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A Digital India Requires Digital Solutions and Digital Solutions Require Digital Solutions Providers

India Internet of Things (IoT) Market

ICT | Sep, 2017

In a globalised world, everything is interconnected. Business must be able to interact with other business and consumers in real time, consumers must be able to interact with other consumers and government bodies in real and so on and so forth. Speed and precision are the keywords that different sectors, especially the service sector, consider the name of the game at this point.

A question that is to be raised is how to ensure that the speed and precision with which we conduct these interactions remains of paramount importance?  Internet of Things (IoT) can be defined as a fast-emerging ecosystem of seamless connected networks of embedded objects/devices with identifiers that communicate without human intervention using standard and interoperable communication protocols. IoT is a major tool which will help grow businesses in the 21st century. It ensures adequate and accurate data collection and disbursement to help provide smart solutions on the basis of analysis of this data to help consumers, producers and different bodies all feasibly connect in real time.

Over the past few years IoT market has shown tremendous growth on account of growing number of connected devices across various verticals and applications such as smart energy solutions, consumer electronics, home & building, transportation, logistics, healthcare, etc. Rapid advancements in technology and digital transformation in industrial and services sector in India has led to the widespread promulgation of IoT to streamline and systematize various processes. Not only the manufacturing and services sector, some of the demand also comes from consumers as well. Growing adoption of wearable devices such as smartwatches, fitness bands, connected glucometers etc will also help grow the IoT market.

The government is the biggest enabler in terms of propagating the market of IoT but there are many steps where it has also erred. Government of India has announced a number of IoT related projects, for imparting healthcare amenities, education opportunities and financial services for enhancement of remote areas along with the ‘Make in India’ and ‘Smart Cities’ concept which will significantly draw upon IoT to offer smart solutions. However, lack of a proper policy and regulatory framework is hampering the market for IoT given the inherent uncertainties in the IoT sector due to unclear rules and regulations.

TechSci Research report “India Internet of Things (IoT)Market Forecast & Opportunities, 2022” takes a close look at one of the most significant technological breakthroughs of the 21st century. It contains important information, forecasts in addition to unique insights into the IoT market. Taking into account all internalized and external factors, the TechSci Research team has examined and cross-examined all consequential data on the subject to provide a thorough and riveting analysis of what drives the IoT market in a rapidly growing large economy such as India.

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