The Indian industrial IoT Market is anticipated to register growth as numerous states are expected to witness an industrial construction spree in the coming years, with construction projects including the setting up of large-scale commercial and industrial establishments including retail, healthcare, and transport & logistics.
The above-mentioned growth would also be fueled by the advancement in wireless technology coupled with the increasing need for condition monitoring in industries all over the country.
Remote monitoring in factories and plants has also gained traction amid the COVID-19 pandemic, which would also bode well for the industrial IoT market in the country in the years to come. The market has seen a halt owing to the massive outbreak ofCOVID-19which resulted in nationwide lockdowns to combat the spread of the virus and has led to a decline in the overall market growth.
The Indian industrial IoT market size is projected to grow at a CAGR of 15.5% during 2020-2026. The modern market landscape is leading to increased efforts to strengthen infrastructure and improve the solutions and aid provided by the various actors in the industry.
Further, to bring in high technology and fast communication access, many satellite industry-based private players across the world are working towards the growth and expansion of their present infrastructure to enhance the installation and integration of the necessary equipment related to industrial IoT in every nook and corner of the world along with the alignment of the same with the evolving augmented reality environment. As a result, this is further expected to be a positive driving growth factor for the Indian industrial IoT market in the near future.
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Contact: Ms. Kavitha S
Trade Officer -Trade and Economic Mission, Consulate General of Israel to South India (Bangalore). Tel: +91-80-49406515. email@example.com
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