Internet Of Things (IoT) is basically an amalgamation of all the web-enabled devices/ things that form a network of interconnection accessed through the internet. These obtain, communicate and operate on the data they gain from their surroundings using processors, embedded sensors, and communication hardware. It’s a technology where things truly start to share experiences with each other. And a report by Nasscom & Deloitte issued on Wednesday, the Indian Internet of Things (IoT) market is expected to rise up to $15 billion by the year 2020 from the current $5.6 billion. It is driven by adoption across sectors like transportation, manufacturing, automotive, and logistics.
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Indian IoT market stands at $5.6 billion with 200 million connected devices in the year 2016. This ecosystem in the country comprises of around 120 organisations from across the value chain. And the figure is expected to grow up by at least $15 billion with 2.7 billion devices by the year 2020. This will be similar to the worldwide IoT market growth. The global market is also expected to grow by $3 trillion over the same period. Both consumer & industrial applications drive the overall IoT increase.
Internet of Things also known as IoT refers to a network of interconnected devices/ things. For instance, with the Internet of Things, street lights will automatically turn off when they sense no traffic on the roads consequently saving power
The report by Nasscom and Deloitte titled, “IoT – Revolution in the Making”, lays emphasis on the growth of IoT as value added to the industrial applications and not just producing consumer solutions. This report also stated that the Internet of Things segment is expected to grow across manufacturing, automotive, transportation and logistics industry. It will be providing greater opportunities for better development as compared to the other sectors.
Nasscom President R Chandrasekhar said:
“IoT is set to become a major differentiator in driving the next generation of services and products. In India, while the industry is at a nascent stage industrial applications of IoT primarily in manufacturing, automotive and transportation and logistics are expected to drive IoT revenues by 2020.”
Inventor of the Internet of Things & author Kevin Ashton said that IoT is now being started to incorporate in both consumer & industrial applications. It is also being utilised in many critical verticals like healthcare, automotive & manufacturing. He also added that the ecosystem is rapidly developing owing to the demand of both Industrial & Consumer applications. And this is set to be a critical part of the next level growth for the IT industry.