Custom Duty Hike encourages Domestic CIoT market
IoT in Consumer Electronics is considered a customary feature these days. Domestic manufacturers now have a chance at capturing the market as the global manufacturers are now at a clear disadvantage.
The Consumer Electronics Market is beginning to lean toward advanced IoT features. Consumers are building habits that can be facilitated only by Smart Devices in contrast to their conventional day-to-day devices. These smart gadgets are products of global manufacturers aimed at capturing India, one of the largest consumer electronics markets in the world.
A sudden increase in customs is expected in the domestic appliances and consumer electronics industry. This decision was taken in order to encourage and motivate local manufacturers in the Consumer Electronics Industry. The Consumer Electronics and Appliances Manufacturers Association (CEAMA) believes this to be a scheme that benefits major R&D and localisation projects that will indefinitely lead to import substitution of major products. Some of the end products of the IoT in the consumer electronics industry include Smart TVs, Smartphones, Smart Kitchen Appliances (Refrigerators and Washing Machines), and Computers / Laptops / Tablets.
Domestic manufacturers are starting to skewer the market by determining effective key points of the industry:
Increased usage of Smartphones and Tablets for controlling IoT devices.
IoT devices are different sensors, actuators, appliances, machines or gadgets that can be controlled or monitored using the Internet. We are aware of the increased usage of smartphones and the increased availability of the internet in India. Now this gives consumers accessibility to predominantly use their smartphones or tablets to control or monitor different IoT devices that have been set up in their vicinity.
The penetration of the internet across enterprises, industries and residents.
Over the years, many different businesses and individuals have gained unlimited access to the internet. It is evident that IoT devices require huge volumes of data as the devices are being made with a 24x7 functionality feature. Similarly, the individuals who wish to control different IoT devices must have access to an enormous volume of data or the internet for the smooth functioning of these devices.
(Note: The data volume of IoT connections are expected to reach 27.1 Billion Units by 2025.)
Huge Investment by companies to develop IoT.
A major concern for all IoT related projects is security detail. Major technology leaders in the IoT space work towards eliminating any vulnerability in the security aspect of the projects. Since it is a concern for all, any valid idea or innovation in this stream has a huge investment opportunity.
Some of the major challenges that the Indian Manufacturers must negate in the IoT space are
Development of procedures to unify data and make it compatible with different cloud services.
Standardizing M2M protocols to target low power devices and enhance power conservation.
Diversifying Firmware and Operating Systems in order to patch timely and respectively.
A major pattern is observed in the use of IoT in India. Tier-I cities show a distinct number of IoT devices implemented in various enterprises and industries due to a huge number of startups. In contrast, Tier-II and III cities only show potential for growth in the agriculture and healthcare sector as these industries are predominant in such geography.
Microcontrollers (MCU) are critical in the manufacturing of IoT devices. A sudden custom duty hike will lead to the consideration of chips made in India. This opens up huge opportunities for the ever-increasing demand for electronic components. A huge scale in the development of single-chip is noticed and now being sought after for battery-operated devices, SOCs with embedded cores, GPUs and Integrated wireless connectivity.
Research and Development of IoT projects for the promotion of Green buildings is a major point of focus for Tier-I cities in India. This project is also capable of attracting huge investments from various companies that have an aligned focus on a sustainable ecosystem. A major trend is also observed in the field of Blockchain technology that complements features such as security enhancement, the Possibility of Low-value device inclusions and simplified device management in the individual IoT solutions offered.
Extended IoT Applications (India)
Right now it is safe to assume that the market is closed for external global players of CIoT solutions in India. Thus, to make the best use of the current situation, different product categories must be covered to fully cement into the market. Different verticals where the eternal players have much of their focus are:
Manufacturing/Supply Chain: Focus on different IoT solutions for the development of Improved Process Automation, Connected Factories, Robotics, Tracking Goods, Tools, etc.
Agriculture: Focusing on different IoT solutions to control and monitor moisture/pH factor of soil, etc.
Energy: Efficient management of energy usage, potential faults, accurate risk and hazard analysis with huge real-time data.
Healthcare Industry: IoT solutions focused on providing assistance to people/patients with push-button emergency alerts, automated medication with a supply of medicines, and alerts doctors from the device in a real-time scenario.
Which Specific set of products (Apart from the above) in the Consumer Electronics Industry, would see an Import hike?
As reported by the CEO of Panasonic (India and South America), Completely Built-up (CBU) audio products may expect a hike in import tariffs.
Can you Please name any predominant Indian Brand / Company that has shifted towards IoT in the Consumer Electronics Market?
There are many brands that have begun integrating IoT into their consumer electronic products. One of such brands is Titan which is part of the Tata Group. Titan has invested more than 3 Million USD in a startup called Coveiot, which specializes in smart wearables.
Which kind of devices are common in India in the CIoT industry?
The Indian CIoT electronics market product categories are Smart TVs, Smartphones, Smart Wearables, Smart Home Appliances. Home Automation devices are dominating the IoT in consumer electronics market share.
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