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Panasonic to start Internet of Things play in mobility segment in India - economic news of india - world economic news - economics news for students - indian economy news

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Panasonic to start Internet of Things play in mobility segment in India
NEW DELHI: Japan’s Panasonic Corporation is looking to diversify into Internet of Things (IoT) category in the mobility segment in India with the launch of new products such as location trackers while continuing its efforts to create a complete IoT product ecosystem, including mobile handsets.“We largely focus on both IoT and (artificial) intelligence (AI). We want to create an ecosystem of smart connected and energy efficient products. The global push is also in the direction of AI… soon, there will be significant diversification of product category, in the mobility domain,” Panasonic India president Manish Sharma told ET in a recent interaction.The company plans to develop new IoT products and solutions based on AI at its newly launched India Innovation Centre in Bengaluru. For the centre, it has lined up an investment of Rs 240 crore in five years. “A part of this investment will be utilised for solutions of mobile phones like Arbo,” said Sharma.The company is aiming to work with developers and form tie-ups with technology companies to build AI-specific solutions and IoT products in India.“We are looking for partners. It would be extremely difficult for any organisation, not only Panasonic, to look at these kinds of developments in isolation… However, the core technology has to come from your side,” said Sharma.Unlike other handset companies, Panasonic is looking to use its handset business to create synergies within existing consumer businesses in the country. It is planning to use the handset as the hub along with the Arbo platform to build an ecosystem of various connected products.Sharma said the “objective of the smartphone business is not to chase revenue”. “Our strategy is to build an ecosystem which is more long-term,” he said. The company’s “connected product strategy” will take 2-3 years to take shape in India, he said. “It will continue to evolve, therefore (in the meantime) mobile phone is extremely strategic from the point of view of revenue contribution,” he said.Currently, the handset business accounts for about 10% of the total revenue Panasonic India earns from consumer appliances. It sells 1.5-1.6 million devices annually.
Source: ET
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