Hardware & IoT Startups In India
From ‘Jugaad’ to high-end system solutions, India is a unique place for new technologies and upcoming IoT [internet of things] solutions. Innovations in the hardware startups in India rely hugely on testing and execution of newly formed products.
Hardware & IoT: Success In India
Lately, the surge in the numbers of IoT & hardware startups in India promises unconventional yet amazing solutions to the Indian startup ecosystem.
1. From Wearables To Drones – From drones to fit bits, hardware companies have already had the fair share of market success. Companies such as DJI Drones & Fit bit are already a decade old now.
The Internet Of Things Is Striving Ahead & You Better Prepare To Be Disrupted
2. IoT As Ecosystem Enabler – Other marketed efforts such as the Intel’s Maker for India, Digital & Startup India are making a big difference in the already maturing hardware space.
This leads to innovation and increased acceptance of hardware & IoT in sub domains such as education, sports, health, agriculture, finance, and e-governance
Hardware Startups In Numbers!
The Indian IoT space is said to be worth $6trillion by the year 2020. According to a NASSCOM report, the Indian IoT market will account for 5% of the global IoT market.
Bengaluru has emerged as the favorite destination of hardware startups in India. With a total funding of around $37 Million, the sector is bound to grow!
IoT and hardware solutions range from edutech, healthtech, transport, services to logistics. Blume,one of India’s most active VC’s has also created a $100 Mn Investment fund that will primarily focus on IoT startups.
Others investors include Tiger Global Management, Honeywell Ventures, Sequoia Capital, Artiman Ventures, Qualcomm Ventures, Kalaari Capital, Pi Ventures and Trend Micro.
Challenges To The Sector!
While innovation in the Indian startup ecosystem has never really been an issue, startups still face other issues such as lack of proper infrastructure and market interest.
A. Infrastructural Development – While hardware development is a strong point of the Indian startup market, software often takes a backseat. The amalgamation of software and hardware is important for the success if IoT based startups in India.
On top of that, add the already poor governmental infrastructure for the manufacturing sector in India. Both these things create friction for seamless services and products!
B. Connectivity & Stable Market – From machine learning to Artificial intelligence, startups often find it difficult to sell their products or services. Often, only a limited market or a certain niche is interested in certain IoT products.
Examples include fitness trackers which often are only bought by fitness freaks, despise the fact that it can benefit the general population by helping them become more aware of their fitness information.