India targets 5% share in $300 billion IoT industry

India is targeting 5-6 percent share of the $300 billion global internet of things (IoT) industry in the next five years, said Department of Electronics and IT Secretary JS Deepak at an event organized by CII in Delhi.

“A policy framework around internet of things is in consultation stage. As per reports global IoT industry would be USD 300 billion by 2020 globally. The idea of IoT policy is that India should have 5-6 per cent share at least of global industry,” he said while speaking at the CII National IoT Summit.

Deepak said that the policy in works aims at creating $15 billion domestic IoT industry by 2020.

“IoT can be a game changer. It can save lot of power. We see street lights being on in small cities and towns even during day. With help of technology such lights can be automatically turned off which can result in huge saving for the power sector,” Babul Supriyo, Minister of State for Housing and Urban Poverty Alleviation said at the event.

Deepak said government has issued roadmap for development of machine-to-machine (M2M) communication which will lay foundation for IoT in the country.

“The various policy piece that we are laying out will lead to IoT becoming a centrepiece of Digital India structure. Increasing M2M communications has been something that we have always inspired for,” said Deepak.

The summit highlighted the proof of concepts and solutions in the four sectors — energy, healthcare, transport and manufacturing and the technological solutions. Several companies have showcased thermometer and ECG devices, among others that can automatically transmit patient’s data to consultant physician.

Research and consultancy firm KPMG will be releasing a report on Indian IoT industry soon.

“A report on the vision of Internet of Things and Industry 4.0 readiness in Indian context is underway and will be released shortly. This report would highlight the importance of IoT as India embarks on its transformational journey through Digital India and Make in India,” said Puneet Bhatia, practice leader, IoT and Emerging Technologies, KPMG.

[email protected]