A whopping 80 percent companies witnessed a growth in revenue through investments in Internet Of Things (IoT) technology, says a study commissioned by TCS. Also Read - Motorola-branded Smart Refrigerators with Wi-Fi tipped to launch soon in India
The average increase in revenue as a result of investments in IoT is 15.6 percent, said the biggest software exporter in the country, quoting a study conducted among 795 executives working at large multinationals. IoT refers to a network of physical objects or “things” embedded with electronics, software, sensors and connectivity to enable objects to exchange data. Only nine per cent respondents said that they saw a revenue push of over 30 percent because of IoT, while some market leaders reported a revenue jump of as much as 64 percent as well, the study said, adding that companies are also keen to spend more. Also Read - Motorola to foray into 'Smart Home Appliances' segment in India with Flipkart
Twelve per cent of executives surveyed said they would spend $100 million on IoT in 2015 and three percent said that their investments would be over $1 billion. “Leaders in using IoT technologies are using it to completely re-imagine their businesses by changing every aspect of them from business models and products to business processes and workplaces,” TCS Managing Director and Chief Executive N Chandrasekaran said. Also Read - IFA 2020: Realme launches a 55-inch 4K Smart TV, wireless headphones with ANC, and more
The study found that presently, nearly half of the companies use IoT technologies to track customers through mobile applications, adding that the industrial manufacturing sector led the way, ahead of the healthcare sector. On the geographical front, Europe and North America are leaders in adoption of IoT technologies, the study said. North American companies will spend 0.45 percent of revenue this year on IoT initiatives, while European companies will spend 0.40 percent. Companies in Asia-Pacific invest only 0.34 percent of revenue in it, while Latin American firms spend 0.23 percent of revenue, the TCS study said.