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India IoT market to be worth $9 billion by 2020: report

Bajaj Electricals partners WISeKey to become a major IoT platform in India

India IoT market is expected to grow from $1.3 billion in 2017 to $9 billion by 2020 as per a report by Deloitte TMT Predictions 2017. The global market, on the other hand, is expected to touch $300 billion in next 5 years.

These numbers were revealed at the 6th Annual IoT Innovation Conclave & Exhibition 2017 Organized by Konnect Worldwide Business Media Pvt Ltd, this was the 6th edition of this highly successful event. The event saw a participation from more than 300 people.

In addition to this, the Government has pledged to invest USD 1 billion for 100 smart cities over the next five years will be a key enabler for IoT adoption. This provides a huge opportunity to IoT players in India but there is a big challenge in terms of offering India-centric solutions and understanding how to fuel the growth of IoT business in this market.

“Extending a warm welcome to all the panelists, delegates, and attendees, Sanjay Srivastava, Business Head, Mahindra World City (MWC), Jaipur, said, “IoT can be an enabler of improved quality of life and can go a long way in creating smart and resilient cities of the future. MWCs have been at the vanguard of such implementations of various smart technology initiatives such as Smart Street Lighting, Parking, Waste Management, Integrated Building Energy Management System, Smart Metering, Integrated Security & Surveillance etc.”

Further by 2020, it is expected, that the highest adoption of IoT in India will be seen in industries such as utilities, manufacturing, automotive & commercial telematics, transportation, and logistics.

Kuldeep Malik, Country Head Corporate Sales International, Mediatek, said, “Conclaves likes these offer us a great platform to showcase what all we have been doing and also an opportunity to review market dynamics. We believe IoT Innovation India Conclave offers a great platform to exchange ideas and work together towards a more connected society”.

Buoyed by the response to the event, organizers are contemplating making this a multi-city event. Rahul Sindhwani, Founder, and CEO, Konnect, said, “We are extremely grateful to all our partners and attendees that helped in making the IoT Innovation India Conclave & Exhibition 2017 a huge success. It has been our endeavor to make this event bigger and better than before and it gives us huge satisfaction to be able to achieve this goal. We believe that this year’s event provided all participants an ideal platform to discover India specific innovative applications and usages along with a great networking forum.”

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