Omdia IoT Market Updates

  • Drones, IoT
  • June 18, 2022
  • 0

Sam Lucero, IOTworldtoday 

Topics: Covid-19, Market, IoT, Drones, Healthcare 
Transcript Excerpt 
Sam Lucero is going over the state of the IoT market. According to Sam, the IoT market continues to grow each year. From 2019 to 2025 the use of IoT devices in homes is expected to grow by 18.3%. The most growth comes from the cellular sector with an 83% growth projected over the next five years. IoT cellular services will most remain on 4G as 3G was not actively adopted while 5G still has a long way to go. This section will also be dominated by China as the three leading telecommunication companies currently control 71% of the IoT services. This is not expected to change over the next five years.  
The next section of the presentation is the impact Covid-19 had on the growth of the IoT industry. Enterprises have seen both positive and negative effects because of the pandemic. The speaker first goes over the negative effects. The market is expected to slow down because many IoT projects are being halted due to Covid-19. There is also limited manpower when it comes to installing new devices such as smart meters. Consumers are also spending less money on devices such as smart TVs or other smart systems. This is because of the rampant amount of unemployment caused by Covid-19. Finally, the Covid-19 pandemic has caused a supply shortage, making parts for the IoT machines harder to come by as social distancing has slowed or shut down many factories that produce these devices.  
Covid 19 has also helped the IoT industry by showing its importance of it and how it can be used to improve our lives. IoT devices such as drones, self-driving vehicles and robotics are all on the rise. According to Sam, the reason for this is that these services comply with social distancing protocols. Another industry on the rise is remote healthcare which is also called telehealth care.  This industry has grown because of the overcrowded and understaffed hospitals that have been affected across the world. This has given rise to home patient monitoring where a doctor looks at someone’s vitals remotely. Contactless tech and biometrics are also on the rise according to Sam.   
The final section of the presentation is about the rise of data exchange.  Data exchange enables two or more organizations to share the data. The example used is the data collected from a car company. A third-party company like an insurance company or smart city designer can easily have access to the data collected by the car company. The positives for the car company are that they can make extra money, easily find more relevant data, and more easily license that data. The pros for the insurance company include being able to search for new data, find relevant data faster and contact the owners of the data. A final third beneficiary of data exchange is data analytics companies that now have more data to feed into an algorithm. The presentation then concludes.   

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