Currently, India has over 1,250 IoT startups, with many generating revenue globally. Bangalore houses the highest number of IoT startups in the country, with over 50 per cent of the companies based in the city.
The number of Internet of Things (IoT) startups in India has increased tenfold in the last four years, according to IoT Forum.
Launched in 2014, IoT Forum is an initiative by the Indus Entrepreneurs (TiE) Bangalore and India Electronics and Semiconductor Association (IESA) to engage startups, corporates and investors across the country.
At present there are over 1,250 IoT startups in India, with many generating revenue globally, Business Line reported quoting co-chairs of IoTNext Venkatesh Kumaran, Somshubhro Pal Choudhury and Arvind Tiwary.
According to the Forum, there were only 123 IoT startups by the end of 2014. By 2015, this number grew to be around 275 and crossed 470 the next year, witnessing almost a 60% growth. The number has further increased by 31 percent since last year.
Bangalore houses the highest number of IoT startups in the country, with over 50 per cent of the companies headquartered in the city. National Capital Region (NCR) and Mumbai took the second and third spots respectively. Hyderabad and Pune were in fourth and fifth spots respectively, while a few startups are based in other cities.
India is the third largest startup ecosystem in the world
A report released last year by IoT Forum revealed that India is the third largest startup ecosystem in the world. It said that 60% or more of the startups in India are offering Managed Solutions and IoT enabled Services.
Home and building automation is a popular segment with several players including eGLUE, iMonitor, Surmount, Icasa, TagPlus, Albasmart and many others, it noted.
The report further pointed industrial automation as an important segment. IoT activities in factories include asset tracking, increasing productivity and utilization, reducing maintenance costs and extracting the information from the PLC machines for productivity dash-boarding.
Companies like Covacsis, Altizone, Prophecy Sensorlytics, Entrib, Cascademic, Ascent, Aura Automation, bit-by-bit and Sensibridge are big players in this space.