According to the Economic Times, the sector is expected to reach $16 billion by 2025 and register CAGR of 26% over next five years, say industry experts.
The Times adds that according to these experts, India is currently among top 10 big data analytics markets in the world and Nasscom has set a target of making the country one among the top three markets in the next three years.
“The government, industry and academia can collaborate to build an ecosystem to generate sustainable solutions by harnessing the power of big data and digital innovation,” said WNS Global Services Group CEO Keshav Murugesh said.
“The combined power of harnessing big data and digital solutions can drive tremendous results in improving the citizen experience, implementation efficiency and boosting the nation’s economy,” added Murugesh.
At the ‘Emerging Worlds Conference’ workshop organised by Indian School of Design and Innovation (ISDI) in collaboration with MIT Media Labs, Murugesh said, “India is a diversified country with a wide array of challenges, and it is pertinent that we as citizens of this country, innovate to find effective solutions that can make a difference to the billion lives that live here.”
“If big data can be put to cutting-edge use for our corporations and clients, it can very well be a catalyst for the economy and the country,” he added.
2017 sees utilities industry investing $66bn in IoT
According to the IDC, global spending on the Internet of Things (IoT) will reach over $800 billion in 2017, with the utilities industry investing $66bn in IoT this year.
The IDC says that the industries making the largest IoT investments in 2017 are manufacturing ($183 billion), transportation ($85 billion) and utilities ($66 billion).
It notes that cross-industry Internet of Things investments, which represent use cases common to all industries, such as connected vehicles and smart buildings, will be $86 billion in 2017 and rank among the top segments throughout the five-year forecast (2017-2021).
Carrie MacGillivray, vice-president, internet of things and mobility at IDC, was reported saying that: “The discussion about IoT has shifted away from the number of devices connected. The true value of IoT is being realized when the software and services come together to enable the capture, interpretation, and action on data produced by Internet of Things endpoints.” Read more…