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Peering the Future: IoT + Smart Devices driving Analytics and Big Data for Sustainability
Recently the Indian government’s revised draft policy for IoT, 2015 recognizes the spurge that is going to take place in internet connected devices and therefore pushes for leveraging India’s strength as a leader in the global service industry by creating an IoT ecosystem in the country. It has set a target of creating an IoT industry of USD 15 billion by 2020 and estimates 2.7 billion connected devices by then.
While IoT is set to become the next big backbone of local and global communication with its reach in different verticals- healthcare, agriculture, energy, manufacturing, security, disaster management etc., it also carries with it a massive potential become a key driver for sustainability- cutting across all verticals.
Taking conservative estimates, India will account for 5-6% of the global IoT market or a total of USD 15 billion by 2020; and the government is looking to engage all stakeholders and build an IoT ecosystem.
This note from Sustainability Outlook profiles the use cases and outlines the market opportunity. Some of the our observations which indicate the potential market for IoT and Big Data Analytics for driving sustainability in the coming future are as follows.
Drivers for IoT proliferation- both demand side and supply side to play a key role
The digital space has undergone major transformations in the recent past, and has witnessed the surge of disruptive technologies. The latest entrant in this space is Internet of Things, which broadly can be defined as a network that is connecting devices together for communicating amongst themselves and taking decisions.
- Decreasing cost of sensors and bandwidth (supply side drivers): Average cost of sensors has declined in last few years. From $1.30 in 2004 it has reduced to 55 cents in 2015. This trend is expected to continue and it will reduce the cost further below 40 cents by the year 2020.
- Change inoutlook of businesses and policy regulations (demand side drivers): Automation in industries in decision making is reducing the need for manual monitoring, thus enabling greater optimization on the shop floor and in other operations. New test facilities are enabling manufacturers to test new technologies like M2M communication.
IoT and Smart devices- potential for driving sustainability
India has its own unique advantages for driving sustainability using IoT tool and Big Data Analytics. It is a powerhouse in the digital sector due to its robust IT infrastructure and it has an increasing number of start-ups emerging in this space.
Cyclical growth potential for IoT
Sustainability Impact Map for emerging Indian players
Several new businesses are emerging in India recognizing the potential of the internet of Things (IoT) in the sustainability space. Most of them either work in the domain of Smart Buildings or Machine to Machine Communication. The brief details out the emerging solution providers that are shaping the space and also creates a sustainability impact map for these players.
Illustrative cases of IoT in Sustainability
Though, its still a new domain, there are several examples in India that showcase the potential of this domain with regards to sustainabilty
- Optimizing utilities performance
- Facilities optimization
- Driving consumer response to reduce resources
- Optimizing equipment maintenance and up-time
The brief also outlines the outlook for IoT driving sustainability in 2016
To read the entire report, click here.
To receive the reports, get engaged or to learn more about the on-going work related to Corporate Sustainability, please email us at mait@sustainabilityoutlook.in (Market Access & Insights Team at Sustainability Outlook)
