Saturday, Apr 20, 2024 | Last Update : 03:19 AM IST
Energy & Utilities and Industrial Manufacturing to lead the IoT space
A key objective of the draft of the IoT policy document is to propel the IoT industry in India to USD 15 billion by 2020.
Internet and Mobile Association of India (IAMAI) along with Deloitte unveiled a report titled ‘Demystifying IoT for digital transformation’ on the sidelines of the ‘IoT for Smart India' summit organised by IAMAI.
The report notes that IOT adoption has started gaining momentum in India given the government’s emphasis on Digital India, Smart Cities Mission along with other favourable global developments. Industries across sectors have started adopting technological solutions. Sectors like Energy and Utilities, Industrial Manufacturing, Transport, and Logistics and Agriculture are expected to lead the IoT market contributing the initial momentum required to for the technology to flourish.
IOT can present an opportunity of up to USD 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. There are some industries that are expected to experience a larger disruption than others and hence will contribute a larger share. As per Deloitte and IAMAI report’s estimate, the Energy and Utilities sector is expected to comprise of as much as 25% of the IOT market share followed by Industrial Manufacturing sector at 18% by 2020.
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.
