Frost & Sullivan has issued a new report analysing the Internet of Things (IoT) market in the Asia Pacific between 2019 and 2025.
According to the study, IoT will create a $31.7 billion market for communication services providers in the region by 2025.
Nishchal Khorana, Director, ICT Practice at Frost & Sullivan, said: “Smart city programmes are expected to drive most of the IoT spending in the region, with the transport and logistics as well as the manufacturing segments generating strong demand.
“Most of the spending in the IoT market will be driven by the Chinese market.
“Focus on developing industry-specific solutions, along with cross-domain partnerships to build an ecosystem of value, will be critical success factors. Market participants will also have to earn consumer trust in IoT systems, from privacy to cybersecurity and ethics, in order to reduce political and regulatory risks.”
To take advantage of the opportunity, IoT solution providers will aim to:
- Adopt a data strategy that integrates data from Point-of-Sale (POS) systems, video surveillance systems, other sensors, and even external databases to achieve a more complete picture of their customers’ profiles and habits.
- Develop smart traffic management systems. To make optimal use of IoT in traffic management, the solutions have to be cross-domain and interface with other IoT systems in the real estate and utility space to better understand traffic demand.
- Acquire capabilities in data capture and analysis, through new hiring, strategic partnerships, or M&A activity.
- Integrate data analytics with data management platforms.
Click here for more information about the report.