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 favorable global developments. Industries across sectors have started adopting technological solutions. In fact 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.
Bikram Bedi, Head of India and SAARC, Amazon Internet Services opined, “Internet of Things (IoT) as a technology is receiving tremendous attention for the transformative potential it presents. By connecting the physical and digital worlds, IoT vastly expands the reach of information technology and throws up a myriad of possibilities given the ability to monitor and control things in the physical world electronically, and the availability of previously inaccessible data. IoT applications are being deployed across a wide range of use cases including utilities, transportation, agriculture, healthcare, manufacturing, retail, connected vehicles, connected homes and many more.
“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 catalysing the IoT ecosystem in the country’, Bedi added.
Harmeen Mehta, Co-Chair, IoT Committee, IAMAI and Global CIO, Bharti Airtel said, “IoT is all set to truly transform and enrich our lives with its digital solutions and innumerous possibilities. India is well positioned to leverage the power of IoT to create massive growth opportunities in the country. At IAMAI, we are fully committed to contribute to this journey and are working closely with the Govt and relevant industry stakeholders to build a vibrant ecosystem that demystifies IoT and works towards developing policy, standards & best practices for IoT connectivity, device protocols, security, mass scale production and cost effectiveness.”
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.