Where is Your Slice of the 19 Trillion Dollar IoT Pie?
Although the phrase “Internet of Things” is in use since 1980s, the viral proliferation of the technology is happening now. Riding on cheaper compute & memory, decreasing footprint, and pervasive connectivity, the technology that stayed mostly in form of ‘cyber physical systems’ in factory floors up until 2010, is now invading the common human space.
A recent study by Cisco looked at 61 use cases that are suitable to adopt IoT for various reasons.
These 61 use cases aggregate a TAM of 19 Trillion USD by 2022 with 50 Billion devices inter connected.
21 of the 61 use cases are from public sector contributing 4.6T USD opportunity. These use cases are in smart cities, government agencies, healthcare, education and defense. The key motivation for the public sector to adopt IoT is increased revenue, reduced cost, citizen experience, connected military and employee productivity.
Rest 40 of the use cases are from the private sector that contribute 14.4T USD to the addressable opportunity, across industrial and horizontal use cases. Again, the key motivations being customer experience, automated supply chain, asset tracking and utilization and employee productivity.
These numbers are staggering and clearly everyone wants a slice of the big pie.
Through my day job at Cisco, research partnership with academics weekend job as advisor to a few startups, and speaking at and attending various conferences across India, I have come across this common question from many –
Where do we start? Where is my slice of IoT opportunity?
I am attempting to address this question for different establishments in Indian context.
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