IoT Growth in India is 41% till 2020

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IoT growth rate to accelerate after 2020:

    a report published by social media agency WATConsult, a part of Dentsu Aegis Network.

The IoT market in India is currently growing at 41% and will continue to grow at the same rate till 2020, says WATConsult report

IoT refers to a technology that connects sensors and devices to the Internet, collects their data and automates processes and decision-making.

The IoT market in India is currently growing at a compounded annual growth rate (CAGR) of 41% and will continue to grow at the same rate till 2020.

“With increased adoption, the growth rate will increase to around 54% CAGR between 2020 and 2025,” according to the report titled “Internet of Things: Adoption and Growth in India”. The report is based on extensive in-depth interviews with 10 industry stakeholders and 300 consumers across the metros, conducted by Recogn, the market research division of WATConsult.

“IoT is currently growing at a good rate of 41% and that will continue till 2020. Between 2020 and 2025 will be the period which will see a mass movement towards IoT,” said Rajiv Dingra, founder and chief executive officer at WATConsult.

According to the report, the adoption rate of IoT among consumers peaked with smart television sets, followed by health and fitness bands and VR head sets. 59.2% of the respondents said they use/own a smart TV to access their social networks and video-on-demand platforms, while 44% said that they use fitness bands.

“The intention to use latest IoT devices like streaming devices (22%), voice assistants (22%), smart trackers (21%), VR headsets (20%) and smart eyewear (19%) among others, is also seen increasing,” the report said.