Bengaluru: The Indian Internet of Things (IoT) market is expected to grow to $15 billion with 2.7 billion units by 2020 from the current $5.6 billion and 200 million connected units, a report said on Wednesday.
The industrial applications of IoT, primarily in manufacturing, automotive and transportation and logistics, are expected to drive IoT revenues by 2020 in India, said R Chandrasekhar, President of apex IT body Nasscom, on the sidelines of the eighth edition of "Nasscomm Design and Engineering Summit" in collaboration with Deloitte here.
"IoT as a concept has seen vested interests from across industries globally and is set to become a major differentiator in driving the next generation of services and products," Chandrasekhar added.
The report laid emphasis on the growth of IoT as not just creating consumer solutions but also adding value in industrial applications.
Reiterating the need for innovative solutions, the report stated that the IoT segment is expected to grow across industries, with utilities, manufacturing, automotive and transportation and logistics providing greater opportunities for development compared to other sectors.
Expressing his thoughts on the upturn of applied IoT in India, innovator Kevin Ashton who invented the term "Internet of Things" said that IoT has started being incorporated into both consumer and industrial applications.
"The ecosystem is rapidly expanding, owing to demand for both industrial and consumer IoT applications and is set to be a critical part of the next level of growth for the IT industry," Ashton said.