Software services exporter HCL Technologies Ltd has opened two Internet of Things labs in Seattle and Noida aimed at helping companies collaborate over IoT solutions.
Called IoT Collab, each centre will let Fortune 500 companies bring together tech experts, partners, financial advisers and other stakeholders to take advantage of what is expected to be a $1 trillion market by 2021, HCL Tech said in a stock-exchange filing.
In the labs, companies will work on prototypes unique to their business models and goals.
“IoT needs a mix of existing and emerging technologies, systems and standards that are constantly evolving, making solution implementation difficult for companies,” said Sukamal Banerjee, corporate vice-president and global head of IoT Works, HCL.
“Our vision for IoT Collab is to help businesses transform into true 21st century enterprises by co-creating their transformation blueprint and executing it with award-winning IoT-led solutions,” Banerjee added.
HCL also said in the filing that collaborative efforts are under way, which include co-created solutions for predictive maintenance, coldchain logistics, and specialised asset-tracking in aerospace, manufacturing, and medical tech market segments.
An independent survey, sponsored by HCL Technologies last year, found that 82% of the organisations embracing IoT believe they have a stronger place in the market. However, half of the companies surveyed said they were behind in their IoT implementation plans.
This would translate to a compound annual growth rate (CAGR) of 8.06% between 2018 and 2023.
The report showed that the Asia-Pacific region is expected to see the highest CAGR in the global IIoT market during the period.
Another study by mobile satellite communications firm Inmarsat found that, in the next five years, IIoT is expected to boost the revenues of organisations across the global supply chain by 10% to $154 million.
This will contribute significantly to the global economy by 2023, the study stated.