IoT Market in India is the New Investment Destination – Here’s Why?
Internet of things (IoT) made major landmarks in 2019 mingling with emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML). Most of the buyouts and acquisitions flourished were on to the basis of the acquired IoT prowess of the companies. IoT is wooing many other technologies as aforementioned and few here as Edge Computing and 5G which has started getting momentum helping companies get that competitive edge to explore new industries.
A USD15 billion in 2020 market is awaiting for India though the COVID-19 impact will slow down the market but the buoyance of IoT in the Indian market will rejig soon after the pandemic. Few semiconductor companies including Texas Instruments (TI) and STMicroelectronics (ST) have shown significant profit amidst a global slowdown of demand.
India’s IoT market in 2020 is said to account nearly 5% of the total global market. IoT devices in India are likely to increase significantly, from roughly 200 million units in 2016 to 2.7 billion units by 2020.
As these devices generate data, it will fuel innovation in not only solutions targeted at end consumers, but also in manufacturing processes creating new business models.
As per a NASSCOM report, India is expected to lead in terms of IoT adoption. In fact, Industrial IoT (IIoT) is already well on its way to rejig the Indian manufacturing landscape. The Indian government has made “Make in India” initiative a priority to strengthen India’s manufacturing prowess while making the country an attractive location for Indian and international manufacturers.
Some interesting facts notes that IoT devices by 2025 will generate 90 zettabytes of data.
With PM Modi-led government has a massive emphasis on holistic ecosystem for Digital India, recent announcements like empowering startups, last mile broadband connectivity and every rural India to have a smartphone in hand brings enormous opportunity for IoT in India.
Few trends are also foreseen to shape the global IoT market in which India is no far, trends such Software as a Service, Edge Computing, Industrial IoT, Smart Cities, Data Analytics will mark technology glory for Indian market.
The opportunity in India is endless given how individual companies want to dress up for the market.
Further in the consumer end, smartphones gearing up with 5G and 5G’s reliance on IoT, AR/VR technologies and Smart Homes are vital areas where India will emerge as a major market.
