Hence, starting this year, we have undertaken to conduct ‘IoT India Industry Study’ with the aim to know where the IoT industry stands as of today in India and provide a bird’s eye view of the ecosystem. The study was conducted over a period of one month and by collecting data from both primary and secondary sources. Further, an in-depth analysis of data was carried out to understand the size of the industry, its biggest revenue contributors and the size & demographics of IoT professionals in India.
- IoT Market in India currently stands at $130 Million annually in revenues.
- There are currently more than 400 companies providing IoT related services in some form.
- Most of these are startups, almost 3/4th of all companies in IoT space. [We will follow this study with a separate companies study in IoT.]
- In terms of Sector type, Telecom form the largest sector being served by IoT in India. Of the total revenue earned by IoT industry in India, 36% or $47 Million comes from telecom.
- Electronics comes second at 29%, followed by Oil & utilities sector at 23% of IoT revenues in India.
- Combined, these 3 sectors serve almost 88% of IoT adoption in India.
- Finance, retail & healthcare; the 3 big sectors in terms of size, are late adopters of IoT, providing single digit millions in revenue to IoT sector.
IoT Industry by Cities
- Bangalore surpasses all other cities by a wide margin, almost 38% of IoT services are provided out of Bangalore.
- 13% or $17 Million in market size for IoT industry comes from Mumbai. This is followed by Pune at 11%.
- Given IoT is still in nascent stages and most of companies operating in this domain are startups, it makes sense that Bangalore has a much higher share of IoT ecosystem. We might see this level out, as the industry matures.
IoT Professionals in India
- The average work experience of IoT professionals in India is almost 8 years.
- Around 1,700 freshers were added to IoT workforce in India last year.
- Almost 44% IoT professionals in India have a work experience less than 5 years.
- Around 22% of IoT professionals are at senior positions (Director, VP, Founders).