Indian Internet of Things (IoT) market is set to grow to $15 billion by 2020, according to a new report released by Nasscom, as part of its design and engineering summit. The sector currently stands at $5.6 billion with 200 million connected units.
The report lays emphasis on the growth of Internet of Things, as not just creating consumer solutions but also adding value in industrial applications. Reiterating the need for innovative solutions, the report states that the IoT segment is expected to grow across industries, with Utilities, Manufacturing, Automotive and Transportation & Logistics providing greater opportunities for development, compared to other sectors.
According to the report, the global IoT market is expected to grow to over $3 trillion by the same period.