IoT adoption is still at niche stage in India, says Deloitte report
Internet of Things (IoT) is the next generation of technology which can provide the core tools to automate data collection and generate insights. A recent report suggests that India IoT adoption is still at a niche stage in India.
Various challenges such as lack of clarity on what to priorities and how to attract the right talent and skills are affecting the IoT adoption. Technical challenges of connectivity, compatibility, interoperability, and cybersecurity are the other factors holding back the IoT adoption. The research report is by Deloitte India in collaboration with Confederation of Indian Industry (CII).
These challenges have created more hurdles in realising the potential of this technology. The report titled ‘Internet of Things (IoT): The rise of the connected world’ suggests that organisations should invest in IoT during the economic downturn and be ready to operate.
The studies suggest that the companies that proactively invest in key technologies during downturns are better positioned to leapfrog competitor. According to Deloitte, the big four technologies such as Deloitte, Big Data, Analytics, IoT, and Artificial Intelligence (AI) can provide the bedrock to connect organisations, generate data, and drive more intelligent operations.
Indian businesses and the government will be focused on conserving cash within India post-COVID-19. Deloitte report projects de-growth in 2020, possibly going into the first half of 2021. A recent IoT industry spending report reveals that Asia/Pacific accounted for most of the IoT spending in 2019. Indian market alone spent $20.6 billion on IoT.