Business Trends #9.1: IoT - Opportunities in the Internet of Things with Kush Mishra
We're going to dive deep into the trend of Internet of things which has seen a huge resurgence in the past few years. We have Kush Mishra with us – he’s the CTO and COO of an IoT company called Senra. Through our conversations with various people in this industry we've actually come across an opportunity for a young business leader to become the business head or CEO of an industrial iot based company - if you or someone you know is interested please send an email.
The Second Wave of the Internet of Things
I know all of you guys are probably thinking that the Internet of things is more than 10 years old and these guys are stupid to call this trend. just hear me out. This market is already worth billions of dollars in India and is still growing at a rate of 20% per year across the world. there are so many use cases that have still not been solved for specially on the industrial side of things. the government is really incentivising the entire it boom with so many different programs including the digital India mission the smart city program and so many other things.
On top of that, before the trade dispute with China last year we were importing a large percentage of our IoT hardware from them. but now there is a large demand supply gap which needs to be filled by somebody.
What is IoT?
Before we delve into the episode I just want to give all of you a basic idea about of what I mean by IoT. The Internet of things essentially means that you take a sensor and connect it to some object, either electronic or not, and then have that sensor send data back to the main server through some kind of communication like WiFi or 4G or whatever else. for example, I could buy a sensor for my running shoes. that sensor will pick up data about how much have run or how I am running and then send that data through Bluetooth to my phone which then sends it back to the central server. later on whenever I'm in the mood look at my running data I can just open the application on my phone and look at all the analytics about how badly I run.
IoT is broadly broken up into consumer IoT and industrial iot with industrial IoT being about 60% of the global market. consumer iot are generally your wearables like your smart watch or home automation. Industrial iot generally refers to B2b applications of iot such as adding a sensor to a machine or engine so that you know about the health of that machine. you can also use IoT To track your fleet of trucks for example.
We have an interesting discussion with kush about the entire state of IoT in India right now, the opportunities that exist in this space and this kind of skills that a young person can build right now to get ready for the IoT industry.