Experiences – 3rd edition of the Mint Enterprise Technology Summit
Experience & Summary : 3rd edition of the Mint Enterprise Technology Summit happened at The Leela Palace,Bangalore
The theme for this year’s conclave was: How to harness the power of Big Data and Internet of Things
IoT and Big data are intimately connected: billions of internet-connected ‘things’ will, by definition, generate massive amounts of data. However, that in itself won’t usher in another industrial revolution, transform day-to-day digital living, or deliver a planet-saving early warning system. There are significant barriers to overcome before the potential benefits are fully realized.
Industry experts and Executives from Bosch,GE , Adobe, Target and others spoke around the topics – IOT-Big Data value delivery, IOT in automative , retail sectors ,the lack of standards and concerns over security and privacy.
SAP Labs India was represented by PVN PavanKumar (Global Product Manager, IoT Smart Connected Business) & Viswanadh Akella (Innovation Program Lead, MD’s Office, SAP Labs India)
Some interesting statistics captured about IOT & Indian IOT Eco system
- Asia-Pacific accounted for more than 50% of the worldwide IOT spending in 2015 driven by government spending on infrastructure and willingness of consumers to accelerate expenditure for wearables
- Indian IoT market is expected to be between US$ 3 billion to US$ 4 billion 2015, it is expected to grow at a CAGR of 25% -30% during 2015-2020 to reach at US$ 15 billion in 2020.
- The Indian Government’s 100 smart cities project,Digital India Program,Make in India project and Smart energy project is also expected to proliferate the deployment of IoT devices in India
- The government is also partnering with start-upsand mentoring them to develop innovative solutions in areas such as education tech ,healthcare tech,e-gov, finance and agriculture .
- System integrators and application developers(Indian IT vendors) will have a key role to play in developing of this industry because spending on these devices makes up only 30% of the total expenditure;remaining 70% goes to building the backend and analytics
- According to Machine research , the total number of connected IOT devices in India, using a range of different technologies ,could reach more than 1 billion by 2020 .Most of these devices are expected to be led by the utilities, automotive, transport and healthcare sectors
- 50% of the IOT-centric applications to be developed using PaaS by 2020 instead of traditional architectures
- IOT has made its mark in almost every sector- Manufacturing sector accounted for the highest worldwide IOT revenues followed by government and retail sectors
- 70% of the new passengers vehicle models in mature automotive markets to have data connectivity by 2020, up from 25% in 2013
- IOT is not significantly present in the insurance industry, but this situation is expected to change drastically as many insurers have been piloting insurance products that use IOT .IOT spending growth is expected to be the fastest in the insurance sector (at a CAGR of 31.8% during 2015 – 2020)
You can find perspectives from Industry experts , here
To conclude , Proven IOT use-cases are emerging -> Clients are mobilizing efforts to understand IOT implications/opportunities -> product companies/providers are developing early generation solutions and products.
Looking forward for next year’s edition
Disclaimer : The views expressed in this article are those of the author and may not reflect those of SAP.Blogging does not mean endorsement of any kind!