‘Bright future’ for India’s Internet of Things, says Nasscom and Deloitte
INDIA’S Internet of Things (IoT) market is slated to hit US$15bn by 2020, according to a report by IT industry body Nasscom and Deloitte.
While much of the hype around IoT has focused on consumer facing products like wearable electronics and sensors that give people information on things like public transport or their energy bills, the study said much of the value will be added in industrial applications in sectors like utilities, manufacturing, automotive and logistics.
The value of the current IoT market was pegged at US$5.6bn by the report shared between roughly 120 organisations. The number of connected devices today was estimated at 200 million, but by 2020 this is expected to grow to 2.7 billion devices.
“IoT is set to become a major differentiator in driving the next generation of services and products,” Nasscom president R Chandrasekhar told NDTV.
“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.”
Across the globe, the IoT market is expected to grow to over US$3 trillion during the same period driven by growth in both consumer and industrial applications.
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Kevin Ashton, who coined the term “Internet of Things” to refer to a network of inter-connected devices that can be accessed through the Internet, said solutions were already becoming mainstream in areas like healthcare, automotive and manufacturing.
“The ecosystem is rapidly expanding, owing to demand for both Industrial and Consumer IoT applications and is set to be a critical part of the next level of growth for the IT industry,” he told Times of India.