The IoT enabled sensor market in India is galloping in leaps and bounds and is expected to reach a value of INR 81.07 billion by 2024, at a CAGR of whooping 62.96% from a meager INR 4.83 billion in 2018.
With the ever-increasing expansion of the IoT sector, the intent of the customers towards IoT enabled sensors that can furnish communication between the devices has increased greatly.
The Current IoT Sensor Market Scenario: Reality Check
In the last few years, the country has seen a major rise in the demand and usage of connected devices like cars, smart home devices, wearables, and autonomous machines. Taking this into consideration it’s expected that IoT installed units in India will show an exponential increase from 60 million devices in 2016 to a significantly huge figure like 1.9 billion in 2020. On the same note, the machine-to-machine (M2M) modules will also increase to touch 112 million by 2022.
The Indian government realized the necessity to shift towards the tech world. Hence, it launched the Smart Cities Mission in June 2015 and targeted to establish 100 smart cities by 2023. It has left no stone unturned to optimize the usage of IoT enabled sensors to make the city operations much more advanced and easily accomplished.
The incessant efforts of the government have given the required push to this sector.
It’s due to their effort that the country is portraying itself as an assuring market for foreign investors. Venture capital tycoons like Breakthrough Energy Ventures, Samsung Venture, pi Ventures, Axilor, and Inflection Point Ventures, among others; have wholeheartedly extended their arms to develop and manufacture IoT enabled sensors in the country
The financial support of these venture capital biggies has given us the chance to build sensors, control modules, and equipment controllers within our country. This very fact makes this industry a viable and an ever-growing sector of our economy.
Challenges & Opportunities: The Road Ahead
We all are aware of the fact that India lacks some of the important resources like continuous power and good connectivity. This provides even better opportunities for IoT based sensors. Their low power consumption and wireless connectivity are what makes them so attractive for the users. Affordable prices and low chip integration are like icing on the cake.
Nowadays, several sensors are being developed based on the micro-electro-mechanical systems (MEMS) technology owing to the cost-effective miniaturization becoming feasible. These sensors comprise pressure sensors, vibration sensors, accelerometers, gyroscopes, and temperature sensors.
Having equipped with such varied sensors, these MEMS leave an assuring image in the minds of the consumers. They furnish us with great advantages like reduced power consumption and much less size and weight.
The success of a business venture is based upon thorough SWOT analysis which is incomplete without having thought about the competition and the threat it poses. The major competitors in this sector are the foreign-based business ventures working in this department. They have varied R&D centers, subsidiaries, and distributors in the Indian market.
Apart from them, the IoT sensor market in India hasn’t seen any new companies coming up. Having said that, there is no denial of the fact that the already existing companies have struggled big-time; owing to the competition amongst one another. The market definitely seems ripe enough for the growth of this sector.
The future is bright indeed. During the forecast period, the major companies will continue to produce their niche IoT sensors and they’ll flood the markets with it.
Owing to the intense cut-throat competition, the prices of these sensors are expected to drop down. This is definitely relieving news for the users.