New Delhi, Nov 4 (IANS) L&T Technology Services (LTTS) has tied up with European telecom operator Tele2 to jointly develop solutions around machine-to-machine (M2M) and Internet of Things (IoT), a company statement said here Tuesday.

“The alliance will help L&T Technology Services’ and Tele2’s customers implement solutions that will reduce their time-to-market. The concept of connected world is moving beyond cost and time advantage and today it’s about enhanced user experience coupled with the need for driving efficiency in operations as well as the cost of development and operations,” the statement said.

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

“Our engineering prowess and deep infrastructure understanding and expertise coupled with Tele2’s solutions will provide an excellent opportunity to improve customer services and create a safer and more connected customer experience,” Keshab Panda, chief executive, LTTS, said.

LTTS is a wholly owned subsidiary of Engineering major Larsen & Toubro.