Source | LinkedIn : By Somshubhro (Som) Pal Choudhury
The World of IoT
Internet of Things (IoT) is at the top of the hype cycle today with every industry vertical weighing and leveraging IoT for increasing efficiency, productivity and exploring new business models moving from capex to opex and increasing revenue. The concept of IoT is not new. It has existed in a limited extent for at least a couple of decades in the industrial and utilities sector. So what is all the hype about? The biggest change has been that all the technology components of IoT like sensors, edge node, wireless connectivity, gateway, cloud infrastructure, analytics etc. have matured significantly, they have come down atleast an order of magnitude in cost, development tools and off-the-shelf modules and opensource technology make it fairly easy and financially feasible to provide a fully integrated sensor to the cloud solution today. Significant challenges remain on security, optimization, standardization, connectivity and actual deployment where our efforts are being focused on.
In the last 5 years IoT startups have grabbed attention and angel.co has over 3000+ IoT startups globally listed. A whopping sum of $12.5B has been put into IoT startups worldwide in the last 5 years by the VC community (according to CB Insights).
India IoT Startups: 60%+ Growth
India is currently the third largest startup ecosystem in the world. While the ecosystem is heavily e-commerce, hyper-delivery and software focused, we were surprised to see the action on IoT when we started tracking the IoT ecosystem a couple of years back. IoT Forum [An initiative by The Indus Entrepreneurs (TiE) and India Electronics and Semiconductor Association (IESA)] started tracking, organizing IoT seminars and events and mentoring IoT startups since mid 2014.
There were 123 IoT startups by the end of 2014. By 2015, this number grew to be around 275. By 2016, at the time of the release of this directory at IoTNext, we had crossed over 470 IoT Startups, almost a 60% growth.