LTIMindtree NXT, the Internet of Things (IoT) and Industry 4.0 business unit of IT firm LTIMindtree plans to build better capabilities and take the offerings to more geographies to drive growth, according to Sriram K, Chief Business officer for LTIMindtree NXT.
“Currently, the growth is coming majorly from North America, India, and UK markets. But, we intend to achieve global growth by making investments in other geographies like continental Europe, Australia, and New Zealand,” Sriram told businessline.
On the growth so far, Sriram said, in terms of industry verticals, the business was primarily India-focused. But, now has a global customer base and evolved from being just a platform business to a full-stack services player with both platform and services.
“We also diluted the dominance of manufacturing and grew across verticals. Our base today consists of customers across eight industry verticals like BFSI, retail, Consumer Packed Goods(CPG), travel and tourism, hospitality and healthcare, and manufacturing,” he added.
The business unit is currently profitable and is one of the fast-growing units within the LTIMindtree ecosystem, according to Sriram. The company is now focused on making the IoT platform more relevant to customers and building capabilities to serve industry-specific needs. It also plans to develop its partner ecosystem by working with new-age companies that can bring in innovation.
It also plans to launch an ESG platform as companies are taking more cognizance and regulations are making the production of sustainability reports mandatory. Additionally, investments will also be made in GeoSpatial technology, to achieve greater accuracy levels of prediction that’ll, in turn, provide better safety and alert mechanisms, according to Sriram.