The Abyss That Is Internet of Things
With a fast growing reputation of being a solutions market, the country’s IoT market size in this area is expected to augment almost 7 times from the reported $1.3 billion last year to $9 billion in the next three years.
By amalgamating both the digital and the physical realms within the technological ecosystem, we’re now standing at the cusp of expanding the dimensions and possibilities of the Internet of Things within the information technology space. As a nation we are swiftly moving towards a future which will work on the fundamental communication of convergence, the ability to correspond with different personnels via a single connected device. Due to its complicated demography and size of the population, the concept of IoT and its merger with the governments ‘Digital India’ campaign makes it an extremely attractive proposition which has the ability to solve the nations dependence on multiple devices.
The evidence is right there for us to see, in a report carved out by consulting firm Deloitte it was reported that the number of units under IoT is expected to grow exponentially to 1.9 billion units in India by 2020 or roughly about $9 billion. With a fast growing reputation of being a solutions market, the country’s IoT market size in this area is expected to augment almost 7 times from the reported $1.3 billion last year to $9 billion in the next three years. The technology since its inception has developed several tributary products and lifestyle options which are slowly and gradually taking over the Indian mindset. Corporations now are getting into the domain of connected solutions, a process in which they sought onto providing a synchronized seamless range of products which can perform multiple activities whilst being connected to the internet. The trend is also effecting the lifestyle choices of people, consumers are now tiptoeing towards technological options which make for an attractive sophisticated choice.
The concept has not only disrupted the way businesses think but has also profoundly changed the ways in which the consumers choose a product for themselves. With the way the industry is transforming we will be seeing a huge shift amongst industries such as utilities, manufacturing, automotive and logistics who are expected to see the highest adoption levels of IoT in India. Government of India’s investment of almost a billion dollars within its ‘Smart City’ project is expected to be the key enabler of IoT adoption here in the country. With the holistic idea of connecting machines and people with the internet, it could ideally result in corporations creating and implementing new forms of business model by leveraging unique digital engineering forms. On the other side, enterprise driven initiatives will be imperative towards the sustenance and eventual widespread adoption amongst different industries for the technology that is IoT.
Industries focusing on transportation and logistics could make initial gains by focusing on fleet management IoT solutions which would also assist them in streamlining their supply chain management. For many other enterprises, IoT could be the missing jigsaw puzzle which could splendidly reiterate their overall digital transformation journey, particularly those focusing on manufacturing, engineering, automotive, transportation & logistics, and power plant.
The technology is potential breeding ground for a plethora industries to develop new and valuable systems and accumulate new sources of revenue and lines of business. Industries that adopt the technology can improve upon their operations, and gather greater insights which will help in decision making and cobble new data driven business opportunities.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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