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State of IoT – The Post Pandemic Resurgence

August 9, 2021 3416 5 nasscom Insights IOT

Technology is playing a pivotal role in helping societies respond, recover, and thrive in the COVID-hit world. The increasing importance of capturing real-time data and acting upon the insights is driving focus on Internet of Things (IoT) – both in terms of its wider applicability and the path towards achieving scale. IoT spending has been increasing each year across the globe even in times of the pandemic. While economic barriers are receding, significant obstacles remain in adoption, security, and reliability of this technology. A positive, virtuous cycle of accelerated growth can be charted when scale of adoption will meet sophistication in terms of more automation, to deliver both cutting-edge solutions, as well as, technology for the larger social development. As intelligent devices and machines become more available, IoT technology will begin to be viewed as having a reinforcing positive impact on the everyday lives of citizens.

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Key Trends

Pandemic Era Push

The Evolution of IoT has been witnessed from the pre-pandemic period and COVID-19 provided the fastest transformational push leading to augmented local IoT adoption
IoT market will likely grow to $1.1 trillion in 2023 (12.6% CAGR from 2019-2023)
Healthcare, Manufacturing, Education, and Smart homes saw the major developments
IoT is being leveraged as a foundational technology in conjunction with other technologies such as AI/ML and Big data to generate higher value

Key Investments/M&A & Way Forward

IoT M&A market remained red hot during the pandemic –$93 billion aggregate deal volume witnessed from Q1 2020 to Q1 2021
In the next 5 years, Connected health, Smart cities, Industrial IoT, and Connected transportation will see highest investments
Spending pattern shifted from devices and sensors to more integrated utilization of cloud, data and analytics, and software

Indian IoT Industry

IoT investments to go up to $15 billion in 2021 from $5 billion in 2019 in India
In India, Agriculture, Manufacturing, Transportation, and Lifescience and pharma are likely to adopt IoT at a higher pace
Multiple government (GoI) backed initiatives to strengthen IoT’s growth include plan of developing 100 smart city projects, and $100 billion investment in the telecommunications sector by 2022
GoI should also join hands with other organizations, from R&D in IoT viewpoint, to work on a conducive national IoT policy

Key Challenges And Associated Risks

Building the core infrastructure for the IoT supply and demand ecosystem, to domestically drive particularly changing mind of people and removing job loss fear
Data security and privacy concerns around personal and non-personal data and effective management of data continue to be a concern
Building IoT technologic skilling at scale will be required in the next 4-5 years

iot Internet of things IoT adoption technology Innovation Technology spending Indian IoT robotics AI Blockchain CyberSecurity covid-19

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