Enterprise connectivity provider Tata Communications announced the launch of an Internet of Things (IoT) market place.
The Internet of things (IoT) is the extension of internet connectivity into physical devices and everyday objects.
Embedded with electronics, Internet connectivity and other forms of hardware such as sensors, these devices can communicate and interact with others over the Internet, and they can be remotely monitored and controlled.
IoT is used in various fields such as medical and healthcare, infrastructure, industrial areas, transportation, manufacturing and agriculture.
Marketplaces are app stores maintained by companies targeting a specific audience. In this case, for example, the app store would target CIOs or CTOs of companies that use a lot of connectivity solutions.
According to a research by US-based market research company Frost and Sullivan, the Enterprise IoT market in India will grow at a Compound Annual Growth Rate (CAGR) of 35% through 2023, quadrupling the market by then.
The study found that despite a large number of solution providers and system integrators, Indian enterprises have not been able to fully leverage the opportunities presented by IoT.
Tata Communications said that its IoT Marketplace will address to expand IoT technology in India by bringing together different partners from device manufacturers, software developers to start-ups and system integrators to deploy and manage IoT solutions, all under one single platform.
“There is lack of standardisation, interoperability and connectivity in the IoT market, with a plethora of players, technologies and platforms competing for market share and mindshare. There is a need to bridge this gap and offer a single solution, which can help scale IoT adoption in India”, the company added.
The IoT Marketplace will enable diverse customers from government/public sectors to enterprises and start-ups to choose from a range of offerings and services on a plug and play model,enabling them to leverage IoT solutions to address their custom requirements, Tata Communications said
“By bringing together best-of-breed IoT players on one online business-to-business marketplace, we are breaking new ground in the journey to unlock the power of IoT in India”, said Alok Bardiya, Head –Internet of Things (Business Unit), Tata Communications.
“We believe that this first-of-its kind initiative provides a missing link that will make a difference to how disparate IoT components are brought together to create a unified experience in designing a solution or ultimately purchasing one; thereby enabling customers to deploy these solutions with ease and achieve their strategic goals using IoT”, he added.
Headquartered in Mumbai, Tata Communications is part of the USD 110 billion conglomerate Tata Group. Formerly known as VSNL, it had a revenue of USD 2.5 billion in 2018.
The company serves customers in more than 200 countries and territories worldwide through its technology capabilities and partnerships.