Imagine if you could wake up one day to a calculative data reading of your body’s sugar levels, heart rate, among other details, easily accessible through the internet. Well, that doesn’t seem like a far future as Internet of Things (fashioned IoT) is one such concept that is on a progressive rise.
IoT, as defined by Business Insider, is a network of interconnected objects able of connecting and exchanging data using embedded sensors. In other words, it is the interconnection between a computing remote and a physical, sensor based device that connects through the internet to share information. It’s the next big evolution in the world of internet that has already taken the industries of manufacturing, healthcare, marketing, infrastructure, retail and transportation and many others, under its umbrella. Some of the biggest companies to have joined IoT are Amazon, Google, T-Mobile, Cisco, Apple, IBM and Skyworks.
IoT is providing a huge pool for marketers to create and consumers to purchase from. It is predicted that the industry of IoT will grow up to 8.4 billion this year and have a total of 200 billion devices in the next three years. Manish Choudhary of Live Mint is of the opinion that by 2019, the IoT industry may be the largest device market in the world, surpassing and doubling up to the industry of smartphone, PC, tablet, connected car and the wearable digital market, combined together.
So in such a situation where does, India stand? Being one of the upcoming economies of the world and with the recently introduced budget for the year 2016-2017, it is calculative to see how the prospects of IoT stand in the country. As per reports presented by KPMG, “the Indian manufacturers, who are to adopt IoT and suppliers who are to provide IoT solutions are in the very early stages of their IoT journey.” There is a vacuum of organisational design to operate, expand and also the lack of funds for the implementation of IoT in the Indian industrial sector.
However, things are all not that bad. The silver lining in the cloud is the growth of digitisation and greater internet connectivity, being encouraged by the government. Telecom internet providers, in recent times, have also moved to a great extent to provide public WiFi portals and affordable internet data charges, which are slowing paving way for the internet to become an essential part of the public life.