As services, devices, and systems around the world get connected, consumers enjoy several benefits, such as ease of communication and higher efficiencies. The Internet of Things, better known as IoT, works in tandem with Artificial Intelligence to make our lives easier. It helps in shifting the paradigm from cloud networking to a more decentralized, universal pool of intelligence.
The Kurzweil curve predicts that artificial intelligence needs to equal the human intellect before the next decade ends. This movement can be made possible only by utilizing IoT devices, and by increasing the computational power. Here is a brief look at how IoT has grown in India, and how things will pan out in the future for IoT in India.
Current Status of IoT in India
As far as the market size is concerned, spending on IoT is expected to grow at the rate of 14.5%, to hit USD 1.1 trillion by the end of 2025. In India, the market is touted to hit USD 9 billion before the end of 2020, at a growth rate of 31%.
Out of the 7.6 billion people living on Earth, 3.7 billion have access to the internet, and 24% of this population resides in India. Hence, it goes without saying that the Internet of Things (IoT), can improve connectivity and change the way we communicate in India. India currently has over 120 dedicated IoT firms with the technical know-how to make this revolution possible.
Roughly 70% of the IoT startups functioning in India were launched very recently. The healthcare and manufacturing sectors attracted quite a lot of investors, and this led to the setting up of several firms. Within India, WeMakeIOT, QBurst, Altizon, Happiest Minds and Traxroot seem to be holding their own. Around 65% of the organizations that handle IoT applications in India are start-ups, looking to scale, and there are over 200 million IoT devices in India.
Evolution of IoT in India from 2013 to 2019
Advancements in science and technology and the increased accessibility of the internet have been the key drivers of IoT in India. Since 2013, forces such as the growing popularity of cloud computing and analytics, growth in data analytics and increased awareness have contributed to the growth of the IoT market within India.
India has over 100 smart city initiatives planned, which focuses on seamless communication and higher efficiency. IoT is what will make this push for better communication possible, and hence, the industry is most likely going to explode in India by the end of 2019.
Latest Technologies in Action
- Digital Twin: A dynamic virtual depiction of an object throughout its lifecycle, by making use of real-time data accumulated via sensors. Such ecosystems make use of IoT, Big Data analytics and Artificial Intelligence to monitor and track products.
- Fog Computing: This system-based horizontal architecture helps in distributing resources related to computing effectively. It helps allocate storage, control points, and network bandwidth to object from the cloud. As it helps bridge the gap between the cloud and the object, such systems help in forming more closely-knit smart systems.
- Edge Computing: It helps push resources into applications directly, rather than to the LANs made available for the application. Studies predict that by 2025, nearly 45% of data will move through network edge computing systems.
Technologies that helped in the growth of IoT are:
- Cloud networks
- Networking technologies
- Network virtualization technologies
- Embedded system architecture
- Adaptive Networks
- Cognitive networks
- Wireless networks
- Sensor Technology
Implementation of IoT in India
The major industries in which IoT has found large-scale applications have been listed below, with relevant examples.
- RFID tags which enable manufacturing plants to track product movement and progress.
- Smart power tools which help in automating the manufacturing process.
- Remote monitoring of equipment for predictive maintenance.
- Beacons to intimate customers regarding sales.
- RFID tags to enable shops to track services.
- Smart mirrors in trial rooms.
Transport and Logistics
- Sensors which identify mail delivery.
- Sensors that monitor food quality.
- Trackers that monitor ambient temperature and condition of the package that has been shipped.
- IoT devices which help fasten the diagnosis process.
- Wearable devices to accumulate data.
- Smart wearables to help track the effectiveness of specific medicines and health patterns.
- Integration of services by connecting cars
- Usage-based insurance based on cellular connectivity.
- Driverless cars
- Sensors to schedule and monitor pesticide release.
- Geo-fencing of livestock.
- Smart farm equipment and smart sensors.
Predicted future for IoT in India
As per IAMAI, industrial usage of IoT will exceed consumer usage in India by 2020, making it a $12 billion opportunity. This shift will have an impact on most industries in India, with manufacturing, energy production, and agriculture, being ones that will see even more massive changes.
Initiatives from the government’s side such as Digital India and Make In India have helped in the growth of the IoT sector in India. The development of Smart Cities will also enable more large-scale integration of IoT devices and systems. But, India still needs to overcome hurdles such as lack of connectivity, especially in rural areas, high-cost and lack of bandwidth to support large frameworks to really propel IoT.
As per a NASSCOM report, India will serve as a front runner when it comes to IoT adoption in the Asia Pacific region. The market size will grow at 62% CAGR in India, and the number of devices will grow at a CAGR of 137%. This growth will help in increasing the number of active devices from US$60 million (2016) to US$1.9 billion by 2020.
The Internet of Things (IoT) has immense potential to start an industrial revolution and transform or society. A world built on IoT will enable people to receive customized and personalized services, and will also prevent wastage of resources.
Optimum usage of resources, which leads to minimal impact on the ecosystem leads to a much-needed cleaner, greener and better world. While India began its IoT journey much later when compared to other developed economies, the industry is growing much faster than them. With experts predicting 7% growth, the industry will most likely hit the US$ 9 billion mark by 2020.
If you’re looking for an IoT services partner in India or simply want to build an IoT solution, reach out to WeMakeIoT to discuss your requirements.