India is a rapidly progressing nation, especially when it comes to technology and businesses. The IT boom paved a new route for India on the way to being a superpower in terms of technology and business. With the nation’s recent plans and promises of digital India, the country is stepping fast with regards to development in the technological field, and is putting forth valiant efforts to incorporate the internet and world wide web into the many sectors that are running it. How is this faring when India is put on a scale of comparison with other major world powers? Does it stand a chance or does it need to do some major changes and fast? In order to gain an insight into India’s stance on the same, it is important to understand a few basics of IoT- the Internet of Things India has in store for the world.
What is the Internet of Things?
This is a term that is used a lot, several times in this article even. It is crucial to understand what it means and what it accounts for. Internet of things refers to the network where several devices and appliances are connected together, to each other and sometimes even to the internet. These include not just personal computers and mobiles but also other appliances such as fridges and home security locks and systems.
The connection of IoT with regards to India as a nation
There has been considerably rapid growth in the IOT market in India. Several trends in technology and landscape in products shows and adds testament to the same. By the year 2020, the market of IoT in India is expected to hit an estimate of 15 million USD. This will account for about 5% of the total market globally. Another key observation is the number of numerous opportunities for development and growth. There are just about 120 (perhaps even more) businesses, firms and it companies in India offering IOT segment-based solutions and services. Yet another key finding of the field is the niche domains such as the smart home lifestyles. Another field is healthcare and medicine where there is a good and big demand for Internet of Things solutions. These are fields that are still emerging and growing and therefore there is a tremendous chance for intense and immense growth and several such opportunities.
In the last two decades, India has seen a major evolution when it comes to technology sectors. It has metamorphosised into an information and technology hub in the world. There is talk that an estimated average of more than 50 billion devices will be connected to the internet of things by 2020 or during that period of time. India is also predicted to be one of the largest consumers of Internet of Things applications in the next four to five years (4-5). The country is expected to see great growth and things are looking good in the segment.