As per the policy framework around internet of things, India is eyeing share of 5-6% and will account for USD 15 Billion out of the global IoT industry i.e USD 300 billion by 2020. The internet of things has become the preferred choice for big and small enterprises as it offers immeasurable benefits and it has become a powerful force for business transformation, and its disruptive impact will be felt across many industries.
Manufacturing being one of the promising areas with close to 67% of manufacturing companies across sectors expected to adopt IoT and it presents $8 Billion opportunity for the ICT sector by 2017. As per the CMR Analyst, it is expected that revenue from IoT technology and services for discrete and process manufacturing in India will grow from US$1.3 billion in 2014 to US$3.9 billion in 2020 at a CAGR of 20.1%. There are some of the other major areas like energy, retail, healthcare, transportation and smart cities where IoT implementation will be highest as:
Security, is one important aspect of the smart cities, as per the CMR Analyst cannot be overlooked by the stakeholders. Hence, security systems have a very good scope to be exploited by the relevant companies.
Overall, we can say that there is a sea of opportunities coming in the form of smart cities in the coming future. As per the industry experts, IT industry will get a business of somewhere around 30 to 40 billion US$ through smart cities. It’s a huge opportunity for the world, as much as it is for India.
Consumer applications will drive the number of connected things, while enterprise will account for most of the revenue.
Start-ups are showing great interest in the IoT technology and are coming up with such solutions, services which are locally as well as globally relevant.
In the nutshell, IoT can be a game changer and will create mammoth of opportunities for the OEM’s, IT service companies, start-ups/entrepreneurs in the years to come
Manufacturing being one of the promising areas with close to 67% of manufacturing companies across sectors expected to adopt IoT and it presents $8 Billion opportunity for the ICT sector by 2017. As per the CMR Analyst, it is expected that revenue from IoT technology and services for discrete and process manufacturing in India will grow from US$1.3 billion in 2014 to US$3.9 billion in 2020 at a CAGR of 20.1%. There are some of the other major areas like energy, retail, healthcare, transportation and smart cities where IoT implementation will be highest as:
- There is huge opportunity for IoT solution providers in these sectors as lot of investments will be happening around these areas by the tech giants and investors due to huge demand of these technologies in the years to come.
- Many companies are set to make huge IoT investments.
Security, is one important aspect of the smart cities, as per the CMR Analyst cannot be overlooked by the stakeholders. Hence, security systems have a very good scope to be exploited by the relevant companies.
Overall, we can say that there is a sea of opportunities coming in the form of smart cities in the coming future. As per the industry experts, IT industry will get a business of somewhere around 30 to 40 billion US$ through smart cities. It’s a huge opportunity for the world, as much as it is for India.
Consumer applications will drive the number of connected things, while enterprise will account for most of the revenue.
Start-ups are showing great interest in the IoT technology and are coming up with such solutions, services which are locally as well as globally relevant.
In the nutshell, IoT can be a game changer and will create mammoth of opportunities for the OEM’s, IT service companies, start-ups/entrepreneurs in the years to come
Apalak GhoshPrincipal Consultant, Emerging Technologies Research, InfoTech Practice, CMR
Apalak is a lead analyst with CMR’s software and IT services research practice, based out of Gurgaon (near New Delhi). In this role, Apalak is responsible for overseeing development of reports, carrying out in-depth market assessments and forecasts on new and emerging technologies like Cloud Computing, Virtualization, Green IT, DataCenter adoption amongst others. Apalak has led new research initiatives to study adoption of Cloud Computing and Virtualization amongst Indian enterprises. He is frequently quoted in the media on the subject of Cloud Computing and DataCenters on popular TV channels such as NDTV and in leading business publications such as The Economic Times and The Hindu Businessline. He also writes a blog on the theme of Green IT/Virtualization/Cloud Computing. In this capacity he carries forward his rich experience as Manager, Software and Services Research and Consulting Practice, IDC India. Prior to his current role, Apalak has worked with TNS India as a research analyst for two years, before which he was with TransAsia Solution Seekers, Indonesia as a consultant for a year. His experience spans across key research areas such as brand tracking, product / concept testing, quantitative and qualitative research, and consulting. He has a rich exposure to research techniques such as face-to-face and telephonic interviews, profiling and discussions with stakeholders across diverse industry verticals such as IT and Telecom, Consumer Packaged Goods and Automotive. Apalak completed his Master’s program in Business Administration from the ICFAIBusinessSchool, Bangalore, specialising in Marketing. Apalak also holds a Bachelor’s degree in Computer Engineering from the Birla Institute of Technology (BIT), Ranchi capital of the eastern Indian state of Jharkhand.
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