IoT will unlock exploited potential in South Asian country
The collaboration between FICCI and EY India has recently launched a report concerning IoT’s future in India. Moreover, the announcement came into being during a recent summit, “Rajasthan IoT,” which was held in Jaipur. According to the reports, the future of IoT in business as well as in the technological sphere will make a massive impact on Artificial Intelligence, 5G, data collection, among others.
Some of the industries that are going to spend a lot of resources on the IoT solutions around the world are Manufacturing, Logistics, and Transportation, Consumer IoT & Utilities industries. In India, the vital industry that will see a massive implementation of IoT technology is the Utilities Industry (electricity & water), along with logistics & transport, manufacturing, automotive, & healthcare.
In India, Edge Computing, MR, Virtual Reality, Artificial Intelligence, IoT, 5G, Fog, and Digital Twin will play an important role to turn India into a frontrunner after IoT becomes mainstream. By the year 2022, the Fog Computing is predicted to rise to 18.2 Billion USD. Moreover, Fog Computing will enable 45% of the total data generated around the world and advance a little closer to the network edge.
On the other hand, AR, VR, and MR technologies will grow at a faster rate and reach a CAGR of around 71.6%. These technologies would reach the market size of 147.4 Million USD by the year 2022.
The smart manufacturing sector states that, by the year 2020, there will be 50 billion devices in use, based on IoT technology such as RFID chipsets and sensors. When it comes to connected cars and mobility, there is a claim in subtle reduction as it originates from GPS tracking of the stolen car. By the looks of it, IoT will decrease the complete premium cost by almost 25%. Moreover, IoT will also give rise to a massive reduction in the maintenance cost of around 10-40%.
Around 87% of the consumers of IoT want to gain quite a seamless experience in the long run.
**This post was published on https://www.ciol.com
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