Companies in India are considering IoT to be a strategic tool for business scalability, thus shifting toward digital transformation
On the back of increasing adoption of Internet of Things (IoT) and rising growth in manufacturing industry, India’s digital transformation market is likely to reach US$ 710 billion by 2024, according to a latest report by market intelligence and consulting firm P&S Intelligence.
The market is expected to register a compound annual growth rate (CAGR) of 74.7 per cent, during the period 2019-2024, the report says.
Based on solutions, digital transformation market in India is categorised into IoT, cloud, big data, mobility, artificial intelligence (AI), social media and others that include machine learning (ML), blockchain, augmented reality/virtual reality (AR/VR), chatbots, and eSignature. Among the solutions, AI is likely to witness fastest growth among the categories during the forecast period, the report states.
IoT driving digital transformation
Increasing adoption of IoT in the country is a major factor that is driving digital transformation market. IoT helps to create smart products through new functionality, greater product capabilities, reliability and product utilisation, it adds.
Companies in India are considering IoT to be a strategic tool for business scalability. IoT is helping businesses to create new and innovative user experiences. As an outcome, companies are shifting toward digital transformation.
The government as well as businesses in the country have been witnessing multiple use cases of AI over the past few years. The most common applications being the digital assistants, targeted advertisements, cab aggregators, online recommendation engines and biometric recognition.
Organisations in India have started realising the growth opportunities of digital transformation solutions. Likewise, the government bodies are increasingly incorporating AI-powered applications like image and speech recognition, robotics, etc, to boost defense equipment and techniques. Therefore, with rising use of AI by government bodies, the AI market is likely to witness the fastest growth, the report notes.