NEW DELHI: L&T Technology Services said it has joined hands with European telecom operator Tele2 to jointly develop solutions around machine-to-machine (M2M) and Internet of Things (IoT).

The alliance will help LTTS and Tele2 customers implement solutions that will reduce their time-to-market and holds a great potential for the transportation market, the companies said in a statement.

The M2M and IoT market under transport and mass transit sector is expected to grow from $ 10.4 billion in 2014 to $ 29.4 billion by 2017 and further to $ 76.1 billion by 2020.

This partnership will initially target the transportation and commercial, mass transit vertical (including auto, aero, rail, shipping and off-highway and specialised vehicles) and all associated ancillary and similar industries, it said.

"We are very excited to collaborate with Tele2 on providing IoT/M2M solution to the transportation and mass transit industry that benefit customers," LTTS Chief Executive Keshab Panda said.

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