Understanding the scope of the internet of things in the Indian context and how it can benefit the country

As the saying goes, “Change is the only constant”. Futuristic technologies such as the Internet of Things (IoT) are no exception and are all set to transform our lives and bring a paradigm shift in how businesses should conduct traditionally. This shift complements the exponential increase in computing power and the availability of a humongous amount of data, that machines are fast learning to replace humans in several areas. The intelligence thus acquired is migrating away from the data centres to devices that will soon become commonplace in our daily lives.

These technologies can potentially navigate into our world on their own using “smart contracts” without the need to involve human participation.

As billions of objects, services, and systems  connect, the IoT industry is going to develop gradually, fueled by increasingly ubiquitous and lower-cost sensors that convert physical data to digital content. The IoT use cases that focus on delivering cost savings from fuel, energy, and labour have a large financial impact and have quicker payback times. The IoT market  expects to register a CAGR of 15.4% y-o-y growing steadily to reach US$1.1 trillion by 2025.

By 2025, project is that IoT devices will generate 90 zettabytes of data worldwide. Sensors or gateways transmit data to centralised platforms, which aggregate, process, store, analyse, and data visualization to provide insights and improve process operational efficiencies.

The Kurzweil curve anticipates an exponential increase in intelligence, with advanced computing platforms anticipated to exceed the intelligence of a human brain by the end of the decade. Behind such a trend will be this exponential increase of data IoT device generate, multifold growth in computational power, advanced AI algorithms, smaller form factors, and low power requirements. Detailed analysis and understanding can be had from this link Kurzweilai.net.

The important economic segments of the country that can benefit from IoT, have implemented or are experimenting before zeroing in on the final solution are Agriculture, Utilities (Water and Electricity), Manufacturing, Automotive, Transport, Logistics and Healthcare.

What is IoT

The internet of things, or IoT, is a system of connected computing devices, mechanical and digital devices, objects, animals, and people with unique identifiers (UIDs) and the ability to transfer data without requiring human-to-human or human-to-computer interaction.

A person with a heart monitor implant, a farm animal with a biochip transponder, an automobile with built-in sensors to alert the driver when tyre pressure is low, or any other natural or man-made object that can be assigned an Internet Protocol (IP) address and can send data across a network are all examples of items in the internet of things.

Organizations across such a broad array of industries are increasingly turning to IoT to achieve operational excellence, better understand customers to provide better customer service, improve decision-making, and boost the value of their businesses.

How It Works

An IoT ecosystem consists of web-enabled smart devices that capture, send, and act on data from their environment using embedded systems such as CPUs, sensors, and communication hardware.

By connecting to an IoT gateway or other edge device, IoT devices can share sensor data that is either routed to the cloud for processing or examined locally. These gadgets may periodically communicate with one another and act on the information they receive.

Although individuals can engage with the devices to set them up, give them instructions, or retrieve data, the gadgets do the majority of the work without human participation.

The connectivity, networking, and communication protocols that these web-enabled devices use are largely controlled by the IoT applications that are installed. Artificial intelligence (AI) and machine learning can also be used by IoT to make data collection processes easier and more dynamic.

The video in the link below explains it clearly and simply

IoT Applications And How They Can be Deployed

IoT Intelligent Apps are prebuilt software-as-a-service (SaaS) applications that analyze and deliver collected IoT sensor data via dashboards to business users. Machine learning techniques are used in IoT applications to analyze enormous volumes of linked sensor data in the cloud.

You can witness key performance indicators, medium-time statistics between failures and other information in real-time IoT dashboards and alerts. Machine learning-based algorithms can identify equipment anomalies and send users alerts and even trigger automated fixes. Vendify already has rich expertise in developing such applications.

The capacity of the Internet of Things to supply sensor data and enable device-to-device communication is driving a wide range of applications. Some of the proven ways in which IoT applications are described below:

Efficient Manufacturing

Create new manufacturing efficiencies through equipment and product quality monitoring. Machines can be monitored and examined continually to ensure that they are operating within acceptable tolerances. Quality faults can also be identified and addressed in real-time by monitoring products in real-time.

Tracking of Physical Assets

Improve physical asset tracking and “ring-fencing.” Businesses can easily determine the location of assets via tracking. Businesses can use ring-fencing to ensure that high-value assets are safe from theft and removal.

Wearable Tech

Wearables can also be used to track human health and environmental factors. IoT wearables help consumers understand their health and allow doctors to monitor patients remotely. This technology also allows businesses to track their employees’ health and safety, which is especially beneficial for people who operate in dangerous environments.

Driving Existing Process Excellence

Optimizing old procedures and opening up new possibilities. One such example is the application of IoT in connected logistics for fleet management to improve efficiency and safety. Companies can utilise IoT fleet monitoring to increase efficiency by directing trucks in real-time.

Enable Business Processes

The use of IoT devices for linked assets to monitor the health of remote machines and prompt service calls for preventive maintenance is an example of this. Remote machine monitoring is also enabling new product-as-a-service business models, in which users pay for the use of a product rather than purchasing it.

IoT and Indian Market

Because of its thriving economy and ability to play a larger role in global manufacturing, India is poised to be a cradle for the internet of things installations.

According to Ray Wang, founder and chief analyst at Constellation Research, India is a hotspot for IoT deployments, with the industry estimated to reach $17 billion by the end of 2021.

During the pandemic, India’s digital transformation initiatives proliferated, with a lot stronger recognition of the necessity for digital operations. AI and IoT are two technologies that have the potential to transform India’s digitization aspirations, and they will account for the majority of the $1 trillion digital economy effect intended for by 2025.

The IoT market size in India is expected to grow at a rate of 62% CAGR and the number of IoT connections is expected to grow at a CAGR of 137%. Spending on IoT software and hardware is expected to increase across the globe, from $726 billion in 2019 to $1.1 trillion in 2023. The IoT (Industrial Internet of Things) market is expected to grow at a CAGR of 16.7% to reach US$263.4 billion by 2027.

Post COVID-19, the focus is on conserving cash in India. The following three major trends are shaping up or have surfaced:

• De-Growth in 2020, possibly a chance of revival in 2021.
• Companies mandated to use IoT to reimagine new ways of operating.
• Growth after H2 2021 is expected to be much faster after the COVID vaccine/treatment is found. 

Key Growth Drivers Behind IoT Growth In India

Incremental demand for Industrial Automation 

With the global workforce contracting over the last year, there has been a growing trend for automation across all industries. Employers have been able to move their businesses closer to larger and more modern organisations in terms of streamlined and efficient operations by recognising that ordinary procedures that require no actual expertise or mental capacity can be automated via smart management systems. Indian enterprises seem to be following the same trends to create a more error-free and efficient working environment.

Business & Decision Intelligence

While earlier sectors had to make do with manually collecting all of their data, the Internet of Things has drastically changed how big data is handled today. Rather than engaging employees to make sense of unstructured data, organisations may use IoT-based management systems to not only structure the data but also apply analytics to it to derive distinct consumption patterns, client demand patterns, and pain areas, giving an industry operational insights to enhance their operations.

Control 

IoT transformation has enabled businesses to monitor their operations in real-time and have complete control over them, even from distant locations. Employers may analyse real-time and historical data generated from cameras and sensors, receive warnings and notifications via email and SMS, and keep an eye on all operations inside the premises with the IoT-based surveillance system.

Security

Business owners/leaders have always emphasized the need for a secure location, but their methods for achieving it have been traditional for a long time. The technical advancement at the hands of intruders, as well as the pandemic-induced necessity for automation, have had a significant impact on the technical evolution of today’s Indian businesses, or their progress towards it. Authorized users can maintain a particular level of safety and security in the organisation by using cameras and sensors located within and around the premises and connected to a unified platform. These smart gadgets can alert authorities in the event of a wide range of hazards, including both internal and external threats.

Cost Reduction 

Business leaders and stakeholders may make better decisions proactively using data from IoT systems, resulting in enhanced efficiency and lower operational costs. Organizations have already begun to investigate additional alternatives for realising the potential of IoT by gaining access to previously untapped data and employing analytics that can assist operators in making informed real-time choices. Opportunities to minimise operating costs are produced as a result of the increased efficiency.

Revenue Growth

– A customized offering for end consumers can be built using data from networked systems, potentially increasing revenue. Data can be used to boost sales, decrease customer churn, and so on. This eventually leads to prospects for revenue growth.

Quality Control

 QC heads and business leaders can better monitor product quality by analysing past process data from sensors or edge devices. Data processing at each stage has aided businesses in maintaining quality while also allowing operators to take corrective action in real-time (rather than checking quality after batch production).

GOI Initiatives 

• As per the NDCP (National Digital Communications Policy), the target is for 5Bn. Connected devices.
• Creating a roadmap for emerging technologies such as 5G, AI, robotics, IoT/M2M and cloud.
• Simplifying the licensing and regulatory frameworks whilst ensuring appropriate security frameworks for IoT/M2M/future services.
• Allocating 13-digit numbers for all M2M mobile connections.
• Earmarking adequate licensed and unlicensed spectrum for IoT/M2M services.
• IoT Centre of Excellence set up as part of Digital India initiative.
• Accelerate the IoT ecosystem by capitalizing on the ICT strengths of the country.
• Help start-ups utilize the latest technologies to develop innovative IoT applications.
• More than 2,500 projects currently underway worth over US$305 million.

Business Use Cases

Digi health(with IoT devices) 

IoT technologies aid in the digitization of stock movement, tracking, and tracing in supply chains enabling real-time visibility and better inventory management. DigiHealth Technologies LLP entered into an equity infusion-based alliance with Sun Pharmaceuticals, Cipla, Torrent, Lupin, Zydus Cadila, and others, to digitize vaccine distribution and track and trace across India through an integrated IoT platform. The consortia will invest in the parent, ABCD Technologies LLP, for further R&D in IoT and supply chain technologies.

Vi Business(Using IoT devices) 

Platforms that integrate data from a variety of sensors and IoT devices into a decision-making analytics dashboard. The enterprise arm of Vodafone Idea Limited has launched a first-by-telecom integrated IoT solutions platform for business customers. The offering comprises end-to-end connectivity, hardware, network, application, analytics, security and support solutions aimed at smart infrastructure, smart mobility and smart utilities. 

Tata Power(Using IoT Devices) 

Real-time usage data allows for smart asset management and resource optimization. TATA Power plans to expand beyond utility business to offer “Energy-as-a-Service” and Smart Energy Management solutions with their recent investment in an award-winning industrial IoT startup URJA, with patented made-in-India sensor technology and integrated analytics for factory floor monitoring and automation.

SmartCity(with IoT devices) 

Using IoT devices to improve the Quality of Service (QoS) parameters of public services, urban infrastructure, planning, and management. iRAM Technologies, a leading startup in the IoT products space, has won contracts from smart cities of Kohima, Nagaland’s capital, Dahod and Rajkot in Gujarat, and Pimpri Chinchwad in Maharashtra, for deploying IoT architecture for Smart Poles that combine smart lighting with other utilization monitoring capabilities, and Smart Parking Assist solutions using wireless networks, mobile apps, GPS/GPRS, and payment solutions.

Wrapping Up 

IoT as a technology has been evolving for a while now, and it appears that it will continue to expand in India. Such disruptive technologies are not without their difficulties. Pervasive problems must be tackled quickly and thoughtfully. These concerns include data security and privacy, the availability of a low-cost network over a large region, platform compatibility, and the availability of skills, particularly in the areas of machine learning and artificial intelligence. While strategies and policies are essential, consistent execution is also required to accelerate IoT adoption.

With the focus on Digital India, the National Skills Development Mission of India, and STEM education. GoI is driving India to overcome many of these challenges. IoT technologies offer tremendous growth opportunities and India has set the stage for becoming an IoT powerhouse.

To know more about how Vendify can help, please write to sales@vendify.in