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The Internet of Things (IoT) has revolutionised both the consumer and the industrial worlds. More and more businesses are realising the potential of the IoT to enhance efficiency and mitigate risks by connecting devices for real-time information and insights. While there is no single definition of this evolving concept, the IoT broadly refers to a system of interrelated computing devices, mechanical and digital machines provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Although several experts are cautious about describing the IoT as an extension of today’s Internet, its evolving, promising and pragmatic applications are evident in all economic verticals.
IoT and patent landscape analysis
With regard to India, IoT patent filings have grown significantly over the last few years. As per a recent study conducted by the National Association of Software and Service Companies, over 5,000 applications in the IoT domain were filed between 2014 and 2019. While more than 80% of these patents can be attributed to Industry 4.0, the majority relate to the healthcare sector. According to available industry statistics, the IoT in India is expected to reach 2 billion connections and yield revenue of up to $11.1 billion over the next two …
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