India alone is going to initiate the creation of an IoT industry worth $15 billion by 2020.
With Internet of Things (IoT) proving to be the backbone of smart solutions, there is a great ecosystem to build smart cities in India. KPMG in association with Exhibitions India Group unveiled its “Internet of Things in smart cities” report at the Smart Cities India Expo 2019. The report studies the business value of IoT, essential applications and its impact on Smart Cities.
The report states that IoT, that will have a potential annual economic value of $4 to $11 trillion by 2025, will form the basis of most smart city projects.
“The expected widespread adoption of 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 making a city truly smart and liveable,’’ said Elias George, chairman — infrastructure, government and healthcare, KPMG in India.
As per KPMG report, there will be over 75 billion connected devices by 2025. That said, following are the key findings from the report:
1. Drivers of IoT in Smart Cities
Mobile internet, Artificial Intelligence (AI), Cybersecurity, Edge computing, Cognitive computing, Predictive analytics, IoT platforms and Digital literacy are the fundamental reasons for the growth of IoT in smart cities.
2. Global IoT Trends
The global adoption of IoT is expected to rise in smart cities. The major influencing factors are increasing government initiatives, Public Private Partnership models, enhanced communication infrastructures and adoption of smart technologies.
3. Effect of Internet of Things (IoT) on Smart Cities
- Provides smart solutions which help in organizing infrastructure and processes.
- Enables a city to control its assets and track city life.
- Provides security and optimizes audit capacity for systematic management.
4. Important dimensions of IoT adoption in smart cities
The IoT should resolve the needs of a city and should achieve the aim of urban sustainability, infrastructure capacity and economic growth. The key dimensions are as follows:
- User–centric focus
- Secure and robust solutions
- Encouraging digital equity, collaboration and citizenship
- Improved user experience
- Financing and value realisation
5. Recommended policy approach for Internet of Things
A multi-dimensional policy approach is required in IoT policy to promote innovation and improve the tenets of governance. These are as follows:
- Demonstration centres and Centres of Excellence: Development of industry use cases is required for IoT promotion across various domains.
- Capacity building and incubation centres: Incubation centres are required to assist in the capacity building allowing test labs, research funding, international collaborations, events and participation in international committees.
- Human Resource development: Introduction of IoT related awareness programmes.
- Standards development: Need to create an expert committee and implement relevant technology standards for the standardized development and adoption of IoT in the country.
- Governance structure: Need to adopt a framework to manage and monitor deployment. Require advisory committee (technology experts and executives) dedicated to set out a general strategy, speed up the awareness and implement IoT effectively. Governance committee to look after the legal, regulatory and trade compliances.
To know more, read full report here.
