And, according to a new report from market research firm Markets and Markets, IoT and its underlying elements are growing in value as well. The report found that the IoT integration market, which is responsible for optimizing IoT devices for integration within other interconnected systems, is growing at a yearly rate of 28.5%. In 2025, it’s expected to reach a worth of $5.3 billion.
Large enterprises are primarily responsible for the adoption of these technologies and the growth of the market. Perhaps the most important sector to the IoT market is the healthcare industry, where smart healthcare devices like sensors for remote condition monitoring and other devices are causing a higher compound annual growth rate than even the IoT integration market as a whole.
These technologies are even more crucial amid the COVID-19 pandemic when many feel unsafe visiting their doctor in a traditional, nonvirtual capacity.
IoT in Healthcare
According to a report from British telecommunications company Vodafone, this demand for telehealth services is unlikely to change, even post-pandemic.
The report found that 57% of participants would be okay with some or all of their telehealth appointments continuing to take place online after the pandemic has passed, and 75% of participants expressed widespread support for investments in technology such as IoT on the part of the British National Health Service.
Professor Shafi Ahmed, who is the connected health ambassador for Vodafone, told Healthcare IT News: “What the UK patient population has experienced in the last nine months is [a] different kind of health service that’s more flexible…. It has changed people’s perceptions about how health can be accessed and what they’re expecting from the health service."
However, the Markets and Markets report found that the primary driver of IoT integration in healthcare is coming from APAC (Asian PACific) countries. These countries, the report said, are making huge investments in healthcare infrastructure and therefore are better equipped not only to further integrate their IoT devices, but need assistance in doing so.
Companies like TCS, Wipro, NTT Data, and Fujitsu are all homegrown companies attempting to meet this growing demand, but international companies also realize the growing value of accommodating this market.
Bosch Global, an international technology company, is attempting to move into this market. The company has had no small measure of success, even grabbing the industry’s coveted Frost & Sullivan IoT Vendor of the Year in AsiaPacific Award in 2019.
Frost & Sullivan says that Bosch’s success is largely due to their willingness to collaborate with existing IoT companies in the area. Consumers, the organization says, appreciate openness and interactivity when it comes to their IoT integration providers.
“For customers, the benefit of pursuing the open ecosystem approach is that it eliminates vendor lock-in and also enables them to participate in the future development of IoT solutions and to influence that process,” the organization says.
The Future of IoT Security
Much has been made of the security implications of an interconnected IoT world, with many saying that such devices are riddled with security flaws and weaknesses. However, companies today will have to change this perception in order to accommodate an increasingly work-from-home economy.
With numerous large companies that do not require their employees to be physically present in order to perform work, allowing for work-from-home accommodations, the need for secure technology will only increase.
According to Vodafone, the vast majority of business owners have seen the impact of work-from-home-optimized IoT technologies. 84% of the companies polled found that this technology “had a positive impact on their ability to function during the pandemic.”
The report also states that due to a lack of in-person workers, IoT is able to take their place and optimize productivity and safety for the company, the report says.
“The fact that most of the adopters have re-prioritized and even accelerated IoT plans indicates that most businesses are running multiple projects to make the most of the technology benefits," Vodafone says.
For all these reasons, IoT and IoT integration will prove invaluable to global businesses and individuals. And the economic implications of COVID-19 have only accelerated this need.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.