The Indian IoT (Internet of Things) market size is expected to touch $9 billion by 2020, a rise of about seven times from $1.3 billion in 2016, according to consultancy firm Deloitte.
The above figures indicate that IoT is and will be happening, changing the world around us. With a set of smart offerings, IoT would make our lives easier. Once IoT sets in a full-fledged manner, smart homes, smart offices, and smart city streets, etc. would be the part and parcel of our lives.
Smart homes and smart offices are set-ups that are controlled remotely by smartphones and computers. But in the making of smart homes and offices, we need smart solutions and this opens up a very big opportunity for our channel partners who can bank upon the new trend to expand their businesses.
Channel partners should look beyond offering the same set of products and instead, should expand their wings to offer IoT solutions.
As per reports, industries such as utilities, manufacturing, automotive, transportation and logistics are expected to see highest adoption levels of IoT in India by 2020. And channel partners should grab these opportunities to diversify their businesses.
For instance, a channel partner can diversify by selling smart switches, plugs, bulbs, health monitoring applications, which are some of the basic building blocks for IoT. Any channel partner could start with some entry-level IoT products that can help customers in simplifying routine tasks such as finding keys, unlocking door, and turning lights on and off.
According to Nasscom, there are around 120 firms that offer IoT solutions in the country. Out of these, about 60 percent have established their businesses after 2010. In fact, Indian IoT companies have received around $60 million funding over the last three years.
Just like smartphones, B2B channel partners could sell industrial IoT solutions like hot cakes. They should not remain mere ‘box pushers’, but should act smart with some smart solutions.