India Industrial IOT Market size is projected to grow at a CAGR of 15.5% during 2020-2026F

Sensors & actuators dominated the India industrial IoT hardware market revenues in 2019 -6Wresearch.

Owing to the increasing need for machine’s long-term reliability, Indian businesses have started to invest in IoT solutions to implement predictive maintenance in order to extend the life of assets and defer new purchases, and eventually avoid downtime and improve productivity. Automation is expected to be crucial for scaling production up and down according to short term demand fluctuations created by COVID-19 and also for adaptive manufacturing. Additionally, data from shop floor tools along with equipment failure data is being used in predictive quality analytics to devise models that identify tools that likely need servicing.

According to 6Wresearch, India Industrial IOT Market size is projected to grow at a CAGR of 15.5% during 2020-2026F. In recent years, India has experienced a notable surge in the utilization of connected devices including connected cars, smart home devices, wearables, and autonomous machines. Furthermore, the sensors market in India is mainly dominated by global players that operate through subsidiaries, R&D centers, and distributors in the country. Factors such as low cost, chip-level integration, low power consumption, and wireless connectivity are also indispensable in the increasing cost-effectiveness of sensors. With such cost-effectiveness becoming possible, several sensors are being developed with micro-electro-mechanical systems (MEMS) technology.

According to Kanchan Negi, Assistant Manager, Research and Consulting, 6Wresearch, “EtherCat, an advanced implementation of ethernet is expected to experience the highest growth rate on account of its ability to support almost any topology making it suitable for a wide range of applications with the standard switch-based Ethernet star topology included. EtherCat is relatively new and many manufacturers are expected to integrate this technology in the coming years. Additionally, OPC-UA is also one of the protocols, which are being dubbed as future technology and is likely to gain prominence in the forecast period.”

According to Shubham Chaurasia, Research Associate, Research and Consulting, 6Wresearch, “The Western region acquired the majority of the revenue share in 2019 in the India industrial IIoT market. This could be attributed to the increasing adoption of IoT in states such as Gujarat and Maharashtra. For instance, in Gujarat, there are 13 major industry groups that together account for around 82.05 percent of total factories, 95.85 percent of total fixed capital investment, 90.09 percent of the value of output, and 93.21 percent of value addition in Gujarat's industrial economy. Total exports from the state stood at $67,401 million during 2018-19 and $49,617 million in April-December 2019. Moreover, the Southern region, being the destination for auto, electronics, and food processing industries, also has bright prospects for the IIoT providers and manufacturers in the forecast period.”

Some of the major companies in the India Industrial IoT market include Tata Communications, Siemens, Accenture, Infosys, IBM, Wipro, Tech Mahindra, etc.

“India industrial IoT Market (2020-2026)" report provides an in-depth analysis with 31 figures and 9 tables covered in more than 120 pages. The report estimates and forecast the overall India industrial IoT market by hardware, connectivity, software, verticals, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.