India is expected to capture close to 20 per cent share in global Internet of Things (IoT) market in the next five years as the global market is expected to touch US$ 300 billion by 2020. Popularly known as the fourth industrial revolution or ‘industry 4.0’, the IoT industry is a proposed development of the Internet in which everyday objects are expected to have network connectivity, allowing them to send and receive data.
According to another forecast, the IoT market in India is projected to grow at a CAGR more than 28 per cent during 2015-2020. With an established base in the area of technology, both in domestic and international markets, India is well poised to take rapid strides in this emerging sector that offers a lot of growth potential in coming years. For instance, Andhra Pradesh has taken a lead in leveraging the IoT potential in the country. The state government has approved the first-of-its-kind IoT policy with an aim to turn the state into an IoT hub by 2020 and tap close to 10 per cent market share in the country. In fact, apart from the global market share, IoT can also create a huge difference in the daily lives of Indians.
IoT has the potential to bring a revolution in India by empowering millions in rural areas. IoT can be expected to enable delivery of education, health, governance and financial services in the remote areas. There is no denying that a well-connected nation is the first step towards a well-served nation and, hence, connecting rural India to the IoT can be expected to provide the bridge between urban and rural India.
As various Indian companies are increasing their focus and partnering with other companies for developing new IoT and M2M solutions, the Digital India initiative from the Government of India is expected to enhance the focus on IoT in tackling the domestic challenges.