By 2020, India's Manufacturing IoT Revenue To Touch $4Bn
Revenue from IoT implementation in India for manufacturing will be close to $4 billion by 2020, growing at a CAGR of 20%, according to an IDC report. The research firm noted that IoT today is at a level of maturity in India where innovative use cases have been implemented in certain pockets resulting in significant business impact.
Multiple diverse components from sensors that are bundled with products to networking gateways, telemetry for remote connectivity, infrastructure such as an IoT platform for storage and computing and an analytics engine to bring out key insights from raw data need to be integrated together for an effective business value to deliver high class operational performance. No single player can offer expertise in all these areas, said IDC.
Given this complexity with multiple systems that need to be integrated, the choice of partners is as important as the selection of specific operational technologies. System Integrators with their growing investments in IoT will be key stakeholders who will manage end-to-end execution bringing together multiple players and their own expertise. For instance, organizations like Wipro, Infosys and Cognizant have identified IoT as a top theme for growth while some are setting up IoT test beds in collaboration with the Industrial Internet Consortium Others have “Digital Works” team to provide a comprehensive digital experience to customers from conceptualizing to implementing projects in the IoT foundry.
IDC classifies the use cases in manufacturing into three broad categories, those connected assets within the enterprise, connected products and connected supply chain.
Question such as ownership of data, ensuring their security and interoperability, cost sharing and incentives must be well-defined to ensure enhancement of overall system which makes engagement models vital for IoT projects.
Ramachandran S, Principal Research Manager, IDC Manufacturing Insights Asia/Pacific says, “Successful implementation of IoT projects will be subject to awareness and choice of appropriate partner based on well-defined evaluation parameters for their end-to-end management. The onus of technology perspective and their management will be on partners. This will help manufacturing enterprises to focus on the core areas of IoT in bundling them with their product and services portfolio and in rolling out profitable business models.”
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