Internet of Things (IoT) units in India are expected to achieve 31-fold growth to 1.9 billion with a market value of $9 billion by 2020, according to Deloitte.
IoT is going to be the next big thing for telecom operators as India will rapidly grow into a hub for IoT solutions. Deloitte said that technology industry in India may witness an earlier arrival of 5G in India.
“With advances in reliability, accuracy and technology of advance tech measures such as biometric authentication, digitisation will gain popularity in various business applications,” said Deloitte in a statement.
With over 750 million cards in circulation and significant growth, mobile-based and digital payments will eclipse physical card payments.
“The emergence of tech trends will help transform digital economy in 2017 and will help operators in identifying new revenue generating opportunities, enhance customer experience, and improve operational efficiencies,” said Deloitte.
The Deloitte report said that innovative payment channels adopted by traditional and new companies coupled with government backed systems such as Aadhaar Enabled Payments Systems (AEPS) and Unified Payments Interface (UPI) will have a positive impact on mobile and digital payments.
