IoT tech’s big billion days are coming

EY India and FICCI’s latest report outlines the future of IoT from a business potential and tech point of view while highlighting its impact on emerging technologies such as 5G and artificial intelligence.

Key industries for IoT in India are expected to be utilities (water and electricity), manufacturing, transport and logistics, automotive industries and healthcare

Centralised cloud-based infra to remain the underpinning for a majority of IoT applications, providing low-cost and scalable computing, storage and geographical coverage.

ARTIFICIAL INTELLIGENCE TO BE

• More evolved to become more pervasive
• Be available on all devices from mobile phones to high-end servers
• Accelerate progress in manufacturing, smart homes and smart cities

Trends such as digital twin, fog and edge computing, AR, VR and MR, 5G and IoT are projected to play a crucial role in making India a front-runner in IoT adoption.

• $18.2 billion Amount the overall market opportunity for fog computing is pegged to rise to by 2022
• $147.4 billion Market size that VR, AR and MR technologies are projected to reach by 2022
• 50 billion Number of internet connected “things” by 2020, including sensors and RFID chips

In case of mobility and connected cars, reduction in claims by GPS tracking of stolen cars is expected to have a:

• 25% Cut in premium cost
• 10-40% Cut n maintenance cost

SOURCE: EY INDIA AND FICCI’S REPORT FUTURE OF IOT