TiE to promote entrepreneurship in Internet of Things space

Global market for IoT in 2020 will be worth $373 bn in revenue

India Electronics & Semiconductor Association (IESA), a trade body representing the Indian electronic system design and manufacturing industry, has signed a MoU with The Indus Entrepreneurs (TiE), Bangalore chapter to promoting start-ups and entrepreneurs in fabless semiconductor and electronic products with initial focus on the Internet of Things (IoT) space.

According to Machina Research, the global market for IoT in 2020 will be worth $373 billion in revenue, with $194 billion from hardware and $179 billion from software. India will account for $10-12 billion of this total revenue.

IESA and TiE will actively promote the ecosystem with an aim to address the major challenges faced in current ecosystem.

"Internet of Things is a revolutionary phenomenon that offers incredible innovation opportunities for entrepreneurs to connect the world like never before. We look forward to work with TiE to help overcome key challenges faced by the start-up communities and help realise the 'Make in India' dream," said Ashok Chandak, Chairman - IESA and Sr. Director NXP Semiconductors.