Industry News

Internet of Things (IOT) Incubator Introduced in Tel Aviv University

Israel: Tata group, a multinational conglomerate holding company, signed pact with Microsoft and Qualcomm to develop IOT incubator in Tel Aviv University. The group also inked a deal with HNA Ecotech, Pitango Venture capital & RAMOT to introduce incubator.

The collaboration will enable Tata group along with other partners to support early-stage Israel ventures to make them reach an advanced phase of development which would result in enhancing Tata group and other company’s presence in IOT global market.

The incubator called i3 Equity Partners(i3) will put emphasis on improving next generation Internet of Things(IOT) and Industrial Internet of Things (IIOT) technologies. The partnered companies also want to untapped the potential of Israel tech industry through this Incubator, which is expected to transform industry operations.   

TechSci Research depicts that Internet of Things(IOT) incubator in Israel would bring in latest technological advancement to enable enterprises grow their business in the field of IOT. The market for IOT will also witness a tremendous growth in the years to come as the need to automate process in electronic consumer industry to connect embedded devices for communication is gaining pace.

According to TechSci Research report, “Global Internet of Things (IoT) Services Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2011 - 2021”, global IoT services market is projected to exhibit a CAGR of over 24% during 2016-2021, owing to rising internet and smartphone penetration, growing Industrial IoT (IIoT) adoption, coupled with increasing number of smart city projects across various countries. Managed services dominated global IoT services market in 2015 and the trend is anticipated to continue during the forecast period as well, owing to increasing number of government initiatives towards digitization and increasing IT spending on security services. Although, high demand for IoT services across the globe is emanating from healthcare, smart homes & buildings, smart cities, etc., manufacturing segment dominated global IoT services market in 2015, on account of rising need to reduce costs and increasing demand for data analytics.

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