By: Vikram Kumar, Founder, Letstrack
Internet Of Things, a well-known name in the IT industry and other areas of technology, engineering and production. IoT is generalized and explained briefly as “a worldwide network of things” or “devices and humans connecting virtually with each other at a large scale”. In this 21stcentury of technology, the Indian industry is re-crafted and planned by the digital sector. This is further surged to the transpiring technological fields like the introduction of IoT (Internet of Things).
Seeking through the flashback of 2016, the instigation of IoT in India embarked a major role and inspiration of development in the paramount industries. The Government of India interestedly released plans to create around a big investment of $15 billion to commence the IoT market in the nation.
India is studied to be the most wide and growing market to pace up the Internet of Things. The growth rate of technology in India would act as the innovation hub and a huge market to expedite IoT in India. Major discussions and seminars led to the formation of a policy on Internet of Things in the Indian market, which would majorly focus in :
· If India seeks its industry to be running with IoT technology by 2020, it would contribute a share of 5 to 6% to the IoT industry worldwide.
· To manage the R&D for all kinds of related technologies.
· Contribution towards the development and training of IoT supported products in the market of India.
Moderate advocacy of IoT by consumers in India:
As per the analysis by IT experts, the market of India would pace up with the adoption of IoT by the industry, but the consumer side would adopt the newness a bit slow in the initial days of IoT introduction in the nation. The industry in India is at its peak level of advancements and is reaching to the top rank year by year, but due to certain challenges, consumers might not rely too easily on the evolution of IoT in India.
Internet of Things has done wonders in the discussions and futuristic approaches in all the forums and seminars. But, the real adaption of IoT in a market like India would be highly awaited by the entire world. The adoption challenges in India would result in a sedate speed, but would turn out to be a big boom to the technological sector and all the industries later.
Challenges faced by a big market like India would be majorly:
· Data Security
· Lack of standardization
· Issues of Data ownership
· ROI, and more..
Commercialization of Internet of Things in India:
As the study of experts and technological geeks forecast a slow adoption of Iot in India, but it also suggests that the future of IoT in the world gain a name and advancement by a major contribution by it. Therefore, the best solution to resolve the challenges that would be faced in the adoption of Internet of Things in India could be-COMMERCIALIZATION.
The recognition of commercial space to analyze the IoT in India would serve as a catalyst in the process of understanding and introducing the IoT in India as well as to the whole world. Certain areas would act as a wide platform to comprehend the IoT in India and yield as a better commercial platform.
Some of the areas that would commercialize the growth of IoT in India can be:
· Fleet and logistics: The role of government in the pioneering process of Internet of Things in India would be a crucial step of advancement in the fleet telematics. Synchronizing the modifications with new rules in the budget has turned out to be the reason of growth in the logistics industry. This has motivated the fleet and logistics to look up high for a better technological platform for their upgrade.
-Setting up Smart Cities: Smart cities are a part of focused approach by the government in their plan of renovating the nation. In the previous year, Tech Mahindra was the first to declare their collaboration with Bosch Software Innovations for a project developing a connected world and connected enterprise.
· Industry automation and inventory management: The heavy engineering and manufacturing sector of India has always stayed far from the technological furtherance. The applications of IoT would serve the manufacturing industry in India with automation and technological links, which would gear up the production, manufacturing, supply chain, and the management of inventory.
Not only the engineering and technology, but because of the commercialization of IoT in India, it would also germinate the banking and the insurance sector.
With the commencement of the year 2017, many companies have already started their experiments and analysis of modernizing the industries of India.
The evolution of Internet of Things in India would be a major kick in the growth of several industries.
Also, the entire world would expect a lot of advancements and chained development because of the condensed market of the nation. If the adoption of IoT goes in a well manner, India would experience a momentous growth in the long run, with a boon.