The Indian Internet of Things (IoT) market is expected to grow from the current USD 5.6 billion and 200 million connected units to USD 15 billion to 2.7 billion units by 2020, a report said.
The industrial applications of IoT are expected to drive IoT revenues by 2020 in India that are primarily in transportation logistics, manufacturing, automotive, said President of apex IT body Nasscom, R Chandrasekhar on the sidelines of the eighth edition of “Nasscom Design and Engineering Summit” in collaboration with Deloitte.
“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.
The report also said that the growth of IoT as also adding value in industrial applications and not just creating consumer solutions.
The report also stated that the IoT segment is expected to grow across with utilities, industries, transportation, logistics, manufacturing, automotive, providing greater opportunities for development compared to other sectors in the market.
Expressing his thoughts on the upturn of applied IoT in India that IoT has started being incorporated into both consumer and industrial applications.
“The ecosystem is rapidly expanding, owing to demand for both industrial and consumer IoT applications and is set to be a critical part of the next level of growth for the IT industry,” innovator Kevin Ashton said who gave the term ‘Internet of Things’ to the world.