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IoT platform revenue to grow 20% in 2020

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COVID-19 Pandemic will accelerate adoption of IoT by the healthcare industry, predicts Juniper Research.

The new study, The Internet of Things: Consumer, Industrial & Public Services 2020-2024, found that IoT platform revenue will reach $66 billion (€61 billion) in 2020, up from $55 billion in 2019 – 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 this year and beyond.


Strategies for IoT platforms’ growth


The research predicts that IoT platform providers will need to adjust their 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 being crucial to attract high-value IoT users.

It highlights remote SIM provisioning (RSP) as a key technology to alleviate disruption to distribution and implementation during the pandemic.

RSP enables IoT devices to be remotely connected to IoT platforms after deployment, which is beneficial as it minimises human interactions and speeds the deployment of devices.

Kickstarting IoT in healthcare

The strain on healthcare systems caused by COVID-19 has brought the potential efficiency benefits of remote monitoring in healthcare into focus.

The sector has been slow to integrate IoT technologies into its ecosystem, but the research expects the continuing pandemic will drive the adoption of remote monitoring to minimise public interactions.

Juniper reckons telemedicine services will experience a resurgence in interest.

The report’s 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”.

Download Juniper Research’s free whitepaper: IoT – The Internet of Transformation 2020.