India Industrial IoT Market Overview, 2029

India Industrial IoT Market Overview, 2029

The Indian IIoT market began to find ground in the early 2000s as industries started embracing automation and digital solutions for increasing productivity and operational efficiency. It reached a tipping point in 2010, with the convergence of strides in wireless communication, big data analytics, cloud computing, and sensor technologies. The year 2014 launched the initiative of Digital India, which envisioned a digitally empowered society and knowledge economy. Added to this was the Make in India campaign that also called for modernization of the industry with new technologies such as IIoT. With the proliferation of smart manufacturing, smart cities, and government-sponsored industrial modernization projects, the IIoT market in India has been accelerated manyfold over the years. Sustainability has emerged as one of the key focus areas in the Indian IIoT market, and its visibility is increasing among companies for implementing IIoT solutions to ensure energy efficiency, waste reduction, and resource optimization. IIoT technologies can support real-time monitoring with predictive maintenance that can significantly contribute to reducing energy consumption and lessening environmental impacts. For instance, smart grids ensure efficient distribution and consumption of electricity in the energy industry, hence reducing overall energy wastage. In manufacturing, IIoT-enabled smart factories use optimized processes to reduce emissions and conserve resources. Moreover, IIoT also benefits the agricultural sector in implementing precision farming techniques for efficient utilization of resources like water and fertilizers, thus promoting sustainable farming. All these efforts have a very significant contribution to the goals of sustainability in India and the commitment to combat climate change.

According to the research report ""India Industrial IOT Market Overview, 2029,"" published by Bonafide Research, the India Industrial IOT market is anticipated to add to more than USD 8 Billion by 2024–29. As more gadgets in houses and even offices in use start connecting to the internet, ensuring digital security for IoT has become of growing concern. Besides giving connectivity to smart devices with edge gateways or cloud platforms, IoT would also create the fastest streams of data through sensors, along with producing the biggest amount of data than any other emerging technology. To put it in simple words, IoT is like the engine oil needed to run Industry 4.0 at breakneck speeds in India. The main consumption, at the moment, is seen in areas such as supply chain management, customer engagement, and virtual meetings. IIoT is a subset of IoT that details the technologies used in industrial manufacturing.The Indian government has rolled out several policies and schemes to promote the adoption of IIoT and digital technologies in the industrial sector. Predicting the future, the Digital India initiative in 2014 aimed to create an empowered, digitally enabled society and knowledge economy that works as the bedrock for broad-based IIoT adoption. Make in India campaign prompts businesses from within the country and across the world to manufacture in India, with prime ownership for adopting advanced technologies for manufacturing, including IIoT. Here, what exists under the Smart Cities Mission is to develop 100 smart cities with vigorous digital infrastructure wherein IIoT would again have a great role to play in managing all these urban services efficiently. The National Industrial Corridor Development Programme brings about the development of industrial corridors across the length and breadth of India en-suite with smart and sustainable industrial ecosystems. The India IIoT market has witnessed the entry of several innovative startups, further driving adoption and development in the IIoT solution space. Some of the key players offering industrial IoT platforms, which help an enterprise develop connected applications and drive their digital transformation journey, include Altizon Systems. Another envisioned startup would be Stellapps, which not only manages the dairy supply chain but also monitors and manages IoT-enabled efficiency in dairy operations. MachineSense helps manufacturers reduce downtime and improve productivity with its industrial analytics and predictive maintenance solutions.

Owing to the fact that it is pumped into varied sectors, the IoT hardware market in India is fast growing. In agriculture, for instance, farmers have been offered devices that include soil moisture sensing—this enables them to make better use of water resources, consequently/OBV increasing yields in crops. Wearable devices are the trend in healthcare to monitor health from afar. Add to this the Smart Cities Mission—government initiative for developing 100 smart cities across the country—and the demand for IoT hardware like smart meters, surveillance cameras, and traffic sensors increases. The IoT software market of India is on a fast track, impelled by the need to make sense of tremendous data emanating from devices. For instance, in the manufacturing sector, companies use IoT software for predictive maintenance that reduces downtime and improves operational efficiency. In the transport sector, logistic companies are using fleet management software to optimize routes and cut fuel consumption. One example of an Indian IoT software company would be Altizon, which provides a platform for IoT data analytics with machine learning. IoT devices and software could never be managed or integrated without IoT Platforms. In India, many companies are now offering IoT platforms for growing demand. For instance, Bosch provides its Bosch IoT Suite, which can provide any service in the development and operation of IoT applications. Another example is Wipro, which offers an IoT platform with device management, data management, and application development capabilities. These platforms will help businesses to accelerate the development of IoT solutions and their deployment without having to develop everything.

The Indian market is projected to witness rapid growth in the industrial Internet of Things (IoT) across various sectors, with manufacturing taking the top spot. This makes IoT solutions quite indispensable for a number of companies looking to enhance operational efficiency, conduct predictive maintenance, and raise the bar of quality control within the manufacturing sector. Smart factories, in particular, within the automotive, electronics, and textiles industries, make use of connected sensors and data analytics to optimize production processes and lower instances of downtime. Healthcare forms one of the fastest-growing segments in the industrial IoT landscape of India. Increasingly, hospitals and healthcare service providers are engaging in the adoption of IoT devices; this has critical applications for remote patient monitoring, asset tracking, and inventory management. Smart grids are being set up for enhanced monitoring and management of power distribution, while oil and gas companies have fitted IoT sensors in monitoring information in real-time on pipelines and equipments. Transportation and logistics in India are undergoing sea changes with the massive adoption of IoT. Smart transportation systems are proposed to be enforced within the larger cities to manage the flow and congestion of traffic. In logistics, IoT is aiding effective fleet management, route optimization, and cargo tracking—a core need for India's large supply chain networks. Other industries like agriculture, retail, and mining are also getting energies on board with higher adoption. In agriculture, it finds application in precision agriculture, crop monitoring, and smart irrigation systems that bring better yields and save resources. As far as retail goes, IoT is getting used for inventory management, supply chain optimization, and smart store concepts that improve the customer experience. IoT use cases within the mining industry are worker safety, asset tracking, and monitoring the environment.

The connectivity Indian Internet of Things market has been witnessing a huge drive in wireless technologies since those are flexible, scalable, and cost-effective. Wireless technologies such as Wi-Fi, Bluetooth, Zigbee, and LPWAN find wide applications by connecting several types of IoT devices with various applications. For example, Wi-Fi is used in connecting devices at home, while LPWAN is majorly used for remote or in non-reach areas through devices. Technologies like 4G and 5G cellular connectivity are expanding from India's edge to a greater extent in high-bandwidth and low-latency applications, such as industrial automation and self-driving cars. Some examples of such wireless IoT applications in India can be said to include smart metering utilities where, with the aid of wireless technologies like RF Mesh and NB-IoT, data is captured from meters and sends back this information to a central server. Another example is when, in healthcare, wireless wearable devices are used for tracking patients' health from a distance. Even though wireless connectivity technologies rule the present world, the wired connectivity technologies are not far behind in their growth phase within India. They find increasing usage in applications requiring high reliability, security, and speed. Ethernet, USB, and serial connections are typical examples of wired technologies that find a place in connecting IoT devices with respect to industrial automation, manufacturing, and surveillance applications. Wired IoT applications implemented in India include factory automation to facilitate connectivity through Ethernet for industrial robots, sensors, controllers, and other entities. Another would be the surveillance mission-critical application involving wired CCTV cameras for security monitoring across public places.



The IoT, Industrial IoT, and Edge Computing are here and growing in an incredibly fast manner. The IoT is increasingly part of our everyday lives, including such applications as the intelligent tracking system in transportation, industrial wireless automation, public safety, personal health monitoring, and health care for aged members of the community. The potential appears almost endless. We are living in the future today conceived a lifetime way back. Industry 4.0 emphasizes digital technology to an all-new level with the help of interconnectivity between physical and digital space through the Internet of Things, big data & analytics, cloud computing, autonomous robots, artificial intelligence, machine learning, and augmented reality, and access to real-time data. In this respect, the adoption of IoT for industrialization becomes smoother when taken into consideration the space of the Indian domestic market, data availability, and affordability. The India satellite IoT operator, Kinéis, inked a deal with Hyderabad-based space engineering solutions provider Dhruva Space to produce compatible devices and solutions and grow low-power satellite IoT application in India. Kinéis is going to launch almost a constellation of 25 nanosatellites in Low Earth Orbit by early 2025. It launched the constellation in batches of five over eight months through the early part of next year. The first five launched on June 18, riding on a SpaceX shuttle. Three further launches will take place in 2024; a final launch will take place in the first quarter of 2025.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Industrial IoT market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Offering
• Hardware
• Software
• Platforms

By Vertical
• Manufacturing
• Healthcare
• Energy
• Oil & Gas
• Transportation
• Others (Retail, Metals & Mining and Agriculture)

By Connectivity Technology
• Wireless
• Wired

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Industrial IoT industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.