Information technology industry body Nasscom on Wednesday stated that the Indian Internet of Things (IoT) market is set to grow to $15 billion by 2020, from the current $5.6 billion.
Unveiling a report on 'IoT — Revolution in the Making' in association with Deloitte as part of eighth edition of Nasscom Design and Engineering Summit, Nasscom President R Chandrasekhar said that IoT is at a nascent stage in the country now. "But applications of IoT primarily in manufacturing, automotive, transportation, and logistics are expected to drive its revenues by 2020," said Chandrasekhar. He also pointed out that IoT as a concept has seen vested interests from across industries globally, and is set to become a major differentiator in driving the next generation of services and products.
According to the Nasscom report, the IoT sector is set to get major boost from industrial IoT, which currently accounts for 60% for the total market. The industrial IoT includes integration of various machines with networked sensors and aggregating the data for faster and more efficient operations.
The Indian IoT ecosystem comprises of around 120 organisation from across the value chain and is estimated to reach up to 2.7 billion units by 2020. The report finds that global IoT market expected to grow more than $3 trillion by same period.
Indian IT companies have started investing digital technologies such as IoT, analytics and artificial intelligence to diversify their revenue stream and fill in gaps for the slower growth in traditional IT business. The report finds that Indian consumer IoT, which includes smart home devices as well as wearables, account for the remaining 40% of the IoT market. This is set to change, with consumer IoT's share rising to 45% by 2020, the report said. The Nasscom report also states that ecommerce boom and regulatory changes such as GST will help transport and logistics sectors increasingly avail IoT.
![]( "According to the Nasscom report, the IoT sector is set to get major boost from industrial IoT, which currently accounts for 60% for the total market. dh illustration")
Information technology industry body Nasscom on Wednesday stated that the Indian Internet of Things (IoT) market is set to grow to $15 billion by 2020, from the current $5.6 billion.
Unveiling a report on 'IoT — Revolution in the Making’ in association with Deloitte as part of eighth edition of Nasscom Design and Engineering Summit, Nasscom President R Chandrasekhar said that IoT is at a nascent stage in the country now. "But applications of IoT primarily in manufacturing, automotive, transportation, and logistics are expected to drive its revenues by 2020,” said Chandrasekhar. He also pointed out that IoT as a concept has seen vested interests from across industries globally, and is set to become a major differentiator in driving the next generation of services and products.
According to the Nasscom report, the IoT sector is set to get major boost from industrial IoT, which currently accounts for 60% for the total market. The industrial IoT includes integration of various machines with networked sensors and aggregating the data for faster and more efficient operations.
The Indian IoT ecosystem comprises of around 120 organisation from across the value chain and is estimated to reach up to 2.7 billion units by 2020. The report finds that global IoT market expected to grow more than $3 trillion by same period.
Indian IT companies have started investing digital technologies such as IoT, analytics and artificial intelligence to diversify their revenue stream and fill in gaps for the slower growth in traditional IT business. The report finds that Indian consumer IoT, which includes smart home devices as well as wearables, account for the remaining 40% of the IoT market. This is set to change, with consumer IoT’s share rising to 45% by 2020, the report said. The Nasscom report also states that ecommerce boom and regulatory changes such as GST will help transport and logistics sectors increasingly avail IoT.
Unveiling a report on 'IoT — Revolution in the Making' in association with Deloitte as part of eighth edition of Nasscom Design and Engineering Summit, Nasscom President R Chandrasekhar said that IoT is at a nascent stage in the country now. "But applications of IoT primarily in manufacturing, automotive, transportation, and logistics are expected to drive its revenues by 2020," said Chandrasekhar. He also pointed out that IoT as a concept has seen vested interests from across industries globally, and is set to become a major differentiator in driving the next generation of services and products.
According to the Nasscom report, the IoT sector is set to get major boost from industrial IoT, which currently accounts for 60% for the total market. The industrial IoT includes integration of various machines with networked sensors and aggregating the data for faster and more efficient operations.
The Indian IoT ecosystem comprises of around 120 organisation from across the value chain and is estimated to reach up to 2.7 billion units by 2020. The report finds that global IoT market expected to grow more than $3 trillion by same period.
Indian IT companies have started investing digital technologies such as IoT, analytics and artificial intelligence to diversify their revenue stream and fill in gaps for the slower growth in traditional IT business. The report finds that Indian consumer IoT, which includes smart home devices as well as wearables, account for the remaining 40% of the IoT market. This is set to change, with consumer IoT's share rising to 45% by 2020, the report said. The Nasscom report also states that ecommerce boom and regulatory changes such as GST will help transport and logistics sectors increasingly avail IoT.
Information technology industry body Nasscom on Wednesday stated that the Indian Internet of Things (IoT) market is set to grow to $15 billion by 2020, from the current $5.6 billion.Unveiling a report on 'IoT — Revolution in the Making’ in association with Deloitte as part of eighth edition of Nasscom Design and Engineering Summit, Nasscom President R Chandrasekhar said that IoT is at a nascent stage in the country now. "But applications of IoT primarily in manufacturing, automotive, transportation, and logistics are expected to drive its revenues by 2020,” said Chandrasekhar. He also pointed out that IoT as a concept has seen vested interests from across industries globally, and is set to become a major differentiator in driving the next generation of services and products.
According to the Nasscom report, the IoT sector is set to get major boost from industrial IoT, which currently accounts for 60% for the total market. The industrial IoT includes integration of various machines with networked sensors and aggregating the data for faster and more efficient operations.
The Indian IoT ecosystem comprises of around 120 organisation from across the value chain and is estimated to reach up to 2.7 billion units by 2020. The report finds that global IoT market expected to grow more than $3 trillion by same period.
Indian IT companies have started investing digital technologies such as IoT, analytics and artificial intelligence to diversify their revenue stream and fill in gaps for the slower growth in traditional IT business. The report finds that Indian consumer IoT, which includes smart home devices as well as wearables, account for the remaining 40% of the IoT market. This is set to change, with consumer IoT’s share rising to 45% by 2020, the report said. The Nasscom report also states that ecommerce boom and regulatory changes such as GST will help transport and logistics sectors increasingly avail IoT.