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India has 43% of global IoT market: Survey

Persistent, L&T Technology and TechM named among leading service providers

Romita Majumdar  |  Mumbai 

India has 43% of IoT market
Companies were classified into nurture, breakout, execution and leadership zones, based on various competencies

Indian information technology (IT) services now own about two-fifth of the global (IoT) market. In all, about 43 per cent or $1.5 billion of the global $3.5 bn market, says a report by research and strategy consultancy Zinnov Zones.

The share in and North is 27 per cent and 23 per cent, respectively.

The report listed TCS, Wipro, Infosys, HCL, Tech Mahindra, Persistent, and L&T Technologies among the global leading innovators and market leaders in were classified into nurture, breakout, execution and leadership zones, based on various competencies. The rankings were also based on which chose to respond to the survey queries within the mandated time frame.

Managed services are expected to see the fastest growth, at a compounded annual rate (CAGR) of 23.5 per cent. Translating to Rs 2,036 crore of annual business for Indian Product engineering has the largest share of Indian services, with Rs 4,168 crore business in 2017.

"not in the list don't necessarily mean they aren't good but there could have been issues in responding to the survey. Most of the big names in the space from the services standpoint have been covered," said Sidhant Rastogi, partner at Zinnov.

L&T Technologies, TATA Elxsi, Systems, L&T Infotech and Happiest Minds have moved significantly over the past year in rankings among Indian providers, he added.

The three top Indian IT service firms -- TCS, and -- garner less than 20 per cent of their revenue from digital technology-based services, including The report says 76 per cent of total revenue is generated by the top 20 of its service providers globally. Growth of Asian markets is likely to lessen over the next five years, with an expected CAGR of 17 per cent; the North American market is expected to show 21 per cent.

While HARMAN Connected Services leads the overall list, TCS, HCL, and remained neck to neck across categories. Pune- based Systems broke into the leadership zones for Platform and Application Competency', 'Big Data Management' and 'Analytics Services'.

"The Flywheel framework is accelerating development and adoption of systems by focusing on end-to-end solutions, including aspects like ecosystem development and monetisation," said Sanjeev Srivastava, senior vice-president, IoT, at Business

L&T Technologies broke into five new categories compared to the 2016 ratings, with presence across platform and application competency, advisory and consulting, system integration, communications competency and big data.

Bengaluru was the top location in India for processes.

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