The Internet of Things (IoT) market in India today stands at $5.6 billion with 200 million connected units in 2016, according to a report by NASSCOM and Deloitte. While the global IoT market is expected to grow to $3 trillion by 2020, in India the market is expected to grow to $15 billion with 2.7 billion units during the same period.
The current IoT ecosystem in India consists of around 120 organizations from across the value chain, and in the coming years both consumer and industrial applications are expected to drive overall IoT growth.
The Industrial IoT revolution is expected to impact manufacturing, energy, agriculture, transportation and other industrial sectors (which account for two-third of the global GDP).
These were some of the points discussed during the first among a series of IoT meetups organized by MediaTek Labs and YourStory, held at the YourStory office in Bengaluru. The discussion centered around ‘Why industrial IoT is best positioned to capitalize on India’s need for smart solutions.’
Speaking at the event, Ashish R Bedekar, Head of MediaTek Labs India, said, “By 2025, the technical innovations of the Industrial Internet could be applicable to approximately half of the global economy.”
Industries that are embracing IoT include healthcare, utilities, wholesale, manufacturing, retail, logistics and process manufacturing. IoT solutions can increase operational efficiency, asset availability and performance, energy optimization, and customer satisfaction, among others.
“The ability to cost-effectively connect, monitor and control any kind of device will dramatically change the landscape of our industry. MediaTek is connecting the value in the Internet of Things, making IoT as an integral part of everyday life ,” said Ashish.
“If PC’s are the benchmark, and smartphone penetration has exceeded that by 10 times, then we can expect IoT to drive wireless penetration by a factor of 100 to 1,000 times. What positions MediaTek very strongly for the IoT opportunity, is the ability to deliver reference designs that feature complete hardware and software solutions, so that customers can quickly create and launch commercial grade solutions and drive their business.”
MediaTek is perhaps the largest provider of wireless chipsets in the world with over 1.5 billion devices using MediaTek chipsets in 2015 across a wide range of consumer electronics.
At the product level, the company offers complete hardware and software solutions for easier integration into customer device designs, highly integrated solutions for low power consumption, rich feature sets at competitive pricing, premium multimedia features and global IoT connectivity standards. MediaTek-enabled IoT devices in the market include appliances, IoT gateways, bridges, speakers, smart plugs, sensors, powerbanks, air cleaners, among others.
The company is also empowering IoT developers by providing insights and inspiration; access to hardware development kits; SDKs for different platforms including plug-ins to popular IDEs; technical support; complementary cloud management of device data during prototyping; and production and go-to-market help through its extensive supply chain partner network. The MediaTek ecosystem serves as a launch pad for IoT developers.
According to Arati Mekaraj, Deputy General Manager, Robert Bosch Engineering and Business Solutions, “We are not looking at replacing people while automating the system, we train them.”
Bosch’s IoT Suite allows customers to focus on IoT application development that creates value and increases ROI. Customers pay for software services that are based on a number of connected devices, users, transactions and data volume. It also supports business models based on revenue sharing to reduce the risks involved.
The IoT revolution will eventually reflect in our everyday lives – from healthcare, manufacturing, and home automation to smart cities.
According to a report by IDC, there will be 80 billion connected devices by 2020. With the growing buzz in this space in the past few years, Cisco’s venture capital arm, Cisco Investments, has reportedly been increasing its investment in IoT startups to the tune of $150 million globally since 2014; it projects that the IoE (Internet of Everything) industry can be a $14.4 trillion market by 2022.
YourStory and MediaTek Labs are organizing more meetups across India. So don’t miss this chance to connect with industry experts. Block your dates for the upcoming MediaTek Labs and YourStory meetups here: