The Indian Internet of Things (IoT) market presents a massive opportunity of USD 15 billion by 2020, growing at a CAGR of >25%. We welcome Norwegian companies to come and be a part of the next big thing in India.
The Indian Government’s Digital India programme that aims at transforming India into a digitally empowered society and knowledge economy is expected to provide the much-needed government impetus to the development of the IoT ecosystem in the country.
Department of Electronics and Information Technology (DeiTY) has come out with a draft IOT Policy document which focuses on the following objectives:
- To create an IoT industry in India of USD 15 billion by 2020. It is assumed that India will have a share of 5-6% of global IoT industry.
- To undertake capacity development (Human & Technology) for IoT specific skill sets for domestic and international markets.
- To undertake Research & Development for all the assisting technologies.
- To develop IoT products specific to Indian needs in all possible domains.
The Government has set up a Centre of Excellence for IoT to function as a platform for skill development and as an innovation accelerator to explore the high-end technologies to support government initiatives using IoT in areas like water, energy, agriculture, crime, safety and health.
In addition, the development of smart cities in India provides a massive technology opportunity of USD 1.5-2 billion. It is estimated that ~20% of Indian smart city solutions will be IoT based.
The Government has high focus on transportation, energy and environment verticals.
Multiple IoT based smart city projects have been successfully implemented:
These are some of the findings of a study on Internet of Things in Indian smart cities carried out by Innovation Norway, New Delhi.
For more information, please contact:
Ambika Oberoi Sawhney
Senior Market Adviser
Innovation Norway, India
T.: +91 11 49099202
Photo: Jakob Owens, Unsplash.com