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.
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).
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