IoT has a potential economic value of around US$ 4 to US$ 11 trillion a year by 2025 and India alone is going to create an IoT industry worth US$ 15 billion by 2020
Smart cities make up the biggest chunk of Internet of Things (IoT), supported by the initiatives that municipal governments and vendors are driving across the world, according to a latest study by KPMG.
Smart solutions adoption has gained immense traction in the smart city projects all over India, the report says.
With a huge volume of sensor-based infrastructure, big data analytics solutions and citizen-centric solutions being taken up in most of the smart cities, the IoT ecosystem offers the perfect platform to monitor and manage modern urban landscape, it adds.
Key factor to make a city smart
Commenting on the findings, Elias George, Chairman – infrastructure, government and healthcare at KPMG in India said, “The expected widespread adoption of Internet of Things (IoT) will prove to be a seminal factor in improving the efficacy of urban infrastructure, as well as in improving the quality of services to the citizen, thereby enhancing the livability of a city.”
“The induction of IoT into the urban setting is also expected to ensure more optimal management and utilisation of public resources, in addition to making city services like urban transit more customer centric. All said and done, IoT is expected to become a key factor in making a city truly smart, and more livable,” said George.
With the governments across the world focus on economic development, a major component to their strategy involves including smart technologies into urban planning. Technology will now doubt, push creation of smart cities, the report states.
IoT has a potential economic value of around US$ 4 to US$ 11 trillion a year by 2025. India alone is going to create an IoT industry worth US$ 15 billion by 2020, according to the report.
As per the study, there will be more than 75 billion connected devices worldwide by 2025. This means that IoT will generate a huge ecosystem consisting of faster computing, improved connectivity and advanced analytics, all basic requirements to develop smart cities.