India IoT market to grow at 28.2 per cent CAGR from 2016-22, says repor

India’s Internet of Things (IoT) market will grow at a CAGR of 28.2 per cent during 2016-22, according to a report published by 6Wresearch titled “India Internet of Things Market (2016-2022)”. Although the Internet of Things (IoT) market in India is at its nascent stage, however in the last few years, the market registered key growth backed by the increase in number of connected devices coupled with increasing internet penetration and exponential growth is anticipated in the coming years due to the launch of government projects such as Smart Cities and the Digital India Campaign, says the report. According to 6Wresearch, in India IoT market, Industrial IoT accounted for majority of the market share followed by consumer IoT. Industrial IoT segment market is registering growth on account of rise in industrial applications for increase in production. Government efforts to increase internet penetration through the Digital India Campaign is resulting in spreading awareness and adoption of IoT among end- users. According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, “Smart wearable are gaining popularity in our country, owing it to the growing awareness and increasing acceptance of smart watches in the country. Further, home automation application in consumer IoT segment is set for a major boost due to declining prices and emergence of smart homes concept in the country.” And, according to Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch, “India is under digital revolution of doing things which were not possible before. IoT is main part of it and is creating practical improvements for this transformation. With the incorporation of IoT in both consumer and industrial sector, there is a rapid expansion of the ecosystem. Major companies are turning to adopt IoT to increase their efficiency and customer experience.”