India's IoT Market To Grow Upto USD15 Bn By 2020: NASSCOM

by CXOtoday News Desk    Oct 06, 2016

IoT

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. In India, while the industry is at a nascent stage industrial applications of IoT primarily in manufacturing, automotive and transportation & logistics are expected to drive IoT revenues by 2020, NASSCOM has said. 

Focusing on the rise and evolution of the Internet of Things (IoT) across industries in India, the National Association of Software and Services Companies (NASSCOM) today kick-started the 8th edition of NASSCOM Design and Engineering Summit at The Leela Palace, Bengaluru. 

The industry body in collaboration with Deloitte also launched a report on ‘IoT – Revolution in the Making’. The report lays emphasis on the growth of Internet of Things, as not just creating consumer solutions but also adding value in industrial applications. Reiterating the need for innovative solutions, the report states that the IoT segment is expected to grow across industries, with Utilities, Manufacturing, Automotive and Transportation & Logistics providing greater opportunities for development, compared to other sectors.

“In India, while the industry is at a nascent stage industrial applications of IoT primarily in manufacturing, automotive and transportation & logistics are expected to drive IoT revenues by 2020”, said  R Chandrasekhar, President, NASSCOM. 

Read more: Nasscom Launches India’s First CoE On IoT

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Kevin Ashton, Inventor of the Internet of Things and Author, mentioned that, “ÏoT has started being incorporated into both consumer and industrial applications being utilized in critical verticals like Healthcare, Automotive and Manufacturing. 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.”

Expressing his thoughts on the launch of “IoT: A Revolution in the Making”, Munesh Makhija, CTO-GE South Asia & VP-GE India Technology Centre stated, “This report comes at a time when the Industrial Internet of Things is poised for exponential growth, both globally and in India. As the world’s premier digital industrial company, GE is at the front and centre of this revolution. We believe India has an important role to play in shaping the IoT landscape and players in the Indian IoT ecosystem must collaborate to capitalize on the market opportunity.”

The two-day event focusing on the theme of, ‘Imagineering for the Digital Future’ analyses the role that IoT will play in creating digital utilities especially in the areas of design and engineering that will drive the growth of future technologies in the country.