The India IoT security market size reached around USD 733.50 Million in 2024. The market is projected to grow at a CAGR of 24.00% between 2025 and 2034 to reach nearly USD 6304.01 Million by 2034.
India IoT Security Market Growth
In 2015, the Indian government introduced the Smart City Mission to promote economic growth and improve the quality of life for people. Nearly 25 cities have completed over 50% of the projects planned under the mission, with Kakinada (720%), Devanagere (433.30%), Belagavi (414.90%), New Town (410%), and Lucknow (366.70%) leading the performance estimates. A key component of this plan is establishing Integrated Command and Control Centres for managing and monitoring various services, systems, and public infrastructure facilities in a single platform. This is expected to increase the India IoT security market value over the forecast period.
The Indian agricultural sector accounts for over 20% of its GDP growth. A fully developed ecosystem of agtech solutions can increase the incomes of Indian farmers by nearly 25%-35% and contribute a value of USD 95 billion to the domestic economy. Agtech can substantially boost crop productivity while reducing input costs. It can also enhance price realisation for crops. During 2013-2020, the number of agtech startups surged from 50 to 1,000, driven by rising internet penetration and increasing farmer awareness regarding agtech solutions. The increasing adoption of agtech in India’s farming sector is expected to accelerate the demand for IoT security services in the country, thereby driving the India IoT security market development.
Key Trends and Developments
Increasing adoption of IoT devices; rising threat of cyberattacks; growth of telemedicine; and rapid economic digitalisation are factors favouring the India IoT security market growth.
May 9, 2024
Mindgrove, a start-up incubated by IIT-Madras developed India’s first RISC-V-based SoC called “Secure IoT”, which can enable IoT device manufacturers to reduce production costs and use local raw materials.
May 7, 2024
Tata Communications launched CloudLyte, an automated platform for edge computing that provides cloud, multi-access, and infrastructure-agnostic architectures.
April 9, 2024
The Ministry of Electronic and Information Technology established five new working groups to devise new rules for mobile device security, digital education, zero-trust architecture, and IoT devices. This is expected to positively impact the India IoT security market outlook.
April 4, 2024
In collaboration with Microsoft, IBM Consulting launched an Experience Zone in the city of Bengaluru, that enables clients to understand how their solutions can transform their business outcomes.
Increasing adoption of IoT devices
Rising internet accessibility and smartphone penetration rates have accelerated the adoption of IoT devices. This is expected to increase the demand for reliable IoT security solutions over the forecast period.
Rising threat of cyberattacks
India has witnessed a surge in state-sponsored cyberattacks in recent years, with nearly 80% of them coming from China. This is expected to heavily impact the India IoT security market dynamics.
Growth of telemedicine
The growth of the healthcare sector has led to an expansion of the demand for telemedicine, especially in remote areas. With the introduction of new government initiatives aimed at boosting healthcare accessibility in rural areas, the demand for robust security solutions are expected to become crucial, thereby facilitating India IoT security market development.
Rapid economic digitalisation
The digitalisation of various public services provided by the government is expected to increase the demand for secure IoT solutions, resulting in a growth of market value.
India IoT Security Market Trends
In 2023, nearly 83% of all Indian organisations experienced a cyberattack while only 24% of all Indian organisations have the necessary capabilities and resources for tackling cyberattacks. As per the India IoT security market analysis, over 30% of all companies are still in their first stage of planning and implanting cybersecurity measures. This is expected to increase the demand for IoT security solutions over the forecast period.
India IoT Security Industry Segmentation
The EMR’s report titled “India IoT Security Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Component:
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