Strategic integration of emerging technologies will pave the road to innovation – Tele-Talk by Tasleem Arif | ET Telecom

At the annual Consumer Electronics Show in Las Vegas, 2019, Zhor-Tech, a France-based electronics company presented its innovation – an insole that can detect diseases based on the way a person walks. That’s how the new wave of future innovations looks like, backed by technologies like Artificial intelligence (AI), machine learning, deep learning, natural language processing, deep neural networks, and the Internet of Things.

India too has seen a surge in technology innovation in the last decade with “Internet of things,” “fast internet speed”, and “Artificial Intelligence” once treated just as mere concepts have today become buzzwords and (un)knowingly ingrained in our everyday life. The Government of India declaring 2010-2020 as a decade of innovation has led to a strong start-up ecosystem emerging from the country.

Most of these start-ups have their innovations based on new emerging technologies solving the real problem of India. Online business data aggregator Crunchbase contains reports on roughly 150 rounds of financing closed by Indian enterprises that are operating in the domain of IoT as of January 2020. This indicates the potential in the market and how the Indian government has fostered a culture of innovation while transforming into a ‘true innovation economy’.

Recent reports also suggest that over 5 million live IoT connections are already transforming sectors such as automation, manufacturing, healthcare, etc in the adoption of new technologies in order to drive business impact. Parallel to this, OEMs have also been working to introduce newer, faster, and better-connected technologies backed by aggressive investment and innovation across sectors.

However, some sectors are still very nascent and need that innovation thrust to boost productivity. For instance, IoT can transform thesports industryin many ways. By bridging the digital and physical world and connecting with fans through new technologies, integration of IoT can lead to better fan experiences, more revenue generation, and real-time personalization. Another aspect is how choices and ideas are determining the kind of content people want to watch today. The investment in IoT entertainment could be massive and benefit the industry a large.

An example of investments in enhancing technology capabilities reflects in the findings of a recent report by IDC which mentions that India’s AI spending will grow from US$300.7 million in 2019 to US$880.5 million in 2023 at a CAGR of 30.8%. All these investments in terms of capital and talent are being done to introduce products that add value to the life of a user. For instance, newer categories of devices like wearable products including smartwatches and earphones are being introduced in the market to make lives more wholesome for the user through features like heart rate monitoring, accelerometer, gyro, compass, barometer, etc.

This integration of technologies and innovation is across markets and devices. IoT and AI are making their way into our homes through smarter speakers and connected ecosystems. For instance, smart speakers just make it so much easier to play music, set timers, or to get information. Similarly, home security systems help us monitor what’s happening inside/outside your house or to keep a lookout on visitors. In many ways, the COVID-19 pandemic has forced us to transform our lifestyle in a way never imagined before. This has also given a major push to the gadgets market and also helped us develop a better understanding of how our homes operate.

Innovation opportunities with emerging technologies are immense and it all depends on how we seize these opportunities and reap benefits. Our economy stands to benefit as more and more products are being developed and innovated as per the Indian market needs.

With the government’s flagship initiatives such as Make in India, Digital India, and Smart Cities, we are moving towards building a stronger base for IoT in India while also enhancing user experience.

Accelerators and incubators are also adding to the growth of IoT in India with more focus on network infrastructure and system integration. It’s certain that IoT will redefine user experiences also as brands and consumers are all set to welcome the era of smart things and experience through better connected smart home automation, smart healthcare, and smarter automotive services.

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