Internet of Things is growing rapidly and the number of connected devices is expected to go over 20 billion devices by the year 2020 according to a research firm. In fact, IoT’s market in India is expected to rise to over 9 billion USD by the year 2020 with over 1.9 billion units compared to the 1.3 billion USD in 2016.
IoT Market Trend
With over 120 startups that comprises more than 60% of all startups, India has a huge market for IoT, according to a joint report by two leading firms. The report says that the installed base of connected IoT units in India is expected to grow at a faster rate than those of developed economies.
The rapid growth of IoT in India has been recent and IoT devices like smart home devices and smart electronics are becoming increasingly popular. In India, healthcare and manufacturing are two sectors that IoT has shown its presence in predominantly.
The development itself will drive and support the growth of IoT, the rise of smart cities will leverage its power. Though the industrial application and adoption of IoT are expected to boom, the consumer side of IoT lags behind mainly due to price and security factors.
The below image shows the current and expected market trends of the Internet of Things in India according to the report :
IoT in Indian Sectors
Over the coming years, IoT’s will become more predominant in sectors like Manufacturing, Agriculture, Healthcare, Transport and Logistics and Retail.
Given below are some of the common uses cases of IoT across different sectors:
Manufacturing: IoT applications will play out in inventory management, plant safety and security, quality control, logistics and supply chain optimisation and production flow monitoring are some of the best use cases of IoT in the manufacturing sector. India has a wide scope for adopting the use cases with an expanding manufacturing sector and Government actually promoting the Make in India initiative.
Retail: Retail industry will see the development of IoT applications such as automated checkouts, beacons, smart shelves, In-store Layout Optimization call etc. Most of the retail industry in India has already adopted IoT for improving promotion through advertisements of offers.
Transport and Logistics(T&L): T&L businesses are focused on maximising supply chain efficiency in order to sustain profitability and viability and therefore need to make end-to-end improvements, IoT can help improve the end-to-end visibility. Warehouse and Yard Management and Fleet Management are also top use cases for IoT in T&L
Healthcare: Remote medical assistance is something that revolutionised the healthcare industry, with the help of IoT’s. Health tracking and analysis with the help of fitness gadgets are popular consumer IoT’s.
Agriculture: Livestock monitoring, agricultural drones and precision farming are top use cases of IoT in the Agricultural sector. The Indian government, as well as the private sector, has been focusing on bringing technology to the Agricultural Sector. With IoT’s and similar technologies the agricultural sector in India which is considerably slow in growth can be greatly benefited.
Internet of Things is changing the way we communicate with the devices. India’s adoption of IoT as a technology is driving the development of the nation towards a better-connected future and the Government also seems to be making a big leap towards technology.
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