Smart TVs and fitness trackers lead Consumer IoT market in India: WAT Insights
According to the WAT Consult study, however, the majority of IoT adoption in India stems from the Industrial IoT segment
Published - 28-July-2017
Smart TVs and fitness trackers are leading the Consumer Internet of Things (IoT) market in India according to a study by WAT Consult. As per the study which focuses on IoT in India, 59% of the respondents had used or own a Smart TV and 44% use Health and Fitness bands in India.
Even though the adoption numbers seem high in the consumer IoT segment, this segment is not driving the growth of the IoT market in India. The majority of IoT adoption in India stems from the Industrial IoT segment, reveals the study. The sectors investing heavily in the technology are Manufacturing and Smart Cities/Public utilities.
Speaking about the importance of IoT, Rajiv Dingra, Founder and CEO, WATConsult said, “IoT is one of the significant trends that will impact all businesses by 2020 and the findings from our latest report reflect that. Innovation and broader awareness among consumers in the coming years will lead the IOT market in India to grow at 41% CAGR.”
The adoption of the Consumer IoT segment has been slow as the awareness among consumers is growing gradually, the study stated. The research showed that 59.2% of the respondents had used/own a smartTV on which they primarily access their social networks, view YouTube videos, stream movies/shows through OTT services like Amazon Prime, Hotstar, Netflix, etc.
In India, wearable technology is centred around smartwatches and health and fitness bands. Owing to growing emphasis on fitness, entry level health and fitness bands are in demand among Indian consumers. New emerging IoT devices like smart bulbs, smart trackers, smart voice assistants, smart coffee machines, smart surveillance systems, smart door locks are gaining traction among the top metros in India.
According to the research, 31% of the respondents intend to purchase smartwatches in the future. Thirty-four per cent of the younger segment (<25 years) and 27% of the older segment (>25 years) would like to purchase a smartwatch in the future. Twenty-three per cent of the respondents aspire to buy a health and fitness band in the future, of which 26% belong to younger age group and 22% belong to older age group.
While the adoption of fitness trackers is mostly driven by peer pressure, the study found that the adoption of bulbs, smart door locks and smart tracks will be need-based. The intention to use latest IoT devices like streaming devices (22%), voice assistants (22%), smart trackers (21%), VR Headsets (20%), smart eye wears (19%), smart plugs (18%), surveillance systems (18%), among others things is seen increasing.
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The report found that in India, various manufacturing sectors are adopting preventive maintenance and supply chain monitoring. Factories and worksites with the help of IoT start-ups, are working on connected tools/machines which will be able to improve operational efficiency. Healthcare and agriculture are two big sectors where IoT can be the catalyst for change, especially in rural healthcare. Logistics is another sector where IoT is being deployed to improve operational efficiency, the report said.