IoT platform revenue to grow 20% in 2020, despite global COVID-19 pandemic

Posted by Juniper Research

A new study from Juniper Research has found that IoT platform revenue will reach $66 billion in 2020; rising from $55 billion in 2019. 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.

Strategies for IoT Platform Growth in 2020

The new research, The Internet of Things: Consumer, Industrial & Public Services 2020-2024, 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 Kickstart IoT Adoption in 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.

―CT Bureau