<p>These days there’s buzz among companies and enterprises to hop on to the Internet of Things ( IoT) bandwagon. Almost every discussion will boil down to focusing on technology and maximising output by embracing IoT. But not many have a clear understanding of what IoT actually is! The Internet of Things (IoT) refers to connected devices and systems that typically gather data via embedded sensors or actuators in machines or other physical objects. The interconnection of these embedded devices is expected to usher in automation in nearly all fields. It is a perfect augmentation of the physical world with its virtual counterpart, making it a perfect connected world.<br><br>According to an article in Mint (dated 22nd April 2015), the Internet of Things (IoT, or devices connected to the Internet), is poised to be the biggest technological revolution yet, and is expected to create $2.7–6.2 trillion of economic impact globally by 2025. By leveraging IoT, businesses will become more innovative with regards to customer interaction, new business models and dynamic pricing techniques, thereby enhancing and optimising operations through efficiency, quality and safety.<br><br><strong>IoT in India</strong><br>According to Machina Research data IoT in India will account for $10-12 billion by 2020. This will comprise of $194 billion from hardware and $179 billion from software. IoT in India will help in addressing to a range of challenges such as transforming energy bills through smart meters or of smart pills and medicare wearables. The key focus areas for IoT projects will include smart city, smart water, smart environment, smart health (for remote health management), smart agriculture, smart safety, smart supply chain and logistics and smart manufacturing. Also, proposed smart cities and other brownfield projects are likely to offer huge growth opportunities for IoT in India.<br><br>The Modi-led government is giving special preference to young entrepreneurs adopt updated technologies by initiatives such as setting up Venture Funds specifically directed to support companies in IoT related domains. <br><br><br><strong>IoT in Indian Manufacturing</strong><br>Prime Minister Narendra Modi’s has highlighted the need for 'Zero defect, zero effect' slogan for high quality manufacturing in India without impacting the environment. This is India’s first Internet of Things policy published by the department of electronics and information technology. To make manufacturing of such products in India more attractive, the government has established several initiatives such as:<br>o Offer up to 100% duty benefit on imports of raw materials required for manufacturing IoT products.<br>o Reimbursements of excise duty and CST for raw materials purchased from domestic market<br>o DeitY has invited public opinion on how to improve the draft policy to create ecosystem for IoT industry in the country<br><br>The objective of the government is to create an IoT industry in India worth $15 billion by 2020 and to increase the connected devices from around 200 million to over 2.7 billion by 2020.<br><br><strong>IOT in Travel & Hospitality</strong><br>With the growing demand, travel and hospitality industry needs to explore more opportunities and avenues to provide value added services to the customer in addition to making the most of the booming e-tail market. One of the key factors that will enable travel players to differentiate themselves is cutting edge technology that will impact each and every segment of the market. With the penetration of internet and mobile, the way services were delivered and consumed has undergone complete transformation. Consumers are now more informed and are demanding better services and access to information at the touch of a fingertip.<br><br>The use of IoT will improve everyday travel experience. The concept of 'Personalization' is vital for the T&H industry as it involves understanding the customers' needs, preferences, budget and then offering custom-made packages. This cuts out the need to visit the travel agents office but still retains the human touch to providing the right solution. This allows new age holiday-goers to stay highly connected through mobile devices, tablets and various latest applications which help to search, plan and book their travel itineraries.<br><br>Analytics on the other hand will enable the service providers to mine this huge data floating in the travel sector, analyse them and deliver solutions based on individual customer’s preferences. This will help travel players to build in loyal data base. Hence, reaffirming that technology is no longer just an enabler but a necessity for the travel and hospitality sector for both, the traveler and the OTAs.<br><br><strong>IoT in Healthcare</strong><br>According to a new report from MarketResearch.com, the healthcare IoT market segment is poised to hit $117 billion by 2020. The growth story of the healthcare industry is also contributed by many non-healthcare enterprises and Technology. Some of the major issues that IoT can help in addressing are optimization of resources, minimization of operational costs and scaling of business across rapidly evolving technology landscape. According to Gartner, Inc. health care providers in India are expected to spend $1.2 billion US Dollars (USD) on IT products and services in 2015, an increase of 7% over 2014. Indian healthcare firms will also be likely to focus on mHealth and remote diagnostics applications. IT outsourcing and business process outsourcing, will be the largest overall spending category through 2019 within the health care providers sector.<br><br>Practical use cases would be smart prosthetics with tablet interfaces, connected pacemaker that talks to the internet and send encrypted stats to the doctor. Also wearables like Fitbit and Jawbone are allowing to track the fitness activities, blood pressure, caloric consumptions and sleep patterns. Access to such data in real-time has opened the doors to more advanced forms of treatment and care through remote monitoring, telemedicine, etc. In-clinic diagnostic treatment is giving way to virtual consultation, and soon homecare might replace hospital care.<br><br>It is the day and age of smart, connected devices that offers opportunities for companies to expand operations through enhanced functionality, greater reliability, higher product capacity, and develop practices that transcends traditional methods. As the Modi-led government looks to integrate technology in our day-to-day activities through its ‘Digital India’ and ‘Smart Cities’ campaign, it is anticipated that IoT have a pivotal aspect in years to come and this convergence will open up an all new dimension of services that will improve the quality of life of consumers.<br><br><strong>Sagar Mody, Technical Architect - Advanced Technologies Group of Blue Star Infotech.</strong></p>
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