Internet of Things (IoT) Forum, a think-tank to build the IoT Ecosystem in India said that start-ups in the IoT segment has grown ten fold.

Back then there were only 126 IoT Start-ups. Today, the number of IoT start-ups in India have increased to 10X in last four years, with 31 per cent growth alone since last year, according to Venkatesh Kumaran, Somshubhro Pal Choudhury and Arvind Tiwary,co-chairs of IoTNext.

IoT Forum, which was launched in 2014 is an initiative by TiE and IESA to engage start-ups, corporates and investors across the country.

Back in 2014, it was just a handful of IoT start-ups, with no ecosystem support and hardly any investors. Today, we have over 1,250 IoT start-ups, many generating revenue not just in India but globally and smaller size exits already happening, they added.

The effort is to raise the IoT Quotient of India by developing business case and ROI for industrial IoT, cyber security and edge computing, as companies globally are increasingly getting digitised.

In this backdrop, over 50 per cent of the start-ups are headquartered in Bangalore. Additionally, the major MNCs are doing substantial portion of their IoT development in India. A number of Systems Integrators with IoT practices, and a growing ecosystem of investors, incubators/accelerators, angel community, mentors/advisors are there to add the IoT Quotient of India.

Prakash Mallya, Managing Director, Intel India, Sales & Marketing Group said that with the introduction of the technologies like 5G, coupled with affordability of sensors, IoT is set to be a part of our daily lives.

The annual IoT Next 2018 summit brought the entire community together discussing and debating state of affairs and future trends, connecting with global IoT counterparts, and showcasing the start-ups from India.

Ravi Gururaj , President, TIE Bangalore said that the aim to build IoT landscape from sensor to the cloud for making the technological evolution deeper.