CORONA Impact on Internet of Things (IoT) Market Growing at a CAGR 13.7% | Key Player IBM, Royal Phillips, Microsfot, Oracle, Bosch

May 05 05:03 2020
CORONA Impact on Internet of Things (IoT) Market Growing at a CAGR 13.7% | Key Player IBM, Royal Phillips, Microsfot, Oracle, Bosch

IBM (US), Royal Phillips (Netherlands), Stanley Healthcare (US), Microsfot (US), Oracle (US), Bosch (Germany), CloudMinds (US), XAG (China), CBT (US), PTC PTC (US), Rockwell Automation (US), Honeywell (US), GE Digital (US), Intel (US), Siemens (Germany), Ericsson (Sweden), Hitachi Vantara (US), ABB (Switzerkland), NEC Corporation (Japan), Telit (UK), Sierra Wireless (Canada), Itron (US)…
Covid-19 Impact on Internet of Things (IoT) Market by Components (Software Solutions, Platforms, Services), Vertical (BFSI, Healthcare, Manufacturing, Retail, Transportation, Utilities, Government & Defense) and Region – Global Forecast 2021

The global impact of COVID-19 on Internet Of Things Market size is expected to grow from USD 150 billion in 2019 to USD 243 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. The major factors driving the market growth include increasing focus on remote monitoring for “work from home” initiative, increasing adoption of smart payment technologies to minimize human contact involved in cash payments, and growing demand for wearable devices.

Banking Financial Services and Insurance to witness growth during the forecast period

The IoT technology assists in getting payments streamlined as these online transactions can be monitored and managed electronically. Decisions that are driven by data help in saving time. Therefore, electronic payments are already benefitting from long-standing trends where physical cash is quickly becoming a thing of the past, and the COVID-19 outbreak is expected to accelerate the use of electronic payment methods. In the short-term, most shops across the globe are now only accepting digital payments, even though the total number of transactions is decreasing. Although cash is quickly becoming a thing of the past, some traditional generations still resist the use of digital currency.

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Digital payments continue to evolve, with the inclusion of payment-enabled IoT devices augmenting the browser and mobile payment experience. Consumers can pay using a range of newly connected devices, including connected cars, household appliances, and, most recently, wearables. In parallel, the IoT is also changing the retail Point of Sale (PoS) to include several new touchpoints, including parking meters, fitting room mirrors, and vending machines. IoT devices range from small wearable devices and shopping carts to home appliances and cars. IoT devices use a connectivity channel to trigger a payment transaction, with technology depending on the environment.

Manufacturing vertical is expected to see less growth during the forecast period

With the ongoing COVID-19 pandemic, the manufacturing industry is badly hit. The manufacturing slowdown in China has affected the manufacturing business in more than 15 countries, due to country-wide lockdowns, strict international border controls, social distancing measures for workers, and supply chain issues from China.

According to The Economic Times, the government ordered manufacturing sectors in India, such as automakers, smartphone makers, consumer electronic firms, appliance makers, and many others, to shut down their operations till the end of March 2020. Factory shutdowns will further lead to incalculable damages to the production of key products. The Economic Times also stated that in this extreme scenario of a complete shutdown of all factories for one month, it is estimated that the real manufacturing Gross Value Added (GVA) would fall by 5% in FY 2020/21. These factory shutdowns would delay the immediate implementation of IoT solutions, thus, adversely affecting the Indian manufacturing market.

The major vendors in the IoT market include IBM (US), Royal Phillips (Netherlands), Stanley Healthcare (US), Microsfot (US), Oracle (US), Bosch (Germany), CloudMinds (US), XAG (China), CBT (US), PTC (US), Rockwell Automation (US), Honeywell (US), GE Digital (US), Intel (US), Siemens (Germany), Ericsson (Sweden), Hitachi Vantara (US), ABB (Switzerkland), NEC Corporation (Japan), Telit (UK), Sierra Wireless (Canada), Itron (US), Arad Group (Israel), Cisco (US), Medtronic (Ireland), SAP (Germany), Software AG (Germany) AWS (US), Softweb Solutions (US), Google (US), hIOTron (India), Sony(Japan), Capgemini (France), Adobe (US), NTT Communications (Japan), Happiest Minds (India), Vodafone (UK), TCS (India), DXC (US), Infosys (India), Verizon (US), Service Group (US), Cognizant (US), and Accenture (Ireland). These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the IoT market and broaden their customer base.

IBM (US) is one of the leading companies in this market. IBM Watson supported the IBM Clinical Development system that an advanced Electronic Data Capture (EDC) system helps accelerate the delivery of safer and more efficacious medicines to the market through IoT. It further helps them reduce the time and cost of clinical trials by providing data and analysis from web-enabled devices. The clinical development system is made available for free for various health care providers, to enable them to fasten the process of clinical trials based on understanding the nature of the COVID-19 disease and coming up with a suitable vaccine. The company is also offering a cognitive operational risk insight tool by IBM for free to non-profit organizations during the pandemic, helping them analyze patient data.

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Royal Phillips is offering IoT services with diagnostic imaging systems, remote patient monitors, and ventilators catering to healthcare providers, clinicians, and COVID-19 patients. Philips offered its telehealth solutions that facilitate the use of online patient screening and monitoring for potential COVID-19 patients kept at quarantine and home isolations, which minimizes unnecessary visits and prevents disease spread. Along with ramping up production, Royal Philips intends to distribute IoT-enabled diagnostic imaging systems, such as CT, mobile diagnostic, with X-ray and hospital telehealth solutions to support remote patient monitoring at hospitals and homes.

 

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