Monday, October 12, 2015

Internet of Things - The Next Revolution in India

In a world connected by the internet, the upcoming technology that will revolutionize India is the Internet of Things (IoT). It will change the way devices work. IoT will make use of technologies such as sensors, robotics, artificial intelligence, cloud, high bandwidth and analytics. The devices will then be able to communicate with each other to give timely and customized solutions to the users.

Impact of IoT

IoT will upgrade the lifestyles of consumers. Companies will also be able to enhance their productivity, management, and offer superior services and solutions to their customers.

Analysts have predicted that around 26 billion smart units that consist of smartphones, tablets, motion sensors, TVs, sensors, connected cars, smart watches, etc. will be embedded with the IoT. It is also being estimated that the IoT industry will earn a revenue of around $ 300 billion and create value of $ 1.9 trillion.

Importance of IoT for India

Earlier there were technological revolutions during the advent of mainframes, desktop PCs, minicomputers, laptops and mobile phones. India missed out on these revolutions while countries like South Korea, USA and China embarked upon these revolutionary trajectories. Many companies emerged during the advent of these technologies. Some of them are Google, Microsoft, Apple, Dell, Xiaomi, Samsung, Amazon, Mediatek, and Yahoo, etc.

Now, India cannot afford miss the IoT revolution. IoT will be helpful in the growth of the country. It will also enhance the security systems in the country. India needs to innovate and develop components, systems, data centers, devices and software analytics. It will have to build on its product level innovation. Indian companies will also have to gear up to exploit the opportunities that will present themselves and become global brands.

Process to succeed in the revolution

To be a technology innovator, India will first have to set up the right infrastructure. The nation will have to build the atmosphere to encourage entrepreneurship. It will have to introduce favorable government policies, give access to risk capital and embrace marketability trends. Government policies should welcome product companies as much as it welcomes manufacturing companies. The Make in India initiative shouldn’t be restricted to the manufacturing sector, but it should also provide opportunities for product making companies.

From the past two decades, India has been emphasizing on services. China focused on manufacturing but also laid importance on making actual products. Now India will have to capture the IoT wave and give importance to manufacturing and product capabilities along with services.

To make the IoT revolution a success, the government and companies will have to work together with better coordination. Moreover, the companies will have to offer IoT products to customers by taking proper care of their safety, security and privacy. 

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