India's IoT Market To Reach $34 Bn by 2021: IDC

by CXOtoday News Desk    Dec 13, 2017

IoT

Digital technology is changing the businesses are done today. Technologies like the Internet of Things (IoT) is redefining the way firms are generating and consuming data. International Data Corporation introduces “Connected Future: IoT in India”, a unique program that will help technology vendors and suppliers with in-depth understanding of how technology buyers are navigating the Internet of Things (IoT) landscape in India. IDC predicts India IoT Market to reach $34 billion by 2021.

According to the research firm, nearly 50% of Indian business and IT leaders consider IoT imperative to stay ‘digitally fit’ Line of Business leaders have twice the interest in IoT programs driven by the need to generate new revenue streams.

About 60% respondents in India see IoT helping them drive competitive advantage in the market Security, privacy and complexity remain major challenges for organizations to adopt IoT comprehensively, said IDC.

Arjun Vishwanathan, Associate Director, Emerging Technologiessays, “Businesses have realized the value of working closely among all the stakeholders for IoT. Over 70% of IoT deployment involves stakeholders from multiple departments including IT, business and other decision makers; thus, requiring a holistic approach to creating and sustaining the value from IoT projects.”

‘Connected Future: IoT in India’ will provide insights from IDC’s IPs and research, insights from vertical and horizontal analysts and proven CIO Connect. Over 450 Indian enterprises have been interviewed in IDC’s Global IoT Decision Maker Survey, to provide IOT spends across various industries, segments and initiatives.

“Indian enterprises have moved from the “what” and “why” stages to the “how” stage on IoT maturity. Organisations are realising the business value that is brought in by IoT, with heightened awareness and aggressive plans to deploy an IoT solution over the next 24 months,” says Rishu Sharma, Associate Manager, Cloud and Datacentres, IDC India.

The program will help technology vendors understand the quantitative and qualitative impact of IoT, market shifts and sectoral use cases; thus, enabling them to navigate the IoT journey better and towards transformative results, said IDC.