After years of anticipation and hype, Internet of Things (IoT) is slowly getting into mainstream business use. The worldwide number of IoT connected devices is projected to increase to 43 Bn. by 2023 and the spending on software and hardware related to IoT is projected to grow rapidly, from $726 Bn. in 2019 to $1.1 Tn. in 2023. Asia/Pacific accounted for most of the spending on IoT in 2019, with India spending the US $20.6 Bn. 
Various industry bodies are working along with GOI in making the dream of “Make In India” into a reality by developing a vibrant ecosystem for Indian Electronic System Design and Manufacturing (ESDM). This sector is expected to generate $100-$130 Bn. By 2025, thus aiming at reducing India’s dependency on Imports on electronic goods and promote domestic value chain.
Indian IoT Market Scenario
India is rapidly growing as an IoT market and is projected to reach $15 Bn. by 2020, accounting for 5% of the global market. Although the country began its IoT journey much later than developed economies, its installed base of connected units is expected to grow at a much faster rate at an expected growth rate of an estimated 32x to reach 1.9 Bn. units by 2020, from its current base of 60 Mn. Key technology factors enabling IoT adoption in India include sensors, networks, standards, augmented intelligence, and augmented behaviors because of the following factors: 
- Low cost of storage and computing data on the cloud platform
- Emerging trends on edge computing
- Falling costs of connectivity, sensors, and devices
- Increasing smartphone penetration and mobile app development platforms
IoT Applications in Demand
India, with nearly 120 firms offering wide solutions in this segment there seems to be tremendous opportunities for future growth. Smart lifestyle, connected homes, buildings, and embedded homes are few emerging segments. Healthcare and manufacturing are the leading verticals demanding IoT solutions:
- Manufacturing/Supply Chain: Improved process automation, connected factories, robotics, tracking of goods, tools, etc.
- Agriculture: Handheld devices to figure out the moisture/pH factor of soil, etc.
- Transportation: Improved vehicle tracking (GPS), traffic management for reduced waiting times
- Energy: Efficient management of energy usage, potential faults, etc.
- Healthcare Industry: Assistance to people with push-button emergency alerts, automated medication with a supply of medicines, and alerts doctors from the device
Demand for IoT Electronics
Individual IoT devices will require microcontrollers (MCU) to add intelligence to the device, one or more sensors to allow data collection, chips for connectivity, and data transmissions thus making a positive impact on the demand for electronic components. It’s also expected that the domestic electronic market will reach $400 Bn. by 2025. Huge progress has been made in the areas of single-chip with an acceptable form factor and low power consumption for battery-operated devices, SOCs with embedded cores, GPUs, and integrated wireless connectivity in a single package has led to the development of such sensors that are capable to compute, store and network with extremely small form factors and operate with low energy. 
India is expected to have a digital economy of $1Tn by 2025. The focus on Digital India, National Skills Development Mission of India, and STEM (science, technology, engineering, and mathematics) education along with 1140+ R&D centers of MNCs makes India the choice for embedded technology in consumer electronics and IoT. Accelerators and incubators in India are already enabling startups to build innovative IoT solutions and competing with other major economies to make India a preferred destination for IoT products and emerge as an IoT powerhouse.
Backed by 40 Years of Expertise
Syrma provides electronics design and manufacturing services to diverse markets. We’re part of the Tandon Technology group which has over 40 years of electronics design and manufacturing expertise. Syrma has always stayed as a thought leader in the space of innovation and has shown its expertise in the design and manufacturing of home automation & IoT enabled products like smart metering systems, remote locking, intelligent lighting, fire detection sensors, and heating, ventilation, and air conditioning (HVAC) space.
We understand our Indian market and we’re very familiar with its vast regulatory and selling environments. We also assist global OEMs seeking to enter the Indian market by leveraging the local supply chain and favorable operating environments for cost reductions.
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