India Aims to Capture 20% Market Share in IoT

India aims to capture 20 per cent market share in Internet of Things (IoT), an emerging sector which would be worth $300 billion by 2020, a top Nasscom official stated. The IoT is driving the fourth wave of industrial revolution dramatically alerting manufacturing, energy, transportation, medical and other industrial sectors while emerging worldwide, vice president of Nasscom (industrial initiative) K S Vishwanathan told reporters here.

As the global IoT business is expected to touch $300 billion by 2020, India aims to capture 20 per cent market share in another five years, he said. Mr Vishwanathan was here to launch Nasscom IoT Centre of Excellence, a joint initiative of Government of India and the Department of Electronics and Information Technology (DEITY), along with Tata Consultancy Services (TCS), Intel, Amazon Web Services and FORGE Accelerator.

Depending on the success of Coimbatore hub, it was proposed to launch such centres in Pune, Baroda and Hyderabad, even as a pilot project was underway in Bengaluru, he said. To a query on the pace of setting up startups in view of additional tax being levied on them, Mr Vishwanathan said, “Nearly 1,000 start-ups are being added every year in India, which stands third in the world in terms of numbers and will continue to grow.”