Internet of Things (IoT) devices are becoming a part of the mainstream electronics culture and people are adopting smart devices into their homes faster than ever. Growing need for real-time monitoring, tracking and automation coupled with favorable government initiatives has driven Internet of Things (IoT) market in India. In just one year alone, we went from having five million IoT devices connected to the internet to billions. India is projected to grow at a CAGR more than 28% during 2015 – 2020 in IoT market. IoT is believed to change the entire way people communicate, work and live. Its connectivity for everyone, everything and everywhere. It is going to have an influential impact on how the businesses and government interact with the world.
Growth in the market is anticipated on account of ongoing technological developments in IoT technology for providing better connectivity and coverage as well as real-time monitoring & tracking of services and systems across diverse industry verticals to reduce operational and manpower costs. Moreover, various government projects such as smart cities, smart transportation, smart grids, etc., are also expected to further propel use of IoT technology in the country. But also, it is seen that dependency on data servers outside of the organization and the use of the internet for data communications is a big risk in terms of data loss and data theft.
The Internet of Things (IoT) will revolutionise the way we see and use everyday things. The fact remains, India has to look at IoT adoption differently but aggressively. We, as an industry, need to accelerate time to market, reduce costs, and raise quality, lower energy consumption and increase customisation to local needs. A product innovated for India has a massive potential outside of India. So, embracing the concept of laying down the infrastructure and then embarking on a roadmap of invest, experiment, validate and deploy has to be taken up.
The underlined, growth of IoT is not just creating consumer solutions but also adding value in industrial applications. This segment is expected to grow across industries, with utilities, manufacturing, automotive and transportation and logistics providing greater opportunities for development, compared to other sectors. It is also set to become a major differentiator in driving the next generation of services and products.
Cities around the world are experimenting with IoT technology to improve the lives of their citizens, Industries are using it to reduce costs and organisations are leveraging the power of connecting to improve their products. Given these advances and the potential benefits, India needs to make the most of the revolution. Although there is still a lot to be worked out in IoT analytics and applications, enterprises have already started learning the value of embedding IoT to make their business profitable. Most companies deploy IoT systems in order to save cost, enhance employee efficiency and increase customer satisfaction. Moreover, through digital transformation, companies are changing their business models while identifying new revenue sources.
Looking at this we can say that the world will have 50 billion connected devices by 2020 and it is foreseen to touch every industry and people in every domain, optimizing businesses and simplifying people’s lives.
The author is CEO, Astrum. Views are personal.