The Next Opportunity for India – Internet-of-things

Overview – Internet-of-things (IoT) :-

For a technocrat, the IoT is an ecosystem of IP-connected devices that can deliver significant business benefits.

There is a general belief among the industry that the IoT will generate trillions of dollars in the forth coming years. It is true that the IoT has a huge potential to bring considerable savings, and it will bring along higher efficiency into the existing processes.

Ultimately, the IoTis expected to boost up the overall productivity.

In India, IoT is still at a nascent stage and it will take few more years for the IoT to become visible in the public domain. The IoT will continue to evolve in the coming months and one can expect significant growth in the long run. However, reliable internet connectivity and overall supporting infrastructure will be a key prerequisite for this growth.If things fall into place, the IoT has a great potential to provide substantial benefits.

IoT & Connected Devices :-

With leading firms from across all industry verticals are getting on to the IoT phenomenon, it can be expected that the IoT will register an exponential growth in the future.

However, from a realistic viewpoint, IoT is yet to garner the kind of initial support required for a new technology. Moreover, this technology is yet to receive overall acceptance from all quarters and seeming to be lacking the technical expertise required to implement it.

IoT-Potential Benefits:-

Cost Savings :– IoT is expected to enable reduction in operational costs. IoT enabled service such as remote monitoring of patients in a clinic will speed up the workflow and reduce manual costs.Companies such as General Electric have estimated cost savings of billions of dollars in its various departments where IoT was implemented.

Better Asset :- Utilization Smart meter will result in better asset utilization because it reduces the extra effort required by manual meters.

As IoT deals with several sensors and connected devices, monitoring of various assets of an organization such as machinery, equipment and tools becomes a lot easier, as compared to the conventional manual method. This helps organization to enforce better asset management and utilization through real-time monitoring.

Thus, the tool of IoT helps organizations to locate its assets and maintain them remotely.

Improved Process Efficiency:-

IoT provides real-time insights into asset utilization of organizations. These insights in turn help organizations to make better business decisions which result in reduced operational costs.Sensors incorporated into IoT allow organizations to monitor and improve process efficiency of machineries and equipment, by reducing energy costs and human intervention.

Supporting Factors for IoT:-

Growth of Sensors :- The Indian sensors market is growing rapidly with the fastest growing segments being gas sensors, image sensors, accelerometers and position sensors.

In India, the automotive and consumer electronics industry are contributing substantially to the demand for sensors. In addition, the growth of the industrial sector is driven by the increasing number of process industries. Additionally, the introduction of MEMS (Micro Electro Mechanical Systems) sensors would add to the momentous growth of the sensors market in India.

The revenue of the sensors market in India is expected to grow at a compounded annual growth rate (CAGR) of 14% till 2018. An analysis from Frost & Sullivan on the Indian Automotive Sensors Market reveals that the Indian automotive sensors market revenue was US$81.7 million in 2005 which increased to US$ 577.4 million in 2012.

Hence, in the coming years the application of sensors for industrial, commercial and residential purpose is likely to increase. This will encourage the implementation of IoT in the Indian marketplace.

Growth of Wireless Network :- Wi-fi and mobile networks have expanded drastically in India.

Wireless networks have opened up access to objects that could not have been connected in a static computing environment. Also, India has the second largest wireless networks in the world, next only to China. There were 442 million wireless subscribers as of July 2009, which grew at a CAGR of 65% during the last five years (source: HIS Technology).

Adoption Rate of Broadband :- For the development of IoT, it is vital to encourage the development of necessary supportive ecosystem with the following attributes: • Reduced disparities in access, speed, kampus terbaik di lampung and functionality • Improved availability of spectrum.

Improving the adoption rate of broadband in India is a one stop solution that will help in building a supportive ecosystem for the IoT. Moreover, according to TRAI reports, the total number of broadband subscribers increased from 58 million at the end of February 2014 to 85.74 million in December 2014, at a monthly growth rate of 4.50%.

Reduced Cost of Connectivity of 3G data:- Reduced cost of 3G services will encourage a greater adoption rate for the same in India. 3G provides faster wireless internet connectivity as compared to its previous versions. Hence, it enables the better usage of internet for IoT and provides large data in a relatively lesser span of time.3G will enable 3rd Generation Partnership Project(3GPP) in the Indian market place.

Conclusion:-

Currently, many industry leaders are in the process of integrating IoT in their domains and improving the performance of smart devices and related technologies.

The innovations and improvements to the old technologies popping up every day have resulted in providing better quality services to the customers. All these developments in the market can only mean that the leveraging this technology has enormous potential, As it grows, there will be a lot of changes made by various big players and will prove to make a huge mark in the industry.