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

A new study from Juniper Research has found that IoT platform revenue will reach $66 billion (€60 billion) in 2020; rising from $55 billion (€50 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.

The research predicts that telemedicine services will experience a 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”.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

For more insights on the IoT, download our free whitepaper: IoT ~ The Internet of Transformation 2020.

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