The Internet and Mobile Association of India (IAMAI) along with Deloitte launched a report titled ‘Demystifying IoT for digital transformation’ on Wednesday.
The report stated that Internet of Things (IoT) adoption has started gaining momentum in India after the government’s emphasis on Digital India, Smart Cities mission along with other global developments.
With a projection of $12 billion and with Industrial IoT expected to consume a higher majority of the share when compared to the consumer IoT, some industries are expected to experience a larger disruption than others and hence will contribute a larger share to fulfilling the $12 billion mark. According to estimates, major contributors to this would be energy and utilities, industrial manufacturing, transport and logistics and agriculture.
The Indian IoT ecosystem has 4 key players that is Hardware vendors, Network operators, System integrators, and Application vendors. Around 60 to 65 percent of these players are start-ups. A large chunk of the projected $12 billion market share is expected to be captured by the applications vendors grabbing up to 50 percent of the pie. The next major players will be the network operators and the system integrators who would each account for 20 percent of the revenue share by 2020. Hardware vendors are seen to have about 10 percent of the revenue share stated the report.
“Internet of Things (IoT) as a technology is receiving tremendous attention for the transformative potential it presents. By connecting the physical and digital worlds, IoT vastly expands the reach of information technology and throws up a myriad of possibilities given the ability to monitor and control things in the physical world electronically, and the availability of previously inaccessible data. IoT applications are being deployed across a wide range of use cases including utilities, transportation, agriculture, healthcare, manufacturing, retail, connected vehicles, connected homes and many more,” said Bikram Bedi, Head of India and SAARC, Amazon Internet services.
“Given the transformative potential and the significant economic impact IoT can drive for a country like India, IAMAI together with the industry, has launched a concerted effort towards catalysing the IoT ecosystem in the country,” he added.
“IoT is all set to truly transform and enrich our lives with its digital solutions and innumerous possibilities. India is well positioned to leverage the power of IoT to create massive growth opportunities in the country. At IAMAI, we are fully committed to contribute to this journey and are working closely with the Govt and relevant industry stakeholders to build a vibrant ecosystem that demystifies IoT and works towards developing policy, standards & best practices for IoT connectivity, device protocols, security, mass scale production and cost effectiveness,” said Harmeen Mehta, co-chair, IoT Committee, IAMAI and Global CIO, Bharti Airtel.
According to the report, the energy and utilities sector is expected to comprise as much as 25 percent of the IoT market share followed by Industrial Manufacturing sector at 18 percent by 2020.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
