Internet of Things to grow rapidly in India by 2020: Report

Digital payments will register exponential growth in India by 2020, says a latest report by Deloitte.

Internet of Things (IoT) units in India is expected to register a rapid 31-fold growth to reach 1.9 billion by 2020.According to a latest report by Deloitte; the market value of IoT is expected to reach $9 billion by 2020.

Furthermore, innovative payment channels adopted by traditional and new age companies coupled with government backed systems such as Aadhaar Enabled Payments Systems (AEPS) and Unified Payments Interface (UPI) will have a positive impact on mobile and digital payments.

The company also predicted that technology industry in India may witness an earlier arrival of 5G in India.