Future Market of IoT in Asia
Todays Blog about a short idea sharing where “Future Market of IoT in South and Southeast Asia”. Nowadays, IoT business marker growing day by day, Pretty much anything with a computer chip is now sending and receiving data, creating a massive informational network known as the internet of things (IoT). There are some areas where it’s proving to be truly revolutionary, let’s go forward to discuss them.
What is the future of the IoT market in South and Southeast Asia?
A 2018 GSMA intelligence report estimates that the consolidated revenue of worldwide IoT will be around $1.1 trillion by 2025. Apart from connectivity, a major portion of this market value will come from platforms, programs, and services. Furthermore, the growth in the industrial IoT market will give way to around 25 billion connected devices by 2025. GSMA also predicts that, in terms of both proceeds and connections, the Asia Pacific will become the biggest IoT region.
IoT is transforming the health industry. Let’s take remote health monitoring, for example. The drive behind this technology is specialized wearables and biosensor devices such as the Hexoskin® biometric shirt and the Jawbone UP3™ fitness tracker. Health care stakeholders can leverage the data coming from remote health monitoring to gain insights and find patterns for monitoring human health. Patients also benefit from the technology as it provides an effective and economical substitute for on-site clinical nursing.
Future Market of IoT is transforming the health industry. Let’s take remote health monitoring, for example. The drive behind this technology is specialized wearables and biosensor devices such as the Hexoskin® biometric shirt and the Jawbone UP3™ fitness tracker. Health care stakeholders can leverage the data coming from remote health monitoring to gain insights and find patterns for monitoring human health. Patients also benefit from the technology as it provides an effective and economical substitute for on-site clinical nursing.
Allied Market Research published a report, titled, Internet of Things (IoT) in Agriculture Market by System (Automation and Control Systems, Sensing and Monitoring Devices, Livestock Monitoring Hardware, Fish Farming Hardware, Smart Greenhouse Hardware, and Software), Application (Precision farming, Livestock Monitoring, Smart Greenhouse, and Fish Farm Monitoring): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides a detailed analysis of changing market dynamics, top investment pockets, key segments, geographical scenario, and market competition. As per the report, the global IoT in the agriculture market garnered $16.33 billion in 2017 and is expected to reach $48.71 billion by 2025, registering a CAGR of 14.7% from 2018 to 2025.
In Asia-Pacific Rise in population along with food demand, government initiatives for utilization of remote sensing technology and satellite imaging applications led the Asia-Pacific region to become a lucrative region. The region contributed to more than one-third of the total market share in 2017 and is expected to lead throughout the forecast period. Moreover, it would register the fastest growth with a CAGR of 16.4% from 2018 to 2025.
Read More: SOLVE BIG PROBLEMS OF AGRICULTURE
IoT also has immense possibilities in smart factories. Smart factories are being built with automation in mind. Amazon’s Kiva robots are a key example of this technology in practice. These robots automate the picking and packing process at warehouses. As per a new note published by Deutsche Bank, Kiva robots have reduced operating expenses by about 20%, which would result in $22 million cost savings for each fulfillment center. Additionally, Flutura, an IIoT startup, is helping companies with the remote monitoring of electrical and mechanical assets in manufacturing lines across the globe.
By 2050, 75% of the world’s population will live in urban areas. For cities to continue to be centers of economic growth, there have many challenges to face and the IoT is carrying many solutions. Asia-Pacific is the region accounting for the largest share of spending in IoT which creates a future market of IoT. According to Frost & Sullivan, the total spending on IoT in the Asia Pacific region was $10 billion in 2014. It is to reach $59 billion by 2020. South Korea and Singapore are expected to be among the top 5 global markets to adopt IoT.
Other Asian countries governments also mostly focused on IoT based solutions, So it’s also a big market for IoT in Asia.
More Details comming soon…