CHENNAI: As the world is going deep into the digital age with everything around us getting connected, ‘Internet of Things’ (IOT) industry in the country is expected to be a $15 bn market by 2020, says a study.
Quoting statistics from the Department of Electronics and Information Technology (DeitY), the study by CII and KPMG reveals that by 2020 India would have a share of 5 to 6 per cent of the global IOT industry.
IOT is the interconnection of uniquely identifiable embedded computing devices within the existing Internet infrastructure. These include a wide variety 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.
The report brings out the fact that Indian online retail spending might reach $16 bn by 2018, while it soared to 67 per cent in 2013. The number of Indian online buyers is expected to grow to 128 million by 2018.According to the report long-term success of digital infrastructure could depend on the operational infrastructure and technological challenges.
Releasing the CII-KPMG Leadership Report, Tamil Nadu Industries Minister P Thangamani said 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 accounted for more than 10 per cent of total exports from the country. Till now, the state has signed 33 MoUs worth `31,706 crore with a potential to employ 1.62 lakh persons, he added.Further, he said the state government was planning to attract `1 lakh crore through the Global Investors Meet to be held in the city from May 23 to 24.