GE partners with NASSCOM & Deloitte to release report ‘IoT: A Revolution in the Making’
Via General Electric Newsroom
Oct 6, 2016
The Indian IoT market is expected to grow to USD 15 billion with 2.7 billion connected devices by 2020
Bengaluru, October 5, 2016: General Electric India Technology Centre (GE ITC) in partnership with National Association of Software and Services Companies (NASSCOM) and Deloitte, launched “ IoT: A Revolution in the Making” , at the NASSCOM Design & Engineering Summit, Bengaluru. This is a study by NASSCOM and Deloitte, supported by GE.
The study provides an understanding of the global and domestic market opportunity and recommends to players in the value chain (including startups) the major markets, segments, and key success factors expected to shape the Internet of Things (IoT) space. Given the importance of IoT to the domestic market and its relevance to service providers in India, this report offers a roadmap for the industry.
The study highlights the growth of the IoT market at present and looks into the future of the industry, the challenges impeding global IoT growth, key IoT case studies in India and the role of startups in driving growth. It also brings out the IoT opportunities in India across industries like Utilities, Manufacturing, Automotive, Transport & Logistics, Healthcare and Retail.
Key findings of the report are:
· IoT is poised for exponential growth globally, with the number of connected devices expected to grow 5.5X to 20.8 billion and revenue expected to grow over 3X to USD 3 trillion by 2020 . Consumer units are expected to form a significant share (13.5 billion, about 65%) of the total IoT installed base by 2020
· Major factors driving the worldwide adoption of IoT are device proliferation, availability of low cost sensors, increase in computing speeds, and deployment of IPv6
· A few of the challenges that the industry faces are: lack of uniform security standards, privacy of consumer data, scalability challenges, unreliable network connectivity, etc.
· The IoT market in India stands at USD 5.6 billion with 200 million connected devices in 2016. This is expected to grow to USD 15 billion with 2.7 billion devices by 2020
· The Indian IoT ecosystem has a diverse set of players including hardware vendors, application vendors, network operators and system integrators, with application vendors expected to garner ~50% share of the India IoT market by 2020
· In India, demand for Industrial applications will drive IoT growth going forward. Consumer IoT adoption is expected to be slower due to cost of IoT devices and security as well as privacy concerns of consumers
· Startups comprise majority (60-65%) of the 120 organizations that form the Indian IoT ecosystem and are expected to drive growth going forward
· IoT adoption in India is expected to grow across industries, with Utilities, Manufacturing, Automotive and Healthcare seeing greater opportunity than other sectors
Expressing his thoughts on the launch of “IoT: A Revolution in the Making”, Munesh Makhija, CTO-GE South Asia & VP-GE India Technology Centre stated,
“This report comes at a time when the Industrial Internet of Things is poised for exponential growth, both globally and in India. As the world’s premier digital industrial company, GE is at the front and centre of this revolution. We believe India has an important role to play in shaping the IoT landscape and players in the Indian IoT ecosystem must collaborate to capitalize on the market opportunity.”
KS Viswanathan, VP-Industry Initiatives, NASSCOM , said
“IoT is a disruptive technology with a global opportunity of USD 3 trillion. Through this report, we seek to answer the question, where does India stand in the IoT value chain and what differentiator does it have to offer to the world. It provides a roadmap to enable IoT adoption and growth and evaluates the opportunity across sectors. Today, the IoT market in India is in a nascent stage but we see that changing over the next few years with startups playing a key role.”
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPM industries in India. NASSCOM is a global trade body with more than 2100 members, which include both Indian and multinational companies that have a presence in India. NASSCOM's member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 3.5 million professionals.
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