The premier global provider of market intelligence International Data Corporation (IDC) has published a report on the status of Internet of Things (IoT) in India. The report says that IoT is at a level of maturity in the country and it has started making impact on nation’s businesses. According to IDC’s forecasts, revenue from IoT implementation in India for manufacturing will be close to US $ 4 billion by 2020, at a CAGR of 20%.
The report found that the IoT implementation requires plenty of integration between sensors, network gateways, telemetry, infrastructure etc., hence demand a collaboration of multiple players. The choice of partners is also important to ensure effective business values and high-class performance from IoT implementation, report said.
Among the innovative use cases that are implemented in certain pockets of the country, IDC identifies three main categories – connected assets within the enterprise, connected products and connected supply chain. Expertise specific to industry is necessary for the success of any IoT projects.
“Successful implementation of IoT projects will be subject to awareness and choice of appropriate partner based on well-defined evaluation parameters for their end-to-end management. The onus of technology perspective and their management will be on partners. This will help manufacturing enterprises to focus on the core areas of IoT in bundling them with their product and services portfolio and in rolling out profitable business models,” said Ramachandran S, Principal Research Manager, IDC Manufacturing Insights Asia/Pacific.
There are also parameters such as ownership of data, ensuring their security and interoperability, cost sharing and incentives that need to be well-defined for the overall enhancement of the IoT ecosystem in India, the report added.