BENGALURU: Recently, NASSCOM in collaboration with Deloitte released a report on ‘IoT– Revolution in the Making’ stating that the Indian market for IoT may grow to $15 billion with 2.7 billion units by 2020. The current market worth is $5.6 Bn with 200 Mn connected units, overall.

The report highlights the growth of BigData and IoT as readily available consumer solutions and also as adding values to industrial applications. While the major 60% boost will be from industrial IoT, the consumer IoT—boasts of smart home devices and wearable—will account for 40% of the remaining market. Further, the report mentions the need for innovative solutions that leverage companies and create larger opportunities, as compared to other sectors.

The industries primarily in manufacturing, transportation and logistics, automotive, are core contributor of driving hopes to achieve the IoT revenue figures by 2020, said R Chandrasekhar, President of apex IT body Nasscom, on the sidelines of the eighth edition of "NASSCOM Design and Engineering Summit.”

"IoT as a concept has seen vested interests from across industries globally and is set to become a major differentiator in driving the next generation of services and products," Chandrasekhar added.

Major IT companies of India are already betting on IoT, analytics and artificial intelligence (AI) in order to variegate their revenue stream and bridge the gaps that vindicate the slower growth in their IT business.

Putting forward his view on the upturn in IoT in the country, the term "Internet of Things" inventor and innovator, Kevin Ashton said that incorporation of IoT has started acquiring its place in both the consumer and the industrial applications.

"The rapid expansion of ecosystem, owing to demand both industrial and consumer IoT applications, is set to be a critical part to take the growth of the IT industry to the next level," Ashton added.

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