EY India and FICCI launched a report on the ‘Future of IoT’ at the Rajasthan IoT summit in Jaipur. The report outlines the future of IoT from business potential and technology point of view while highlighting its impact on emerging technologies such as 5G, Artificial Intelligence, among others.
The industries that are forecasted to spend the most on IoT solutions in 2019, globally, are manufacturing (US$197 billion), consumer IoT (US$108 billion), transportation (US$71 billion), and utilities (US$61 billion). The key industries for IoT in India are expected to be utilities (water and electricity), manufacturing, transport and logistics, automotive industries and healthcare.
The report identifies digital trends such as Digital Twin, Fog and Edge Computing, AR, VR and MR, 5G and IoT, that are projected to play a crucial role in making India a frontrunner in IoT adoption. The overall market opportunity for Fog Computing is pegged to rise to US$18.2b by 2022 and will be a key enabler for 45% of the worlds data to move closer to the network edge. Similarly, VR, AR and MR technologies are projected to grow at a fast pace reaching a CAGR of 71.6%, reaching market size of US$147.4 billion by 2022.
In the smart manufacturing sector, there would be 50 billion internet connected “things” by 2020 including sensors, RFID chips etc. In case of mobility and connected cars, reduction in claims by GPS tracking of stolen cars is expected to decrease premium cost by 25% and a significant reduction of 10-40% in the cost of maintenance.
Immersive experience will become a key enabler to use cases around consumer IoT as up to 87% of consumers are looking for a more seamless experience. Centralized cloud-based infrastructure shall remain the underpinning for majority of IoT applications, providing low-cost and scalable computing, storage and geographical coverage. Artificial Intelligence will evolve to become more pervasive and available on all devices from mobile phones to high-end servers and accelerate progress in manufacturing, smart homes and smart cities.