The market grew 28% in FY 16, according to a new report by IT industry body NASSCOM
Indian Internet of Things (IoT) market will reach USD 15 billion by 2020, accountig for 5% of the global market, accordiing to IT industry body NASSCOM. This represents a CAGR of 27% over the next four years. The market stood at $5.6 billion in FY16, growing at 28% over FY 15.
Manufacturing and healthcare seem to be the most popular target verticals for IoT solution developes, NASSCOM said analyzing the solution offering of 74 unique companies. While almost half the companies targeted manufacturing segment, about one-fourth targeted healthcare. Automotive and next gen commerce are the emerging opportunities, the report titled IoT in India - the Next Big Wave said.
Among IoT offerings, industrial internet, vertical specific niche solutions, connected himes and building and lifestyle remain top areas. Industrial sector will be the only high valued sector for coming two years as per the report, as both of the top two potential generating sectors, IoT in buildings and IoT in transport are considered part of this segment by NASSCOM. Post 2018, smart grids will also become one of the high potential generating vertical. Post 2020, public services and home energy management will also join the league, as per NASSCOM.vertical in Niche solutions and lifestyle. Transport and logistics and Next Gen commerce were the third most served verticals in industrial internet and niche solutions respectively as per NASSCOM.