Covid-19 Impact on Internet of Things (IoT) Market

IBM (US) and Royal Phillips (Netherlands) are Leading Players in the Covid-19 Impact on Internet of Things (IoT) Market

The global impact of COVID-19 on Internet Of Things 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 “work from home” initiative, increasing adoption of smart payment technologies to minimize human contact involved in cash payments, and growing demand for wearable devices.

The major vendors in the IoT market 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 IoT market and broaden their customer base.

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IBM (US) is one of the leading companies in this market. 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 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.

Royal Phillips is offering IoT services with diagnostic imaging systems, remote patient monitors, and ventilators catering to healthcare providers, clinicians, and COVID-19 patients. Philips offered its telehealth solutions that facilitate the use of online patient screening and monitoring for potential COVID-19 patients kept at quarantine and home isolations, which minimizes unnecessary visits and prevents disease spread. Along with ramping up production, Royal Philips intends to distribute IoT-enabled diagnostic imaging systems, such as CT, mobile diagnostic, with X-ray and hospital telehealth solutions to support remote patient monitoring at hospitals and homes.

Related Reports:

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

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Report Code
TC 7596
RI Published ON
4/22/2020
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