IoT platform revenue to grow in 2020 despite COVID-19 pandemic: Study

IoT platform revenue will reach USD 66 billion in 2020; rising from USD 55 billion in 2019, according to Juniper Research?s study, titled The Internet of Things: Consumer, Industrial & Public Services 2020-2024. This represents an annual rise of 20%. It anticipates that businesses seeking greater resilience in areas including supply chain and asset management, against external factors such as the disruption caused by the global COVID-19 pandemic, will enable the IoT market to overcome the anticipated widespread economic disruption over 2020 and beyond.

The new research predicts that IoT platform providers will need to adjust development strategies to capitalise on this growth, or risk losing market share to competitors. It emphasises technologies that enable the seamless integration of IoT technologies into existing infrastructure as crucial to attracting high-value IoT users.

It highlights RSP (Remote SIM Provisioning) as a key technology that will alleviate distribution and implementation disruption during the pandemic. RSP enables IoT devices to be remotely connected to IoT platforms after deployment. This approach is beneficial as it minimises human interactions and reduces the time needed to deploy IoT devices.

Pandemic to Kick-start IoT Adoption in the Healthcare Industry

The strain on healthcare systems caused by the COVID-19 pandemic has brought into focus the potential efficiency benefits that can be gained from remote monitoring in healthcare. The sector has been historically slow to integrate IoT technologies into its ecosystem, however, the research anticipates that the continuing pandemic will drive the adoption of remote monitoring to minimise public interactions.

The research predicts that telemedicine services will experience resurgence in interest owing to the pandemic. Research co-author, Sam Barker, noted ?Telemedicine has consistently failed to meet market expectations. However, when it is used in tandem with connected healthcare devices, it has the potential to transform a significant proportion of physical healthcare interactions into remote interactions; relieving pressure on badly stretched healthcare systems?.

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