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The future of Internet of things based start-ups

14, September 2016 | Prashant Mehta

In technology based start-ups there is one segment which is expected to grow by leaps and bounds.

NASSCOM (The National Association of Software and Services Companies) has released a report which states that Internet of things (IoT) will single-handedly bag USD 15 billion in global market share.

Within this segment the Wearable devices sub segment have taken up the market space with force and momentum. Their market share is expected to rise from USD 750 million as it was back then in2012 to USD 5.8 billion shortly by the end of 2018. 

So you can easily perceive that the segment is quite lucrative. The Current State of IoT Innovation in the Indian Market Space

Consumers are all set to experiment with wearable and amazing IoT applications. 

This is the right time for startups to flow with the tide and capture their share in return for a rewarding IoT application, which matters to their target market.

There are two key players in the Indian market who have gone above and beyond consumer expectation in delivering the technology of the future:

  1. CarIQ 
This platform from Pune-based startup helps drivers rely on real-time data to enable smart decision making and make service more personalized.

Talking about the main idea initiation for this product development, when Sagar Apte was in his car, he wished it would take him out of parking and handle all the problems it would face by itself. This was when he realized that, if we can talk to the car, the car will listen to us.

This device configures itself intelligently and collects data from the car. This data is then securely transmitted to the CarlQ database which is then delivered to the car owner in their required format. This data will include reminders, alerts and actionable insights.

  1. Fin, the Bluetooth-enabled ring by Robotic Human Logic Technologies turns your hand into a real-time remote control system interface for your TV

Startups like Pluggx labs have invested in utilizing smartphones to control home appliances, an energy efficient initiative with a promising outlook for the future regarding automating living spaces.

Startups are all gearing up to roll out an IoT application that abounds in success. 

The two most 
important factors they will have to look at are a good analytics capability and the right funding options in order to steer their innovative products in the right direction!

IoT startups are beginning to get more ingrained in the business landscape. However, to get their stronghold they will have to rely on one of the accelerators. Financial support certainly influences how well your IoT startup will thrive. Key IoT financing players are Hypercat, AutoNebula, and GSF Global to turn your opportunity into a success.

Let us take another example: India's first center of excellence in the Internet of Things. A Bangalore-based crucible setup by NASSCOM,DEITY and ERNET supports about five out of forty startups, granting them unlimited freedom for innovation. Now let's look at a different side of this trend. You will realize that individual startups have also received a very positive reaction from investors all over India:

Locanix, an Ahmedabad IoT startup managed to bag two crores from Goldman Sachs and Cisco. 

Gurgaon-based Trak n Tell has a similar story to tell with WhatsApp co-founder Brian Acton supporting their machine-to-machine communication system that controls their GPS based 'connected-cars' system. 

Trak n Tell is equipped now in control of its operational and expansion costs. 

This means that it will now possess the required capability to compete with high-end players like Airbiquity, Apple, AT&T and Broadcom and sweep the connected cars market into a smarter place. Gartner estimates that IoT suppliers will crossa revenue threshold of USD 309 billion per year by 2020. That lays enough groundwork for the required Investment interest in a cash logged IoT future.

It will not be long before IoT applications in the manufacturing, healthcare and insurance space creates a disruption in the consumer experience. The future of Internet of things based start-ups is indeed promising.

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