Inspira Enterprise, a global IT solution provider has announced its partnership with iRAM Technologies,specialized in smart street lighting and parking solutions based on Internet of Things to develop convergent solutions for India’s smart cities.
Apart from infusing fund in the company, the stake sale will give iRAM access to Inspira Enterprise’s sales force and established relation with government verticals in the Smart City space. iRAM will use this investment for new product development, feature enhancement in existing products, build on their R&D and hire new talent. Also, Vishal Jain, Director, Inspira Enterprise, will join the board of iRAM..
According to Udaya Bhaskar Rao Abburu, CEO & Managing Director, iRAM Technologies, “This investment is significant for iRAM Technologies, as besides infusing fresh funds in the company it will give us access to Inspira’s well entrenched sales team and their existing relations with government agencies. This is a strategic move that will give fillip to the growth strategies of iRAM and help us emerge as a key player in the smart city solutions space.”
The smart streetlighting market in India is expected to grow at an annual rate of 42.2 per cent to reach $1.8 billion by 2022 as adoption of LED and solar powered systems rise in the country. According to Infoholic Research, India’s fast-developing public infrastructure — demand for roads and highways, smart cities and smart homes — is driving adoption of smart street-lighting. IoT-based solution will be effective in tracking the working and energy consumption of streetlights, a release from iRAM said.
Smart parking solution help the vehicle user to find the nearest parking space. It provides information on the availability of parking slots in the parking area. As per P&S Market Research Private Ltd, the global smart parking systems market is expected to witness a CAGR of 15.8 per cent during the forecast period, to reach $4,800 million by 2023. The smart parking systems reduces carbon dioxide (CO2) emissions by bringing a plummet in search for vacant parking slots by car owners and traffic congestion.
India is leveraging the disruptive technologies to develop new smart cities and transform existing ones, thus unleashing their true potential as centers of opportunity.
(Featured photograph shows a schematic diagram of a smart street lighting solution.)