IoT Is Worth $750-900 Mn In Eastern India
The Internet of Things (IoT) has the potential to generate revenues to the tune of $750–900 million in the eastern region, according to a report by PwC and the Confederation of Indian Industry (CII). The report titled: “Eastern India : A potential IoT hub”, states that keeping pace with rest of the country, States like West Bengal, Odisha, Jharkhand, Chhattisgarh and Bihar are fast evolving as lucrative destinations for IT and ITeS.
Experts believe this presents a huge opportunity for the States to leverage IoT to its fullest potential. Earlier this year, Cebit India organized a panel discussion as part of the COMPASS 2015 Tech Fair being held in Kolkata in association with NASSCOM to throw further light on this topic.
The speakers, mostly from the Eastern region, discussed some of the major changes that will come with the evolution of the IoT, and what businesses can do to prepare for it. As Abhishek Rungta, Founder & CEO of Kolkata-based Indus Net Technologies. “Over the next few years, we see IoTt becoming an integral part of our lives, whether it is through smart homes, smart cars or smart healthcare. It’s evident that the IoT will disrupt most industries.”
He emphasized on the importance of SMAC, especially cloud computing to ensure that all connected devices can always be monitored, updated and controlled in real time. Rungta further said while there is still a notion that IoT is meant only for large enterprises, it presents an opportunity for businesses of all sizes to add real value to their bottom lines, stressing that start-ups are driving the concept of IoT with their niche focus and innovative solutions.
Ashis Kumar Ray, CTO, mjunction services, also headquartered in Kolkata believes in the age of connectedness, it will be nearly impossible to ignore a concept like IoT.
IoT is more than a technology. It is a mindset. Investing in the IoT-related technologies such as sensors, data intelligence and infrastructure to support the volume of connectivity is as important as focusing on employee training in both customer-facing and internal processes will also help companies take full advantage of the IoT and experts believe the east, which is otherwise a laggard in tech innovation is gearing up for the change this time.
“It is assumed that India will have a share of 5-6 per cent of the global IoT industry. But, considering the current share of the eastern states in the country’s IoT revenue will mean potential revenue in the range of $750-900 million can be tapped from the region,” the report says.
The global IoT industry is expected to clock $300-billion revenue, according to an estimate by Gartner. A policy framework supporting IoT growth; information communication technology development that include implementation and integration of the national optical fibre network (NOFN); incubating innovative ideas; co-ordination between academic bodies, industry and the State government; and focus on industry specific solutions (for example identifying industries which have high readiness for adoption of IoT) can help the eastern States leverage the phenomenon.
The report states that the top 10 industries investing in IoT include home and building (smart homes, alarms, security, fire intrusion, etc); security solutions; agriculture, manufacturing, retail (ATM machines, cash replenishment); healthcare (remote patient monitoring and smart body sensors); consumer electronics; transportation; utilities (smart meters, fuel consumption for homes, smart grids) and education. Industrial manufacturing activity and healthcare segments in the east provide an IoT opportunity that has an estimated market size of approximately $112 million each.
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