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IOT can present an opportunity of up to $12 billion: IAMAI
The Energy and Utilities sector is expected to comprise of as much as 25 percent of the IOT market share followed by Industrial Manufacturing sector at 18 percent by 2020.
According to a new report by Internet and Mobile Association of India (IAMAI) along with Deloitte, Internet of Things (IoT) adoption has started gaining momentum in India after the government's emphasis on Digital India, Smart Cities mission along with other global developments.
IOT can present an opportunity of up to $ 12 billion for the players in the industry, a report said.
"We are working closely with the stakeholders to build a vibrant ecosystem that demystifies IoT and works towards developing policy, standards and best practices for IoT connectivity, device protocols, security, mass scale production and cost-effectiveness," said Harmeen Mehta, Co-Chair, IoT Committee, IAMAI and Global CIO, Bharti Airtel.
As per Deloitte and IAMAI report's estimate, the Energy and Utilities sector is expected to comprise of as much as 25 percent of the IOT market share followed by Industrial Manufacturing sector at 18 percent by 2020.
The document assumes that India will have a share of 5-6 percent of the global IoT industry."Given the transformative potential and the significant economic impact IoT can drive for a country like India, IAMAI, together with the industry, has launched a concerted effort towards catalyzing the IoT ecosystem in the country," noted Bikram Bedi, Head (India Region) at Amazon Internet Services Pvt Ltd (AISPL).
IOT can present an opportunity of up to $12 billion for the players in the industry and industrial IOT is expected to consume the higher majority of share when compared to the consumer IoT, the report pointed out.
Furthermore, despite the rapid pace of growth, the technology roadblocks to large-scale adoption.
These include challenges with the technology, lack of interoperability among devices, consumer perception and security, and a lack of compelling business cases.
However the fast pace of development, these challenges are quickly becoming less relevant and IoT is here to stay.