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Indian IoT market value to touch $9 billion by 2020


Internet of Things (IoT) units in India are expected to see a rapid 31-fold growth to reach 1.9 billion by 2020, Deloitte predicted on Monday, adding that the market value of IoT is expected to reach $9 billion by 2020.
IoT refers to the devices, other than computers and smartphones, connected to the Internet. Deloitte estimates the current number of such devices in the country to be around 60 million.
"With advances in reliability, accuracy and technology of advance tech measures such as biometric authentication, digitization will gain popularity in various business applications," the company said in a statement.


Even with over 750 million cards in circulation and significant growth, mobile-based and digital payments will eclipse physical card payments. By 2020, we believe industries such as utilities, manufacturing, automotive, transportation and logistics are expected to see highest adoption levels of IoT in India. The government's planned investment of about USD 1 billion for 100 smart cities, over the next five years, is expected to be a key enabler for IoT adoption across these industries.
According to the report, innovative payment channels adopted by traditional and new age companies coupled with government backed systems such as Aadhaar Enabled Payments Systems (AEPS) and Unified Payments Interface (UPI) will have a positive impact on mobile and digital payments.
The company also predicted that technology industry in India may witness an earlier arrival of 5G in India.
"These companies would provide cheaper sensors, cloud data storage, analytics, visualization platforms providing remote monitoring, dashboards and reports, and field service platforms providing automated maintenance tickets and technical assistance," it said.

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