What India’s IIoT market can look forward to in 2020
IoT in India is all set to grow at a rapid rate, at a staggering 32x, to 1.9 billion units installed by 2020. To understand the magnitude of that number, let’s compare it with the population of India, which is close to 1.3 billion right now. This means that there will be more IoT devices than people by 2020. Of course, the data is not an absolute indication of the number of people who would be using IoT, but rather highlights the amount of investment that IoT will attract in India.
The investment in IoT is split across the consumer market and the industrial market, with industries expected to have an estimated 55% of the market share by 2020. Utilities, manufacturing, automotive, transport & logistics, healthcare, retail, BFSI, and real-estate will drive the primary demand for industrial IoT (IIoT) applications. With that background, along with the estimated USD 4.95 billion revenue share of IIoT provides a sense of the opportunity and trends that will emerge in 2020.
Top 7 IIoT trends in India for 2020
Connected cities, smarter grids
Public-private partnerships will drive the adoption of IIoT in utility management processes for water, power, gas, and sewerage. This will improve utility infrastructure and enable the efficient management of resources. IIoT will achieve such positive impact by providing a centralised view of all utility assets/resources in a way that promotes smarter-decision making.
Case Study: BESCOM is a power distributor in Karnataka, India. They have adopted IIoT to be involved in better demand-side management (DSM) for its industrial consumers. Read full IIoT case study, here.
The fourth industrial revolution, also known as Industry 4.0, is the journey of creating intelligent factories that are agile and autonomous. While there are barriers to implementation, particularly in India where there are huge awareness and skill gaps around IIoT, the intelligent factory is closer than we think it is. Optimising resources for manufacturing to deliver a high-quality output is done by encouraging the use of data from IIoT to make strategic decisions.
Case Study: Jindal Steel Power Limited (JSPL) is using IIoT enabled energy and asset analytics to improve operational efficiency. Read more about this IIoT implementation, here.
Dynamic automotive technologies
Seamless transfer of data between the vehicle, its owner/user, the OEM, and the insurance provider via IIoT is an exciting possibility at scale. From over the air (OTA) updates to improve performance to auto-scheduling of service requests based on early identification of issues, optimises costs and time for all stakeholders. In India, with the advent of electric vehicles (EVs), creating such dynamic use-cases using IIoT will drive trust and in turn faster EV adoption.
Case Study: Ather Energy, the manufacturers of India’s fastest electric scooter, have used IIoT to maximise range, improve safety, and optimise routes for the user.
Efficient transport, smarter logistics
Services like Amazon Prime delivery and other on-demand requests are quite normalised, today. However, the complexity of the network of these deliveries is often riddled with inefficiencies. From damaged products to delayed tracking, the logistics sector struggles with delivering a consistent service to its customers. IIoT changes that by providing a bird’s eye view of all such variables; leading to better service delivery.
Case Study: How an IoT powered digital logistics assistant by an Indian startup, Transport Hub, is helping everyone at the supply chain take decisions to achieve long term business goals. Read, here.
Hospitals and service providers of the healthcare sector in India are long known to suffer from very high demand in India, leaving a lot of variables to take a course based on chance-events. This leads to large amounts of time spent on administrative tasks rather than providing actual healthcare. By using IIoT, healthcare service providers can get access to real-time data, help mitigate the risk of diseases, and remotely monitor patients. As a result, the healthcare workforce can spend their time on high-value tasks such as research, learning, and patient fulfilment.
Case Study: Reimagining the possible in the Indian healthcare ecosystem with emerging technologies. Read the report, here.
Fulfilling retail experiences
Setting ambient and cold storage temperature, along with the integration of virtual reality to improve the showrooming experience; the retail industry has basic and advanced avenues for IIoT usage. In either case, the challenge with retail is the decentralisation of outlets leading to higher initial investment costs for IIoT. To overcome these barriers, more retail entities need to adopt IIoT.
Story: What will ’embracing IoT in retail’ mean for the sector’s future? Read the story, here.
The number of high-rise buildings and gated communities/workspaces is at an all-time high in India. The difficulty of managing such spaces is undertaken by facility management companies who take care of security at the gate up to the final user experience inside the building. Each such facility requires an entire team to be present, often 24×7. Despite the large workforce, such buildings are not energy efficient and often spend heavily on maintenance. With the use of IIoT, the information to make better decisions can be removed from silos into a centralised view.
Case Study: Embassy Group is tracking leakages and inefficiencies using IIoT. Know more about the implementation, here.
While the predictions for 2020 look great, it will not come without specific efforts from the stakeholders of the IIoT industry to overcome key barriers. Application, hardware, network, and system – are the four primary aspects of the IIoT value chain. Individuals, organisations, and government bodies that are involved in one or more of these areas will be in a great position to influence the future of IIoT adoption.
Despite all the optimistic predictions available for IIoT in India, it is often not clear as to what all this culminates to. So, let’s talk about that.
Top 3 outcomes of successful IIoT implementation for India
Efficient industries & services
Expectations from industries and services have grown amongst the Indian consumer. Also, the demand for export from India is increasing. If businesses can deliver high-quality products and services, the ‘Make In India’ initiative will finally see some traction. IIoT helps business do exactly that by optimising resource usage and providing insights that drive business strategy.
By reducing wastage and leakage of resources with IIoT, businesses will reduce their carbon footprint. This will create a market of businesses that operate sustainably, which can have positive implications on an overpopulated country like India.
Focusing on high-value work
IIoT removes the need for manual labour or work, which are generally considered low-value and time-consuming. Instead, workforces can now focus on tasks of higher value such as problem-solving, innovation, and more.
The overall business landscape in India can evolve with the successful implementation of IIoT. The evolution is not limited by the sector of application for the desired outcome. Therefore, we can expect the IIoT market in India to grow in 2020; and we hope to report back to you with success stories.