New Delhi, Jan 24 : Indo-Russia joint projects in the field of artificial intelligence (AI) and the Internet of Things (IoT) are expected to take-off this year according to the Finnish-Russian digital solutions provider Zyfra which has joined hands with Indian companies to provide IoT and AI-based solutions for the industrial sector.
In an e-mail interview with IANS, Igor Bogachev, the Chief Executive of Zyfra, which has supplied Indian manufacturers with AI and IoT-based solutions, as well as autonomous vehicles, said the Indian sectors with most potential to adopt such solutions are metallurgy, transportation, aerospace and petrochemicals.
“India is of great interest to companies in the field of the industrial Internet of Things and this year we hope to see first projects in this area being implemented jointly with Russia,” Bogachev said.
“Innovations should become a point of growth of Russian-Indian relations. We see significant potential for introduction in such industries as construction of machine tools, mechanical engineering, metallurgy, the chemical industry and the oil and gas sector,” he said.
Last month, Zyfra announced it has managed to reach $3 million in contracts with its Indian counterparts in 2018., and the company plans to reach the target of $50 million in India-related deals by 2021.
The company has already signed agreements with various Indian companies, including Spudweb, Abcon Group, Parivartan Automation, Agaram Infotech, Wimerasys, Nortech Trinity and Mascot Tools.
Zyfra is implementing 7 pilot projects in collaboration with its Indian partners and plans to launch five more joint projects including for production of farm machinery, as well as for manufacturing components for aerospace divisions of both Boeing and Rolls-Royce.
According to Bogachev, cooperation between Russia and India in AI and IOT will be much more than a buyer-seller relationship and will involve sharing best practices, knowledge and innovating jointly.
“We truly believe, that we will be able develop products with our Indian partners, probably with joint ventures, to export to third countries,” he said.
The company has already signed agreement with various Indian firms accounting for around $2.5 million in contracts, the Zyfra CEO said.
Last year, Zyfra unveiled its manufacturing data collection (MDC) plus system in India which performs real-time machine monitoring with customizable reports and charts that can be used to track jobs, parts, operations, work centres, scrap costs, downtime and people, he said.
Zyfra recently also released a report which ranks India among the most advanced countries in terms of development of AI technologies and IoT. The survey ranks the US first, followed by China, while India ranks 13th, after Canada.
The company has started the acquisition of the VIST Group, one of the industrial leaders in development and implementation of information technologies for digital mining.
“Through the acquisition of these assets, which will be finished by 2020, the company is planning to occupy a significant share of the global market and to compete with Catarpillar, Komatsu and other majors,” the CEO said.
According to Bogachev, who also chairs the Russian Union of Industrialists and Entrepreneurs Subcommittee on the Digital Economy and Innovations, “there is tremendous opportunity for disruption in the industrial IoT and applied AI space, although it is still a nascent market to a larger extent.”
Founded in 2017, the private sector Zifra’s clients in Russia include giants like Gazprom, Chelpipe, NLMK Group and United Engine Corporation.
(Biswajit Choudhury can be reached at [email protected])