Juergen Hase, a telecom industry vet and CEO of Reliance Group's internet of things unit — Unlimit — thinks India is positioned to become a global leader in the industry in the next 2-3 years, according to Entrepreneur India.
The growth of Internet of things companies in India is projected to reach $15 billion by 2020 thanks to the increased adoption of the technology across sectors like manufacturing, automotive, transportation and logistics, according to India's Economic Times. Hase says that those businesses will likely further capitalize on the accelerating growth by linking up with India's rising startups. He highlights 3 trends in India that back up these claims:
- Aggressive startups: Hase explains how startups are on the rise in India, especially among the younger generations. He added that almost all of India's innovation is coming from these startup companies.
- Strong demand: India's focus on megacities will invoke demand for IoT technology in all sectors. "This demand is being met by the government's push for investments in key projects like the public transport system."
- Technological Advancement: India is price sensitive and looking to implement cheaper, low-powered technology. If India achieves their IoT target in the next five years, the country would largely benefit on exports.