Bengaluru, which is home to research institutes such as Indian Institute of Science (IISc) and a multitude of software and hardware research and development (R&D) labs, houses the largest base of start-ups in the country and third-largest globally.
Moreover, higher exposure of citizens to technology has meant that adoption of start-up solutions has been high.
In India, 47 per cent of the start-ups playing in the IoT sector cater to consumers, building solutions such as wearables, connected vehicles and connected appliances. In second place were start-ups (40 per cent) catering to the Enterprise IoT sector.
However, by far the most successful set of IoT companies in terms of fundraising cater to the Industrial IoT, accounting for close to $65 million out of the total $169 million the sector has received.
Large investors such as Tiger Global Management, Blume Ventures, Qualcomm Ventures have backed Industrial IoT companies.
"While the initial wave of growth for IoT start-ups in India were focused on consumer applications, the next wave will be geared towards Industrial IoT. Use cases such as remote monitoring, predictive maintenance, warehouse automation will become mainstream," said Anand Subramaniam, engagement manager & delivery head at Zinnov.