The ResearchAndMarkets.com market has recently shared a report on the impact of COVID-19 on the Internet of Things market across different segments.
It aims at estimating the market size and the growth potential of this market across by technology segment (software solution, platforms, and services), vertical (BFSI, healthcare, manufacturing, retail, transportation, utilities, and government and defense), and region. The study also includes an in-depth analysis of the key market players, key observations related to product and business offerings, recent developments, and key market strategies.
- The transportation segment to show the highest growth rate during the forecast period.
- The healthcare segment to record higher investment and growth in 2020
- Software solution segment to hold the largest market size during the forecast period
- APAC to record the highest growth rate during the forecast period
Major Customer Challenges
- Meeting customer expectations in terms of optimizing the processes
- Easing security concerns due to various connected networks
- Keeping IoT hardware updated
- Overcoming connectivity issues
- Waiting for government regulations
The outbreak of the COVID-19 has been so strong that it has halted all operations across verticals
Several industries are struggling to cope up with the rising challenges of personnel lives. As a result, countries have either shut down several operations for now or are running industries at 25% capacity. The majority of the countries across the globe have provided work from home facilities for employees amid the COVID-19 outbreak.
According to a survey released by the International Trade Union Congress, 65% of countries are promoting the model of working from home. Complying with the same, almost all organizations have stopped all business-related travel, and approximately 80% of organizations have provided work from home to their employees across the globe. To manage employees working from home, companies are relying extensively on remote-based monitoring of the workforce, which is enhancing the demand for IoT solutions. This helps bring transparency, provide real-time tracking, improve safety, and ensure meeting government compliance.
The transportation segment to show the highest growth rate during the forecast period
According to Flightradar24, there has been an unprecedented decline in air traffic, and the number of daily flights has reduced by 60-70%. The focus of governments has shifted toward adopting measures for safeguarding citizens, and several innovation projects are taking a hit. The application of IoT is still opening new revenue streams by facilitating real-time tracking of vehicles and providing monitoring feeds of passengers. The monitoring feeds of passengers help in the checking of passenger travel histories to identify if the passenger needs to be quarantined. Also, companies are using drones as another mode of transportation to ensure essential supplies and food deliveries. Shenzhen-based startup Pudu Technology aimed to reduce cross-infection by implementing home delivery of drugs and meals via drones and robots.
The healthcare segment to record higher investment and growth in 2020
IoT in healthcare offers significant life conforming benefits and has become a major adopter of technology. With the rising number of chronic ailments, IoT has already found its way in the healthcare sector, with numerous applications, such as telemedicine, connected imaging, inpatient monitoring, medication management, connected health, connected worker, connected ambulance, along with many others. The recent outbreak of the COVID-19 has led IoT healthcare solution providers to quickly render solutions for combatting the rising demand for high-quality services for protection against the virus. The fast-spreading of the COVID-19 has taken over the entire healthcare ecosystem from pharmaceutical companies, drug makers, COVID-19 vaccine developers, to health insurers and hospitals. Applications such as telemedicine include remote patient monitoring, and interactive medicine, along with inpatient monitoring, is expected to gain traction during this time.
North America to record the highest market share in the impact of COVID-19 on Internet Of Things market in 2019
North America holds the largest market share in the impact of COVID-19 on Internet Of Things solutions across the major verticals. COVID-19 has severely affected the North American region due to various factors, such as the high number of immigrants travelling in the region, no initial stage lockdown in the country, and presence of a large number of virus carriers in the country at once, spreading the disease at a rapid pace. The region majorly consists of two countries: the US and Canada.
North America has been a major adopter of IoT, and that can be attributed to various factors, such as the presence of two large economies, the US and Canada in the region, large scale internet penetration, and the presence of major IoT solution providers in the region. The major sectors in the region that are facing major challenges amidst the virus outbreak are utilities, healthcare, BFSI, and telecom sectors. However, the application of IoT is much larger in the former two sectors, such as utilities and healthcare. The state of the utility sector is extremely well-established in the North