A report released by Nasscom has stated that Internet of Things (IoT) in India will be worth around $15 billion by 2020. A major contributor to this revenue will be the industrial sector which already forms 60 percent of the technology’s current implementation. The rest will come from consumer products functioning on this system.
IoT connects devices to each other to control them from anywhere in a network. It can increase the efficiency of these gadgets in multiple folds as they can be operated without the user having to be physically present in the vicinity. On a day-to-day basis, this technology can send instructions to your household gadgets to carry out work even if you are not at home.
Not just in a consumer’s day, IoT will have a major role to play in the supplier’s cycle too. It can be implemented on a large scale network in a manufacturing unit or over a city to monitors its daily mechanical functions. It can oversee the execution of various production processes at a very low cost, a fact which endears it to industries.
Today IoT is running in sectors like manufacturing, automobile, transportation and logistics which Nasscom predicts will have a major share of the revenue pie in 2020. It will be supplemented with a 45 percent stake of consumer smart devices in India.
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IoT is likely to gain momentum when 5G connectivity arrives in India. Smart devices are slowly making their way into the country. The Indian Government has also started drafting laws to regulate this system. Small scale business and startups are especially experimenting with the machine-to-machine technology.