India IoT in Manufacturing Market is expected to drive by Smart Manufacturing Initiatives
Government initiatives related to the industry 4.0 are
expected to increase the adoption rate of IoT devices, during the forecast
period of 2024-2028.
According to TechSci Research
report, India IoT in Manufacturing Market - By Region, Competition,
Forecast and Opportunities, 2028, the India IoT in Manufacturing market is expected
to register a robust growth during the forecast period, 2024-2028. India has
been making significant strides in the field of smart manufacturing in recent
years. The government has been actively promoting the development of smart
manufacturing by creating favorable policies, investing in infrastructure, and
providing support for research and development.
The India IoT in
manufacturing market is growing rapidly on account of increasing demand for
connected devices and analytics and rising adoption of cloud computing
services. Moreover, other factors such as increasing use of business automation
in manufacturing and other industrial processes and rising focus towards 5G are
further driving the growth in the market. The growth of the IT sector coupled
with increasing investment by the government in IT sector is expected to further
boost the India IoT in Manufacturing Market. The IT industry accounted for 8%
of India’s GDP in 2020. Additionally, in the Union Budget 2021, USD 7.31
billion was allocated to the IT sector which will further indirectly catalyze
IoT in the manufacturing market in the forecast period. However, rising concern
over data privacy & security and lack of data interoperability is causing a
hindrance for IoT in the manufacturing market in the country.
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India IoT In Manufacturing Market owing to rising demand for industrial
internet of things (IIoT), increasing adoption of smart sensors and beacons,
growing adoption of IoT in supply chain, favorable government initiatives and
rise in demand for analytics. Moreover, increasing penetration of IoT in
various applications like energy & utilities, oil & gas, etc., is
further pushing its demand in the country. Additionally, surge in cloud
platform adoption, advent of advanced data analytics and development of
wireless networking technologies is likely to propel India IoT in Manufacturing
Market during 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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