With the advent of digital economy, more curious customers are adapting to the change in market environment. A latest report on the international market of Internet of Things (IoT) suggested last week that the global market spend is expected to grow from $625.2 billion in 2015 to $1.29 trillion in 2020 — with a compound annual growth rate (CAGR) of 15.6 per cent.
The spurt in growth is said to be due to the transformation of CIOs, IT and business enterprises into their digital footprints. IoT will play a major role in causing technological disruption and expansion of such multinational firms.
According to International Data Corporation (IDC), in partnership with US-based IoT service provider Aeris, the installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020.
The report said that IoT will soon be in the first priorities in the minds of customers as their realization of its value grows and their needs to improve customer experience is delivered by IoT.
There is broad consensus among organizations that IoT leads the way when it comes to enriching customer lifetime value, smoothening customer onboarding or even making it easier for businesses to deliver sophisticated customer experiences.
“IoT is the next wave of growth in telecom sector. IoT is an enabling technology that bears the potential to take India to a whole new level of development and our vision is to play a significant part in this endeavor.” BSNL Chairman and Managing Director Anupam Shrivastava said at India Mobile Congress in September.
This comes with the state-run telecom firm Bharat Sanchar Nigam Limited (BSNL) announcing an agreement with IoT solutions provider Aeris to jointly tap the Internet of Things market in India.
The agreement guarantees that both the companies will offer packaged IoT solutions and services to enterprises, small and medium businesses and public sector undertakings, among other segments in India.
Further, BSNL will provide bandwith for IoT products that will be provided by Aeris Communications in India.
“Our tie-up with BSNL is a multi-dimensional one and I am confident that this relationship will transform the contours of the IoT landscape in the country. Our partnership will ensure faster permeation of IoT across India and help businesses and PSUs gain remarkable advantages,” Aeris Communications India President Rishi Bhatnagar said.