Covid-19 Impact on Internet of Things (IoT) Market by Components (Software Solutions, Platforms, Services), Vertical (BFSI, Healthcare, Manufacturing, Retail, Transportation, Utilities, Government & Defense) and Region - Global Forecast 2021
[73 Pages Report] The global impact of COVID-19 on Internet Of Things (IoT) market size is expected to grow from USD 150 billion in 2019 to USD 243 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. The major factors driving the market growth include increasing focus on remote monitoring for the work from home initiative, growing adoption of smart payment technologies to minimize human contact involved in cash payments, and rising demand for wearable devices.
The transportation segment to show the highest growth rate during the forecast period
According to Flightradar24, there has been an unprecedented decline in air traffic, and the number of daily flights has reduced by 60-70%. The focus of governments has shifted toward adopting measures for safeguarding citizens, and several innovation projects are taking a hit.
The application of IoT is still opening new revenue streams by facilitating real-time tracking of vehicles and providing monitoring feeds of passengers. The monitoring feeds of passengers help in the checking of passenger travel histories to identify if the passenger needs to be quarantined.
Also, companies are using drones as another mode of transportation to ensure essential supplies and food deliveries. Shenzhen-based startup Pudu Technology aimed to reduce cross-infection by implementing home delivery of drugs and meals via drones and robots
The healthcare segment to record higher investment and growth in 2020
IoT in healthcare offers significant life conforming benefits and has become a major adopter of technology. With the rising number of chronic ailments, IoT has already found its way in the healthcare sector, with numerous applications, such as telemedicine, connected imaging, inpatient monitoring, medication management, connected health, connected worker, connected ambulance, along with many others.
The recent outbreak of the COVID-19 has led IoT healthcare solution providers to quickly render solutions for combatting the rising demand for high-quality services for protection against the virus. The fast-spreading COVID-19 has taken over the entire healthcare ecosystem from pharmaceutical companies, drug makers, COVID-19 vaccine developers, to health insurers and hospitals. Applications such as telemedicine include remote patient monitoring, and interactive medicine, along with inpatient monitoring, is expected to gain traction during this time.
Software solution segment to hold the largest market size during the forecast period
Based on the technology, the software solution segment of the market is projected to hold a larger market size during the forecast period. With the rise in the cases of COVID-19, IoT software solutions are facing substantial hit. There are a lot of verticals of IoT, such as manufacturing, transportation, travel hospitality, etc., where all the operations are put on hold. But organizations have changed their priorities, such as organizations want to monitor the health and wellness of employees as they are working from home. Such use cases are evolved in this COVID-19 pandemic. Some new use cases have been generated along with the application areas where demand for IoT software solutions has witnessed a huge increase. The growth of software solutions will be profoundly impacted in verticals, such as transportation, logistics, and manufacturing. Since these are the major contributing areas for the adoption of IoT software solutions, the disruption due to COVID-19 will have a heavy impact and will reduce the software solution market growth to a large extent..
APAC to record the highest growth rate during the forecast period
The increasing demand for IoT in the major Asia Pacific (APAC) countries, such as China, India, and Australia, is predicted to showcase a huge base amidst the COVID-19 outbreak. The COVID-19 outbreak has slowed down the majority of the economies, such as China, India, Japan, and Australia. However, technological advancements and digitization in countries such as China and India will keep up the demand for IoT in major verticals, such as healthcare and utilities. For Instance, APAC accounted for 42% of the total installed smart meters in 2018, which is expected to increase in the future for remote monitoring and accessibility of the infrastructure during times of such pandemic.
Key Market Players
Key market players profiled in this report include IBM (US), Royal Phillips (Netherlands), Stanley Healthcare (US), Microsfot (US), Oracle (US), Bosch (Germany), CloudMinds (US), XAG (China), CBT (US), PTC (US), Rockwell Automation (US), Honeywell (US), GE Digital (US), Intel (US), Siemens (Germany), Ericsson (Sweden), Hitachi Vantara (US), ABB (Switzerkland), NEC Corporation (Japan), Telit (UK), Sierra Wireless (Canada), Itron (US), Arad Group (Israel), Cisco (US), Medtronic (Ireland), SAP (Germany), Software AG (Germany) AWS (US), Softweb Solutions (US), Google (US), hIOTron (India), Sony(Japan), Capgemini (France), Adobe (US), NTT Communications (Japan), Happiest Minds (India), Vodafone (UK), TCS (India), DXC (US), Infosys (India), Verizon (US), Service Group (US), Cognizant (US), and Accenture (Ireland). These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the Internet Of Things market and broaden their customer base.
IBM Watson supported the IBM Clinical Development system that an advanced Electronic Data Capture (EDC) system helps accelerate the delivery of safer and more efficacious medicines to the market through IoT. It further helps them reduce the time and cost of clinical trials by providing data and analysis from web-enabled devices. The cognitive operational risk insight tool by IBM collects data from IoT devices, capturing patient data and offering features, such as risk tracking, scenario analysis, event monitoring, and analysis, and decision support. The tool is expected to help healthcare providers to assess underlying conditions in COVID-19 patients to help understand the criticality of the disease. The clinical development system is made available for free for various health care providers, to enable them to fasten the process of clinical trials based on understanding the nature of the COVID-19 disease and coming up with a suitable vaccine. The company is also offering a cognitive operational risk insight tool by IBM for free to non-profit organizations during the pandemic, helping them analyze patient data.
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Get online access to the report on the World's First Market Intelligence Cloud
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- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
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Report Metric |
Details |
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Market size available for years |
2019-2021 |
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Base year considered |
2019 |
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Forecast period |
2020–2021 |
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Forecast units |
USD Million |
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Segments covered |
Component (platform, solutions, and services), verticals (Banking financial services and insurance, healthcare, retail, transportation, utilities, government & defense) |
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Geographies covered |
North America, APAC, Europe, MEA, and Latin America |
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Companies covered |
IBM (US), Royal Phillips (Netherlands), Stanley Healthcare (US), Microsfot (US), Oracle (US), Bosch (Germany), CloudMinds (US), XAG (China), CBT (US), PTC PTC (US), Rockwell Automation (US), Honeywell (US), GE Digital (US), Intel (US), Siemens (Germany), Ericsson (Sweden), Hitachi Vantara (US), ABB (Switzerkland), NEC Corporation (Japan), Telit (UK), Sierra Wireless (Canada), Itron (US), Arad Group (Israel), Cisco (US), Medtronic (Ireland), SAP (Germany), Software AG (Germany) AWS (US), Softweb Solutions (US), Google (US), hIOTron (India), Sony(Japan), Capgemini (France), Adobe (US), NTT Communications (Japan), Happiest Minds (India), Vodafone (UK), TCS (India), DXC (US), Infosys (India), Verizon (US), Service Group (US), Cognizant (US), and Accenture (Ireland). |
The research report categorizes the Impact of COVID-19 on the Internet of Things market based on the component, verticals, and region.
By Component
- Platform
- Solutions
- Services
By Vertical
- Banking financial services and insurance
- Healthcare,
- Retail, Transportation
- Utilities
- Government and defense
By region:
- North America
- Europe
- APAC
- MEA
- Latin America
Key questions addressed by the report
- What are the growth opportunities in the impact of COVID-19 on the Internet Of Things market?
- What is the competitive landscape scenario in the impact of COVID-19 on the Internet Of Things market?
- Which regulations are expected to have an impact on the impact of COVID-19 on the Internet Of Things market?
- How has the impact of COVID-19 on Internet Of Things solutions and services evolved from traditional technologies?
- What are the dynamics of the impact of COVID-19 on the Internet Of Things market?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 11)
1.1 COVID-19 HEALTH ASSESSMENT
1.2 COVID-19: ECONOMIC ASSESSMENT
1.2.1 COVID-19 IMPACT ON THE ECONOMY—SCENARIO ASSESSMENT
2 RESEARCH METHODOLOGY (Page No. - 17)
2.1 RESEARCH ASSUMPTIONS
2.2 DATA TRIANGULATION
2.3 PRIMARY BREAKUP
2.3.1 PRIMARY DATA
2.4 INCLUSIONS/EXCLUSIONS
2.5 STAKEHOLDERS
3 EXECUTIVE SUMMARY (Page No. - 21)
4 IMPACT ON THE ECOSYSTEM AND EXTENDED ECOSYSTEM (Page No. - 22)
4.1 STAKEHOLDERS
4.1.1 TECHNOLOGY PROVIDERS
4.1.2 SOLUTION DESIGNERS AND DEVELOPERS
4.1.3 SYSTEM INTEGRATORS
4.1.4 MANAGED SERVICE PROVIDERS
4.2 MARKET DYNAMICS
4.3 COVID-19 PANDEMIC DRIVEN MARKET DYNAMICS AND FACTOR ANALYSIS
4.3.1 DRIVERS
4.3.1.1 Increasing focus on remote monitoring for the work from home initiative
4.3.1.2 Increasing adoption of smart payment technologies to minimize human contact involved in cash payments
4.3.1.3 Increasing demand for wearable devices
4.3.2 OPPORTUNITIES
4.3.2.1 Using IoT to manage patient care
4.3.2.2 Drones for the enforcement of compliance
4.3.3 CHALLENGES
4.3.3.1 Decline in industrial operations and manufacturing
4.3.3.2 Disruption in logistics and supply chain
5 BUSINESS IMPLICATIONS OF COVID-19 ON THE INTERNET OF THINGS MARKET (Page No. - 31)
5.1 IMPLICATION ON TECHNOLOGY SEGMENTS (PESSIMISTIC, AS-IS, OPTIMISTIC SCENARIOS)
5.1.1 SOFTWARE SOLUTION FORECAST (2020-2021)
5.1.1.1 Forecast 2020-2021 (As-Is/Optimistic/Pessimistic)
5.1.2 PLATFORMS
5.1.2.1 Forecast 2020-2021 (As-It/Optimistic/Pessimistic)
5.1.3 SERVICES
6 COVID-19 IMPACT ON MAJOR VERTICALS WITH USE CASES AND HOW CLIENTS ARE RESPONDING TO THE CURRENT SITUATION (Page No. - 36)
6.1 BANKING, FINANCIAL SERVICES, AND INSURANCE
6.1.1 KEY USE CASES
6.2 HEALTHCARE
6.2.1 FORECAST 2020-2021 (AS-IS/PESSIMISTIC/OPTIMISTIC SCENARIOS)
6.2.2 KEY USE CASES
6.3 MANUFACTURING
6.3.1 FORECAST 2020-2021 (AS-IS/PESSIMISTIC/ OPTIMISTIC SCENARIOS)
6.3.2 USE CASES
6.4 RETAIL
6.4.1 FORECAST 2020-2021 (AS-IS/PESSIMISTIC/OPTIMISTIC SCENARIOS)
6.4.2 USE CASES
6.5 TRANSPORTATION
6.5.1 FORECAST 2020-2021 (AS-IS/PESSIMISTIC/OPTIMISTIC SCENARIOS)
6.5.2 USE CASES
6.6 UTILITIES
6.6.1 FORECAST 2020-2021 (AS-IS/PESSIMISTIC/OPTIMISTIC SCENARIOS)
6.6.2 USE CASES
6.7 GOVERNMENT AND DEFENSE
6.7.1 FORECAST 2020-2021 (AS-IS/PESSIMISTIC/OPTIMISTIC SCENARIOS)
6.7.2 USE CASES
7 COVID-19 IMPACT ON REGIONS (Page No. - 51)
7.1 NORTH AMERICA
7.1.1 FORECAST 2020-2021 (AS-IS/OPTIMISTIC/PESSIMISTIC)
7.2 EUROPE
7.2.1 FORECAST 2020-2021 (AS-IS/OPTIMISTIC/PESSIMISTIC)
7.3 ASIA PACIFIC
7.3.1 FORECAST 2020-2021 (AS-IS/OPTIMISTIC/PESSIMISTIC)
7.4 MIDDLE EAST AND AFRICA
7.4.1 FORECAST 2020-2021 (AS-IS/OPTIMISTIC/PESSIMISTIC)
7.5 LATIN AMERICA
7.5.1 FORECAST 2020-2021 (AS-IS/OPTIMISTIC/PESSIMISTIC)
8 COVID-19 FOCUSED PROFILES OF KEY VENDORS (Page No. - 59)
8.1 INTRODUCTION
8.2 COMPANY PROFILES
8.2.1 SOFTWARE SOLUTIONS
8.2.2 PLATFORM
8.2.3 SERVICES
9 APPENDIX (Page No. - 71)
9.1 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
9.2 AUTHOR DETAILS
LIST OF TABLES (12 TABLES)
TABLE 1 CUMULATIVE GROWTH FACTORS
TABLE 2 MARKET SIZE AND FORECAST WITH SCENARIOS (AS-IS/OPTIMISTIC/PESSIMISTIC)
TABLE 3 USE CASES – BANKING, FINANCIAL SERVICES, AND INSURANCE
TABLE 4 USE CASES – HEALTHCARE
TABLE 5 USE CASES – MANUFACTURING
TABLE 6 USE CASES – RETAIL
TABLE 7 USE CASES – TRANSPORTATION
TABLE 8 USE CASES – UTILITIES
TABLE 9 USE CASES – GOVERNMENT AND DEFENSE
TABLE 10 COVID-19-ORIENTED PROFILES OF KEY SOFTWARE SOLUTION VENDORS
TABLE 11 COVID-19-ORIENTED PROFILES OF KEY PLATFORM VENDORS
TABLE 12 COVID-19-ORIENTED PROFILES OF KEY INTERNET OF THINGS SERVICE VENDORS
LIST OF FIGURES (31 FIGURES)
FIGURE 1 COVID-19: THE GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES BUT CURVES DEVIATE BASED ON MEASURES TAKEN
FIGURE 4 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020
FIGURE 5 CRITERIA IMPACTING THE GLOBAL ECONOMY
FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY
FIGURE 7 MARKET ESTIMATION AND DATA TRIANGULATION OF RESEARCH METHODOLOGY
FIGURE 8 BREAKUP OF PRIMARY RESPONDENT PROFILES
FIGURE 9 ECOSYSTEM OF THE INTERNET OF THINGS
FIGURE 10 MARKET DRIVERS
FIGURE 11 MARKET OPPORTUNITIES
FIGURE 12 MARKET CHALLENGES
FIGURE 13 GLOBAL INTERNET OF THINGS MARKET 2019-2021 (USD BILLION)
FIGURE 14 GLOBAL INTERNET OF THINGS SOFTWARE SOLUTIONS MARKET 2019-2021 (USD BILLION)
FIGURE 15 GLOBAL INTERNET OF THINGS PLATFORMS/MIDDLEWARE MARKET 2019-2021 (USD BILLION)
FIGURE 16 GLOBAL INTERNET OF THINGS SERVICES MARKET 2019-2021 (USD BILLION)
FIGURE 17 GLOBAL INTERNET OF THINGS MARKET, BY VERTICAL, 2019-2021 (USD BILLION)
FIGURE 18 CHIEF FINANCIAL OFFICER CONCERNS ABOUT THE COVID-19
FIGURE 19 GLOBAL INTERNET OF THINGS MARKET IN THE BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL, 2019-2021 (USD BILLION)
FIGURE 20 GLOBAL INTERNET OF THINGS MARKET IN THE HEALTHCARE VERTICAL, 2019-2021 (USD BILLION)
FIGURE 21 GLOBAL INTERNET OF THINGS MARKET IN THE MANUFACTURING VERTICAL, 2019-2021 (USD BILLION)
FIGURE 22 GLOBAL INTERNET OF THINGS MARKET IN THE RETAIL VERTICAL, 2019-2021 (USD BILLION)
FIGURE 23 GLOBAL INTERNET OF THINGS MARKET IN THE TRANSPORTATION VERTICAL, 2019-2021 (USD BILLION)
FIGURE 24 GLOBAL INTERNET OF THINGS MARKET IN THE UTILITIES VERTICAL, 2019-2021 (USD BILLION)
FIGURE 25 GLOBAL INTERNET OF THINGS MARKET IN THE GOVERNMENT AND DEFENSE VERTICAL, 2019-2021 (USD BILLION)
FIGURE 26 NORTH AMERICA - INTERNET OF THINGS MARKET, 2019-2021 (USD BILLION)
FIGURE 27 EUROPE - INTERNET OF THINGS MARKET, 2019-2021 (USD BILLION)
FIGURE 28 ASIA PACIFIC - INTERNET OF THINGS MARKET, 2019-2021 (USD BILLION)
FIGURE 29 MIDDLE EAST AND AFRICA - INTERNET OF THINGS MARKET, 2019-2021 (USD BILLION)
FIGURE 30 LATIN AMERICA - INTERNET OF THINGS MARKET, 2019-2021 (USD BILLION)
FIGURE 31 EFFECT OF COVID-19 ON COLOMBIA, PERU, AND CHILE
The study involved four major steps to estimate the current market size for the impact of COVID-19 on Internet of Things (IoT) market. An exhaustive secondary research was done to collect information on the market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakup and data triangulation methods were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to, to identify and collect information for the study. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers, technology journals, and certified publications and articles from recognized authors, directories, and databases.
Primary Research
The Impact of COVID-19 on the Internet of Things market comprises several stakeholders, such as platform, solution, and service providers, support and maintenance service providers, IoT enterprises, technology consultants, system design and development vendors, service providers. The extensive primary research was conducted to gather information, and verify and validate the critical numbers arrived at. Primary research was conducted further to identify the segmentation types; industry trends; key players; the competitive landscape of different market players; and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies. Following is the breakup of the primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the overall size of the market. These methods were used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- Key players in the industry and markets have been identified through extensive secondary research.
- The impact of COVID 19 on IoT market expenditure across regions, along with the geographic split in various segments, have been considered to arrive at the overall market size.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size, using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakup procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand side and supply side in the Impact of COVID 19 on the Internet of Things market.
Report Objectives:
- To define, describe, and forecast the Impact of COVID 19 on the Internet of Things market by component (platform, solutions, and services), verticals, and region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze opportunities in the market and provide details about the competitive landscape for stakeholders and market leaders
- To forecast the market size of the market segments with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To profile the key players and comprehensively analyze their market rankings and core competencies1
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Impact of COVID 19 on the Internet of Things market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakup of additional countries in the APAC market
- Further breakup of additional countries in the MEA market
- Further breakup of additional countries in the European market
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Covid-19 Impact on Internet of Things (IoT) Market
A very informative report about the COVID impact on IoT. The report mainly focuses on healthcare which is the major challenge in almost all parts of the world. The growth of software solutions will be higher in the coming years because almost majority of the public will depend on online solutions.