- The company organised an event where it showcased IoT in consumer electronics solutions to ACE brands
- The demand for IoT aka smart consumer electronics is on a rise in the country
Iotfy Solutions Private Limited, organized a closed doors event where it showcased its solutions for converting normal ACs into smart ones. In the three sessions, the company stressed on the fact that its solutions can help ACE (Appliances and Consumer Electronics Brands) reduce overall BoM (bill of materials) cost addition for IoT enabled consumer electronics.
Arpit Chhabra, CEO, Iotfy said, “Every home appliance brand wants to adopt IoT now but the challenge is that everyone is trying to build the right road-map for long term. Our aim at Iotfy product conclaves is to help brands with all the relevant information, answer all their questions and make them realize the actual value of IoT in their product lines, extracting value for all stakeholders in the value chain.”
The consumer electronic device segment, as per Persistence Market Research will continue dominance, accounting for more than 97 per cent market share by 2020-end. The revenues of this segment are predicted to reach US$ 2,907 Billion by the end of the forecast period. The report read, “Smart home device segment is pegged to witness the fastest CAGR of 23 per cent through to 2020.”
Focus on the BoM cost
The 3-hour event was organised in three sessions: one covering the hardware, one covering the IoT platform and the last was a hands-on demo with voice assistant integration. The hardware paradigms session was taken by Arpit Chhabra, CEO of the company, followed by the must have for IoT Platform that was conducted by Sushant Taneja, VP, Technology at IoTfy.
“Some of our customers, who first started doing the R&D in-house, or built pilot batches with Chinese firms, have come to the realization that until they have a concrete IoT road-map, they will be rolling-out jury rigged or tattered products. With a lot of focus on data privacy, security and ownership, it is important that brands choose partners who they can trust in the long term,” added Arpit.
The final demo was given by Shashank Saxena who leads the hardware team at Iotfy. Shashank also demonstrated the multilingual features by communicating with the air conditioner in Hindi language.
Shivam Dikshit, VP Marketing, IoTfy, said, “Most brands now-a-days understand that an IoT appliance is not just a regular hardware that can be sourced directly from China or brought directly from an OEM. IoT comes with its own set of challenges like managing the complex IT infrastructure/platform, implementing the right communication protocols, data security, scalability issues and most importantly the BoM cost addition. For all of this to be taken care of, they need a concrete IoT road map with a sustainable RoI visibility and hence such Product Conclaves makes a lot of sense for them.”
“We have a vision for India. We are already in the market and working with top brands. Our focus is to create unprecedented RoI for our customers and develop long-term relationships with our customers,” added Shivam.
The company said that it is currently working in coordination with multiple consumer electronics brands. Iotfy currently supports product lines including ACs, coolers, purifiers, heaters, refrigerators, lights, fans, etc.