IBEF: February 20, 2017
The Internet of Things (IoT) which comprises of devices connected to the Internet, other than computers and smartphones, is expected to grow to 1.9 billion units in India by 2020 or about US$ 9 billion, as per a report by Deloitte. The country's IoT market size is expected to increase about 7 times—from US$ 1.3 billion in 2016 to US$ 9 billion by 2020. The current number of devices are estimated to be 60 million. Industries such as utilities, manufacturing, automotive, transportation and logistics are expected to see highest adoption levels of IoT in India by 2020.
In another significant development, the foreign direct investment (FDI) into India rose 22 per cent year-on-year in April-December 2016 to US$ 35.8 billion led by service sector accounting for 18 per cent of total FDI. Mauritius, Singapore, Japan, the UK and US were the top five contributors to FDI inflows, according to data released by Department of Industrial Policy & Promotion (DIPP).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.