The report “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″, published by MarketsandMarkets, the 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. Over the years, organizations have enhanced the level of innovation, and with the outbreak of COVID-19, a majority of operations have been compromised. This has forced organizations to function in a non-optimized manner, as a result of which they are looking for innovative areas that can improve their revenue by a small percentage.
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Banking Financial Services and Insurance to witness growth during the forecast period
The IoT technology assists in getting payments streamlined as these online transactions can be monitored and managed electronically. Decisions that are driven by data help in saving time. Therefore, electronic payments are already benefitting from long-standing trends where physical cash is quickly becoming a thing of the past, and the COVID-19 outbreak is expected to accelerate the use of electronic payment methods. In the short-term, most shops across the globe are now only accepting digital payments, even though the total number of transactions is decreasing. Although cash is quickly becoming a thing of the past, some traditional generations still resist the use of digital currency.
Digital payments continue to evolve, with the inclusion of payment-enabled IoT devices augmenting the browser and mobile payment experience. Consumers can pay using a range of newly connected devices, including connected cars, household appliances, and, most recently, wearables. In parallel, the IoT is also changing the retail Point of Sale (PoS) to include several new touchpoints, including parking meters, fitting room mirrors, and vending machines. IoT devices range from small wearable devices and shopping carts to home appliances and cars. IoT devices use a connectivity channel to trigger a payment transaction, with technology depending on the environment.
Manufacturing vertical is expected to see less growth during the forecast period
With the ongoing COVID-19 pandemic, the manufacturing industry is badly hit. The manufacturing slowdown in China has affected the manufacturing business in more than 15 countries, due to country-wide lockdowns, strict international border controls, social distancing measures for workers, and supply chain issues from China.
According to The Economic Times, the government ordered manufacturing sectors in India, such as automakers, smartphone makers, consumer electronic firms, appliance makers, and many others, to shut down their operations till the end of March 2020. Factory shutdowns will further lead to incalculable damages to the production of key products. The Economic Times also stated that in this extreme scenario of a complete shutdown of all factories for one month, it is estimated that the real manufacturing Gross Value Added (GVA) would fall by 5% in FY 2020/21. These factory shutdowns would delay the immediate implementation of IoT solutions, thus, adversely affecting the Indian manufacturing market.
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Europe to witness the higher impact of COVID-19 during the forecast period
The most affected region across the globe is Europe. As Italy struggles to deal with its rising numbers of deaths, countries across Europe have brought in increasingly strict measures to ensure their citizens stay at home. Many countries, including Italy, went into a full lockdown, shutting down businesses and banning public gatherings nationwide since 12 March 2020. It has now stopped all movement inside the country and closed all non-essential businesses.
The spread of the virus is resulting in countries across Europe entering into lockdowns with economic activity and daily life on hold for millions of people. This is clearly having an extremely disruptive impact on the banking sector, although the authorities are taking steps to mitigate the worst effects. European Union (EU) banks have implemented measures to ensure business continuity and adequate services to their customers, but are facing operational challenges; hence, the need to focus on their core operations and critical functions.
The major Internet of Things market vendors includes 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).
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