What started with smart homes, connected cars and wearable fitness devices is now making way for devices that will help farmers, drive sustainable energy and provide healthcare solutions in remote areas.
The Internet of Things (IoT) will power internet growth in India in the years to come. Still at its infancy stage, in the last few years the IoT market in the country has witnessed significant growth backed by the increase in number of connected devices coupled with increasing internet penetration and exponential growth due to launch of government projects such as the Smart Cities Mission and Digital India campaign.
The rapidly growing phenomenon of machines being connected and, in a way, communicating with each other over the web is known as IoT. According to a report by Gartner, globally the number of connected units, relating to the IoT, will reach 26 billion by 2020, a 30-fold increase since 2009.
India is seeing gradual traction in the space.
The Internet of Things (IoT) market in India is expected to grow up to USD 15 billion by 2020 from USD 5.6 billion this year, driven by adoption across sectors like manufacturing, automotive, transportation and logistics, according to a report by Nasscom and Deloitte.
The report indicates that the IoT market in India stands at USD 5.6 billion with 200 million connected units in 2016. The IoT ecosystem in India comprises of around 120 organisations from across the value chain.
The report titled IoT - Revolution in the Making laid emphasis on the growth of IoT as not just creating consumer solutions but also adding value in industrial applications.
It stated that the IoT segment is expected to grow across industries, with utilities, manufacturing, automotive and transportation and logistics providing greater opportunities for development, compared to other sectors.
According to 6Wresearch, India IoT Market is projected to grow at a CAGR of 28.2% during 2016-22. In India IoT market, Industrial IoT accounted for majority of the market share followed by consumer IoT. Industrial IoT segment market is registering growth on account of rise in industrial applications for increase in production.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, "Smart wearable are gaining popularity in our country owing it to the growing awareness and increasing acceptance of smart watches in the country."
"Further, home automation application in consumer IoT segment is set for a major boost due to declining prices and emergence of smart homes concept in the country," Goel adds.
"With the incorporation of IoT in both consumer and industrial sector, there is a rapid expansion of the ecosystem. Major companies are turning to adopt IoT to increase their efficiency and customer experience," says Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch.
Companies such as Nokia, Tata Communications, Cisco, KPMG and Microsoft among others are rapidly making inroads in the IoT domain.
Nokia's India unit announced a slew of new 5G and Internet of Things (IoT) technology services that it plans to deploy in the country, mostly targeted at governments that can use the solutions to create smart cities and improve public safety.
The Finnish firm showcased more than 60 different use-cases of these technologies at its annual Innovation Day in Bengaluru, including those that are already live and ready for use as well as ones that aren't live yet. The company's research and development office in Bengaluru, which has around 5,000 employees, creates solutions for both its Indian and international markets. The brand new IoT range, will focus more on Indian clients, especially governments.
Tata Communications is rolling out an IoT/ Machine to Machine (M2M) communications network, with full coverage starting in Mumbai, Delhi and Bangalore. The company partnered with semiconductors giant Semtech Corporation to deploy 35 IoT proofs-of-concept (PoCs) based on LoRa Technology across these cities. to deploy 35 IoT proofs-of-concept (PoCs) based on LoRa Technology across these cities to deploy 35 IoT proofs-of-concept (PoCs) based on LoRa Technology across these cities.
KPMG and Microsoft has announced a strategic Internet of Things (IoT) Advisory partnership in India. The aim to enable the two companies to combine their technologies, industry insights, and creative thinking to accelerate the digital transformation of large and mid-market Indian enterprises. The Advisory will help companies deploy solutions that can drive cloud based automation, generate operational insights through IoT, provide better customer relationship management and analytics, improve organizational agility, and increase workforce mobility.
Technology firm Cisco has signed two Memorandums of Understanding (MoUs) with the state government which aim to establish an IoT Innovation hub with the International Centre for Entrepreneurship and Technology (iCreate) at iCreate's campus near Bavla, Ahmedabad, and deliver a smart city project in Gujarat International Finance Tec-City (GIFT).
"IoT is set to become a major differentiator in driving the next generation of services and products. In India, while the industry is at a nascent stage industrial applications of IoT primarily in manufacturing, automotive and transportation and logistics are expected to drive IoT revenues by 2020," Nasscom President R Chandrasekhar said.
Clearly, Internet of Things is the next big wave in India.
Media Source: Enterprise Innovation