According to TechSci Research report, India IoT in Manufacturing Market - By Region, Competition, Forecast and Opportunities, 2028, The India IoT in Manufacturing market is poised for robust growth during the forecast period from 2024 to 2028. India has made significant advancements in smart manufacturing, bolstered by government initiatives promoting favorable policies, infrastructure investments, and support for research and development.
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The market for IoT in manufacturing in India is expanding rapidly due to the increasing demand for connected devices and analytics, alongside the growing adoption of cloud computing services. Moreover, factors such as the rising integration of business automation in manufacturing and industrial processes, and the increasing focus on 5G technology, are driving market growth. The IT sector's substantial contribution to India's GDP, accounting for 8% in 2020, underscores its pivotal role in fostering IoT adoption in manufacturing. Additionally, the allocation of USD 7.31 billion to the IT sector in the Union Budget 2021 is expected to indirectly catalyze growth in the IoT in Manufacturing market during the forecast period.
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Despite these positive trends, concerns over data privacy and security, as well as challenges related to data interoperability, pose obstacles to the widespread adoption of IoT in the manufacturing sector in India.
The India IoT in Manufacturing Market is benefiting from the increasing demand for Industrial Internet of Things (IIoT), the proliferation of smart sensors and beacons, and the expanding use of IoT in supply chain management. Favorable government initiatives and the rising adoption of analytics across various sectors such as energy & utilities, and oil & gas, further contribute to the market's growth trajectory. Moreover, the surge in cloud platform adoption, advancements in data analytics capabilities, and the development of wireless networking technologies are expected to propel the India IoT in Manufacturing Market in the forecast period.
India IoT in Manufacturing Market can be broadly segmented into component, application area, vertical and region. India IoT in manufacturing solution market is expected to grow in the coming years due to its capacity to make the manufacturing process smoother and more organized. These IoT solutions lead to growth in business and ease of workforce. Industries are now recognizing the need for smart sensors along with connectivity and data storage that can allow personal protective equipment to offer better health and safety IoT solutions in manufacturing. “Intelligent” health and safety equipment can identify “pain points” or areas of increased risk of potential accidents. The smart IoT solutions for manufacturing units that help maximize productivity and automate all processes in the manufacturing are expected to boost the India IoT in Manufacturing Market.
The market of IoT in manufacturing in the country is gaining traction and is expanding to various regions such as North, South, East, and West. South India is expected to witness growth during forecast period owing to rising penetration of the technology in this region. The Southern cities such as Bengaluru, Chennai, Hyderabad have been the key contributors to the IoT in manufacturing industry in India. In addition, emerging cities like Kochi, Thiruvananthapuram, Coimbatore, Visakhapatnam, Mysore, and Kozhikode are creating a further pull factor for the Southern region in IoT in Manufacturing Market in the country. Additionally, major players in India IoT in Manufacturing Market such as IBM India Pvt. Ltd., Cisco Systems (India) Pvt. Ltd., Microsoft India Private Limited, SAP India Pvt. Ltd are operating their facilities in the Southern region. Various other leading product manufacturing companies are also expected to set up new production facilities in the region during the forecast period.
Key market players in the India IoT in Manufacturing market:
- IBM India Pvt. Ltd.
- Cisco Systems (India) Pvt. Ltd.
- Huawei Telecommunications India Pvt. Ltd.
- Microsoft Corporation (India) Pvt. Ltd.
- Schneider Electric India Pvt. Ltd.
- Siemens Limited
- Bosch Ltd.
- SAP India Private Limited
- General Electric India
- Zebra Technologies India Private Limited
Schneider Electric India Pvt. Ltd. acquired the electrical and automation business of Larsen & Toubro in 2020 in which 65% stake is owned by French multinational Schneider Electric, while 35% stake is held by global investment company Temasek.
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“The demand for IoT in Manufacturing is anticipated to grow during the forecast period owing to rising investments in industry 4.0. Among verticals, electronics and electrical segment is projected to grow at an impressive rate at the back of increasing adoption of smart sensors and beacons. Moreover, increasing demand for handling challenges such as data privacy & security issue, inconsistent network availability, etc., along with increasing investment by the Indian government on industry 4.0 and Adoption of 5G is further promoting the growth of IoT in manufacturing in India” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India IoT in Manufacturing Market Segmented by Component (Solutions, Services & Platforms), By Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking & Management, Logistics & Supply Chain Management, Real-Time Workforce Tracking & Management, Automation Control & Management, Emergency & Incident Management, and Business Communication), By End Use Industry (Energy & Utilities, Automotive, Food & Beverages, Aerospace & Defense, Chemicals & Materials, High-Tech Products, Healthcare, Others), By Region, Competition, Forecast and Opportunities, 2028 has evaluated the future growth potential of India IoT in Manufacturing market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in IoT in Manufacturing market.
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