New Delhi, March 20
The thriving Indian startup ecosystem, with over 3,300 Internet of Things (IoT)-focused startups, is fostering innovation across multiple sectors, a report showed on Thursday.
The Indian IoT market is rapidly transforming, fuelled by increasing digitalisation and the demand for innovative, efficient solutions across industries.
From manufacturing and transportation to healthcare and agriculture, IoT is revolutionizing operations, improving quality of life, and contributing to economic growth, said Abhishek Maiti, Director-Technology and Internet, at 1Lattice, a technology-enabled decision support organisation.
The government initiatives like "Digital India" and "Make in India" have made IoT solutions more accessible and affordable, while advancements in connectivity, artificial intelligence (AI) and data analytics are enhancing the efficiency and cost-effectiveness of IoT platforms.
The Smart Cities Mission is integrating IoT applications into urban infrastructure, including smart parking, intelligent transport systems, and energy management.
Meanwhile, India's digital economy, now the third largest globally, is being bolstered by significant investments such as Google's $10 billion commitment to the MSME digitisation by 2027.
The thriving startup ecosystem, with over 3,300 IoT-focused startups, is fostering innovation across multiple sectors.
Government-backed R&D initiatives, including the "Centre of Excellence for IoT and AI" by MeitY and NASSCOM, are addressing key challenges such as reducing import dependence and improving security frameworks, said Maiti.
Moreover, automation advancements have driven down the cost of IoT sensors, making the technology more accessible and boosting productivity across industries.
However, widespread IoT adoption in India is not without challenges.
Data security and privacy concerns remain significant, as IoT devices collect and store sensitive information that is vulnerable to breaches.
"Managing the vast amounts of data generated by these devices requires robust infrastructure for storage, real-time processing, and analytics. A lack of standardisation creates interoperability issues, while regulatory complexities related to data governance hinder seamless implementation," said Maiti.
Despite these challenges, the future of IoT in India remains promising, he added.
- IANS