PUBLISHER: Inkwood Research | PRODUCT CODE: 1078463
PUBLISHER: Inkwood Research | PRODUCT CODE: 1078463
The India IoT in energy & utility application market is predicted to surge with a CAGR of 11.82% during the forecast period, 2022-2028. Increasing demand for fuel, high speed internet, and IoT in the energy sector and the implementation of Industry 4.0 and Digital India program are expected to support the market growth.
Businesses and companies in India are exploring futuristic possibilities of IoT in energy & utility applications. IoT increases overall productivity through real-time data analytics and enables automation while ensuring seamless operations. It also optimizes workflow by detecting errors and producing high-quality output. Further, the demand for IoT is rapidly growing as it can aid in the reduction of production time, the tracking of assets in the factory, and the consolidation of control rooms.
According to a June 2020 report, in India, investments in IoT were nearly $5 billion in 2019. The values are expected to reach $18 billion by 2022. Further, IoT currently plays a crucial role in the business and technology context with the Digital India program launched by the government. Therefore, major investments and government-initiated programs to encourage digitization is expected to support the India IoT in energy & utility applications market growth during the forecast years.
Leading market players operating include: Wipro Ltd, Cisco System Inc, Infosys Ltd, SAP SE, etc.