According to R Chandrasekhar, President of apex IT body Nasscom, the industrial applications of Internet of Things (IoT), primarily in manufacturing, automotive and transportation and logistics, are expected to drive IoT revenues by 2020 in India. Chandrasekhar was speaking on the sidelines of the eighth edition of “Nasscom Design and Engineering Summit” in collaboration with Deloitte. The Indian Internet of Things market is expected to grow to $15 billion with 2.7 billion units by 2020 from the current $5.6 billion and 200 million connected units, a report said. Also Read - Xiaomi launches the Mi Smart Curtain on its crowdfunding platformAlso Read - Xiaomi Smart Compact Projector, Mi Handheld Vacuum Cleaner 1C launched: Specifications
“IoT as a concept has seen vested interests from across industries globally and is set to become a major differentiator in driving the next generation of services and products,” Chandrasekhar said. Reiterating the need for innovative solutions, the report 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. Expressing his thoughts on the upturn of applied IoT in India, innovator Kevin Ashton who invented the term “Internet of Things” said that IoT has started being incorporated into both consumer and industrial applications. “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,” Ashton said.
Interestingly a recent survey conducted by Reos revealed that home automation is set to drive the growth for Internet of Things (IoT) in India. Reos, the consumer software and hardware brand of Cube26, a technology innovation startup, conducted a survey wherein nearly 22.5 percent of the consumers surveyed were familiar with the concept of IoT, with maximum awareness seen in the 36-55 age group. The survey s result showed that there is immense opportunity for increased adoption.