Bigger push towards a digital India
India is one the fastest growing economies in the world, and is all set transform itself into a digital powerhouse by ‘digitally empowering’ the industries ranging from healthcare to housing, energy generation and agriculture.
Allocation of 10,000 crores for the Bharat Net Project to provide Wi-Fi hotspots to more than 150,000 Gram Panchayats in the country has the potential of democratizing digital access and the changing the cyber landscape in India. The government has set up a computer emergency response team exclusively for the financial sector.
Apart form this, the provision of a payment regulatory board in RBI to monitoring electronic payments is a welcome move in bolstering the digital transactions. This is a natural corollary to the aggressive promotion of online payments after demonetization. Public confidence in online payments will get a boost by this step. This will boost. With the right implementation of these technology changes, India is all set to emerge as a world class digital economy in future.
Internet of Things (IoT) market in India is expected to grow at a CAGR of 28 per cent between 2015 and 2020 and the global IoT industry will be worth US$ 300bn by 2020 projecting that India will capture approximately five per cent of this market by this time, worth US$ 15 bn.
The Internet of Things (IOT) is permeating the Indian marketplace. According to the estimates, IoT market in India is expected to grow at a CAGR of 28 per cent between 2015 and 2020 and the global IoT industry revenue is set to reach US$ 300bn by 2020. By that time India will account for approximately five per cent of this market, worth US$ 15 bn.
When it comes to understanding on the impact of IoT on the businesses, several Indian companies are in the early phases. There is an urgent need to make them aware of the business potential from IoT, which is definitely on the rise.
The use of IoT is not limited to ICT Industries. It can find its use in the sector of agriculture. This will lead to higher yields and has the potential of reducing costs. Added to this, public utilities like electricity and water can be better managed by using IoT solutions.
Lastly, Silicon Valley is looking for workers with knowledge in machine learning. According to McKinsey, Silicon Valley is in need of 300,000 data scientists by 2018.
The recent executive order by President Donald Trump on Immigration banning immigrants from seven predominantly Muslim countries from entering the U.S. has evoked sharp reactions from the tech majors including Google, Facebook, Intel, Netflix, Microsoft, Apple and Twitter. We have to wait and watch how the future unfolds in the US.