IoT is worth $750-$900 million in East India

MUMBAI, INDIA: A joint report from PriceWaterhouseCoopers and Confederation of Indian Industries, has noted that the Internet of Things (IoT) companies have a potential to churn $750-$900 million from the east Indian states.

The study observed that West Bengal-which has the sole metro city in the region is the most likely candidate leverage IoT which enables objects to send and receive data at all times and communicate with each other by using sensors and micro devices.

The report said IoT can help consumers achieve goals by greatly improving their decision-making capacity by leveraging on the augmented intelligence embedded within the smart devices and help companies achieve enhanced process optimisation and efficiencies.

Companies in the home and building, education, manufacturing, transportation, consumer electronics, retail, healthcare and other verticals are the key sectors which are investing in IoT, it pointed out.

The study said the five east Indian states are fast evolving as lucrative destinations for the information technology (IT) and information technology enabled service (ITeS) sectors.

"Considering that West Bengal's share in the country's IT-ITeS revenue is around 4 percent, we can assume that the share of the eastern Indian states in the country's IoT revenue will be approximately 5 percent. This will mean potential revenue in the range of $750-$900 million (Rs 4,781 crore-Rs 5,737 crore) to be tapped from the region," the report said.

"While these regions were traditionally regarded as rich in terms of skilled resources and fostered academia through seminal educational institutions, they have been given a further boost through steps that are being taken by the respective governments for their digitization," it said.

"Every industry will see their productivity, market intelligence and reporting processes shaped by IoT. But some sectors are already gaining a distinct advantage in this truly connected working environment," it added.

The report said the states under consideration in the east part of the country are welcoming investors and are in the process of building the right kind of framework and support structure to grow the information and communications technology sector.