As the world is transforming into a digital age with everything around us is getting connected, a study by Confederation of Indian Industry as well as KPMG states that ‘Internet of Things’ industry in India is expected to be $15bn market by 2020.
The Internet of Things (IOT) is the interconnection of uniquely identifiable embedded computing devices within the existing Internet infrastructure. These include wide variety of devices such as heart monitoring implants, biochip transponders on farm animals, automobiles with built-in sensors, or field operation devices that assist fire-fighters in search and rescue
Quoting the statistics provided by Department of Electronics and Information Technology (DeitY), the study states by 2020 India would have a share of 5 to 6 per cent of the global IoT industry.
The report also reveals that Indian online retail spending will may reach USD16 billion by 2018, where online retail in India grew by 67 per cent in 2013. The number of Indian online buyers is expected to grow to 128 million by 2018.
The report states that long-term success of digital infrastructure could depend on the how well infrastructure operations work along with technological challenges.
State Industries Minister P Thangamani released the CII-KPMG Leadership Report during the 13th edition of Connect. He said that registered software units in the state has increased from 1,114 in 2004-05 to 1,780 in 2012-13 providing employment to more than 3.75 lakh persons. He said TN accounts for more than 10 per cent of total exports from India.
He said the state has till now signed 33 memorandum of understanding worth Rs 31,706 crore with employment potential of 1.62 lakh persons.
He also stated that the state government plans to attract Rs one lakh crore through Global Investors Meet to be held in the city on May 23-24.