billion connections, unlocking revenues of $11.1 billion by 2022. Advances in Artificial Intelligence (AI) technology along with the prevalence of connectivity and real-time communication are among the key factors contributing to the exponential growth of the Indian IoT industry. For instance, inMay 2019, NITI Aayog, Department of the Indian Government, has drawn up a plan for creating an institutional framework for AI in the country. The department has circulated a cabinet note to provide $75 billion in funding for the creation of a cloud computing platform called AIRAWAT and research institutes.

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The NITI Aayog has announced to focus on five sectors including healthcare, agriculture, education, smart cities, smart mobility, and transport that are envisioned to benefit from AI. With the growing machine-to-machine (M2M) communication without any human intervention, the data is getting generated through better and faster decision-making, predictive analytics, and automation. India is actively adapting new technologies including AI, cloud, IoT, and 5Gto promote new business models. The Government of India is actively participating in the development of this industry by introducing several policies and initiatives such as Digital India, Make in India, Smart Cities, and so on to leverage the benefits of these disruptive technologies in various sectors.

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Verticals such as banking, education, healthcare, manufacturing, retail, and railway have started moving their on-premise applications to cloud-based platforms to optimize reach and performance as well as scalability and elasticity. Increased penetration of affordable devices, combined with cloud computing, analytics, and rising consumer expectations are some other motivators for the growth of the Indian IoT industry.

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Media Contact:
Company Name: Market Insight
Contact Person: Mr. Anurag Tiwari
Email: info@marketinsight.in
Contact no: +91 780-304-0404

About Market Insight

Marketinsight.in, a sub-division of Orion Market Research (OMR), is a determined market research firm that simply aims at providing services such as consulting, customize research, field research and a growth strategy plan to the Indian enterprises. It provides a complete suite of customized services focused on to bringing process efficiency and market effectiveness in its services.

This release was published on openPR.