It is very interesting to observe that, across the world, companies, government organizations and others are realizing that they can use data to optimize costs, deliver better services, and boost revenues.
I can observe that, in recent years, India has been moving towards becoming a digital economy. In effect, the digital space in India has seen a lot of transformation and the Internet of Things (IoT) is a recent phenomenon. The growing adoption of Cloud in IoT services, shifting of focus to industrial IoT (IIoT), the rising market of M2M communication, and the increasing trend of wearable technology applications are at the core of stakes.
According to Research and Markets, growth in the Internet of Things market is anticipated on account of the ongoing technological developments in IoT technology for providing better connectivity and coverage as well as real-time monitoring and tracking of services and systems across diverse industry verticals to reduce operational and manpower costs.
The firm also reveals that, various government projects such as smart cities, smart transportation, smart grids, and so on are also expected to further propel the use of IoT technology in the country over the next five years.