As per studies referred by Banerjee, presently around five billion devices are IoT enabled which has a market impact of less than a trillion of dollars. However, this market, is poised to grow exponentially to around 50 billion devices having an economic impact of $19 trillion by 2020.
"However, industrial devices will account for 80% of the IoT market while the consumer devices will comprise of the rest 20%", he said.
Citing the potential galore, the company has selected to first focus on two verticals among five to lead its growth in the IoT dominated space.
"Primarily, we will be focussing to further grow our building management and energy verticals", Banerjee said.
The building management vertical contributes to around Euro 10 billion to its revenue while the energy segment fetches the company another Euro 4 billion. Other key segments include process automation in the industry, information technology and global solutions.
The senior official coming from a rich academics background said IoT is ushering a new business model where instead of direct sale of a product the revenue will come in from services and solutions while "guaranteeing a result" to the end-user.
The company is also considering enhancing its research capabilities at its R&D centre in Bengaluru which has around 1,500 employees.
With a global R&D spend of $1.2 billion led by a 12,000-strong team, its facility in Bengaluru is one of the key global innovation centre besides Grenoble in France, Shanghai (China), Boston (USA) and Monterrey in Mexico.
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