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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$3.9 billion in 2020 at a CAGR of 20.1%. There are some of the other major areas like energy, retail, healthcare, transportation and smart cities where IoT implementation will be highest as:
Furthermore, planned government projects such as smart cities, smart grids, smart transportation, etc., are expected to be the major revenue generating sources for the IoT solution providers in the coming years.
Security, is one important aspect of the smart cities, as per the CMR Analyst cannot be overlooked by the stakeholders. Hence, security systems have a very good scope to be exploited by the relevant companies.
Overall, we can say that there is a sea of opportunities coming in the form of smart cities in the coming future. As per the industry experts, IT industry will get a business of somewhere around 30 to 40 billion US$ 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