The IoT in Financial Services market is fairly mature but continues to be disrupted by new technology trends like 5G or Blockchain;Increasing usage of online banking applications is expected to be one of the key factors driving the growth of IoT in Financial Services market during the coming years;Major Finance players control the market but will be challenged by uprising FinTech’s soon;

In Africa, as part of fraud prevention and fighting financial crime, many countries are rigorously working towards providing digital identity to their citizens;The use of digital ID in Africa not only helps the fight against financial crime and fraud, it can improve financial inclusion and boost e-commerce

Main technology trends revolve around mobile Banking applications which are based on IoT software;Features of such online banking applications include e-wallets service, self-assisted services, virtual assistants and highly authenticated security systems to secure funds from cyber-attacks

Market growth in Europe is significantly driven by an increasing number of banking and financial institutions and key players are focused to develop and launch advanced devices based on IoT platforms to ease operations;Specialist lenders like $734 billion-asset Standard Chartered in the U.K. are developing solutions that allow them to track customers’ inventory as it moves through the supply chain for the purposes of insurance and finance

Australia in particular, already has a highly digitized financial system and commercial fintech sector meaning IoT project acceptance is high and government initiatives support this trend

Strong market growth over the coming years driven by Insurance, Payments, Wearables and Identification segments;Nearly 50% of all IoT sensors deployed worldwide could be of use for Financial Services Institutions for Insurance, Financing, Accounting or Payments processes

In Asia, India is likely to showcase rapid growth of adoption. India has implemented its “Make in India” policy and has established the center of excellence of the technology program for industries and start-ups

In the South American market, Brazil is showcasing rapid growth in the financial services industry and the Brazilian National Development Bank is offering financing for the country’s digitalization plans;This trend is likely to create vast opportunities for the technology and boost demand soon

Growth in the North American region is owed to the presence of major banks including the Bank of America, Citigroup Inc., JPMorgan and Goldman Sachs among others;With continued investment from the government and private venture capitalists, the market has showcased a rising number of fintech startups that are built on IoT technologies

In the past, Insurance companies often had little information to base their customer risk calculations on. Technology, enabled by the multitude of sensors in connected cars and homes makes it now possible to review their pricing models and develop new business models. IoT Value-add: The German Insurance HUK-Coburg is already offering their customers 10-30% off their car insurance if they agree to have their driving patterns tracked via their Telematik Plus offering. A custom app is further gamifying  responsible and ecological driving and acts as a sales channel for add-ons like accident recovery coverage.

New Business Models – Insurance

With traditional banking cards being inherently vulnerable to fraud, biometric identification and the continued penetration of connected devices with embedded payments functions is allowing consumers to safely and without contact, pay for their daily items of need via car, home, watch or phone. IoT Value-add: Most widely used in smart watches and phones, tokenization allows them to securely exchange information via NFC after they have been identified via their face or fingerprint, challenging the need for traditional payment cards and account numbers as proof of ownership.

Payments – using any 'thing'

The Idea Bank of Polands’ business customers often had to carry their cash across town at night to deposit it - not only a time consuming activity at the end of a business day but even more so an inherent security risk. IoT Value-add: The Bank has rolled out a fleet of mobile ATM cars. The convenience of ordering the ATM via an app and not having to leave their business location at night made depositing cash income much safer for small businesses and reconnected them closely with the Idea Bank as a strong partner in business. Once deposited, users can immediately see their updated balance in the banking app, enabled by the on-board tallying system, equipped with its own cellular uplink to the cloud.

Mobile ATMs

Financial services include depository institutions, non-depository credit institutions, holding (but not predominantly operating) companies, other investment companies, brokers and dealers in securities and commodity contracts, and security and commodity exchanges.

Financial Services

In North America, headquarter of many global energy and resource companies, IoT development and adoption is continuously increasing;The increasing production of shale-oil, new greenhouse-gas emission and health & safety regulations are driving the demand for IoT technology in this region

The IoT in the Resources sectors maturity is highly region dependent;Especially Africa, South America and APAC are currently still a small but fast growing market;In the rest of the world, major IoT solution providers work together with smaller resource players, while the biggest mining and oil companies also drive innovation themselves

As the Resource sector has always struggled with access to real time information across remote locations and assets, IoT sensors are now bringing revolutionary insights and reliability to oil, gas and coal companies;Main use case categories are: health & safety, capital efficiency of operations and lastly new revenue sources and business models

In Western Asia, Saudi Arabia and UAE are the key market drivers with an ever-expanding population, large oil & gas reserves and incentives to create a cleaner ‘high-tech’ image around their extraction;Further IoT demand driven by China, Japan, South Korea and India and in particular the downstream sector (refinery etc) as economic growth is creating shortages in petroleum product supply

The region has a large number of oilfields, especially in Brazil, Argentina, Chile, Uruguay, and Colombia but is held back by lack of affordable IoT solutions which negatively affects growth

South Africa, Nigeria and Kenya are the key market driver in the region with an ever-expanding population, large oil & gas reserves and incentives to create a cleaner ‘high-tech’ image around their extraction

In the Resource sector Europe is one of the largest IoT markets, with the main growth opportunities coming from eastern Europe and Russia in particular;Many companies in the European Energy sector are now pursuing digitalization strategies as they are lagging behind the IT infrastructures of their North American counterparts

The Australian market is already relatively mature, with many global mining players like BHP or Rio Tinto using IoT technology to operate drills, trucks and trains autonomously across the remote Australian countryside

Edge Computing is seen as a large growth driver, as the on-location processing power and low network traffic of edge-computing tech can fill gaps in remote locations that cloud computing can’t;In the Communication segment RFID or GPS technology is used to track assets and monitor them in remote locations across the supply chain;In the Sensing segment, wireless sensor networks can be used for flow measurement, valve actuation or on any extraction machine to collect data for advanced analytics (predictive maintenance & digital twins);Data Management is another large segment, as the multitude of sensors and devices on drills, pipelines, containers is creating vast amounts of data that needs to be collected into one consistent format, stored securely, and analyzed to have a better understanding of their operations

For Oil and Gas companies, safety surveillance of their upstream (wells), midstream (supply network) and downstream (retail) operations had to involve manual labour and 90% of video footage was left un-analyzed. IoT Value-add: IoT Cameras with advanced object detection capabilities and edge processing power can be deployed to give immediate alerts on workers missing safety equipment or smoking around critical infrastructure, without a high-res video feed having to be sent to the cloud first – reducing response times, network and storage costs.

Machine Vision for Safety

Mining companies are often faced with high electricity costs and limited worker safety, and are therefore looking at integrating IoT mine management systems to optimize operations. IoT Value-add: Newmont, the world's largest Gold mining company, has used IoT technology to equip one of its Canadian mines with an intelligent underground ventilation system that is using a network of air quality and temperature sensors as well as RFID tags on machines and personnel. Fresh air flow is then only directed to areas where personnel is working by a centralised digital interface on the surface allowing Newmont to reduce electrical consumption by 40%, reduce fan maintenance costs and improve worker safety significantly.

Ventilation on Demand

Mining groups operating in remote locations often have to deploy their employees over long distances (a safety risk in itself) where they were being faced with explosives and heavy machinery everyday. IoT Value-add: The Mining Group RioTinto is working to reduce the number of employees on site, by controlling their large network of over 400 drills centrally from their HQ in Perth. Numerous sensors as well as their own teleoperation software, running on-the-edge, enabled Rio Tinto to monitor their locations remotely. Employee travel could be greatly reduced and RioTinto has seen significantly fewer safety incidents since, while also reducing operational costs.

Autonomous Mining

Resources includes all industries focusing on the extraction, exploration, drilling, and other activities regarding naturally occurring substances such as renewable resources (e.g. wood) and limited resources (e.g. oil, gas, rare earth) that are the basis for subsequently processing industries.

Resources

North America has been leading the adoption of IoT in the transportation market, mostly due to haulage companies equipping their trucks with tracking beacons to comply with compliance regarding digital location logs;

Highest market opportunities lie in the Services segment of the IoT in Transportation sector;Decreased hardware costs (sensors & controllers) which are retrofit to old infrastructure are key driver for growth;With for example new Hitachi trains in the UK generating 48,000 data points per second while travelling through remote areas at high speeds, connectivity is perhaps the key challenge in the IoT in Transportation market;Overall, the market is fueled by demand for big data & analytics solutions

State-owned rail operators are driving infrastructure investments and are looking at predictive maintenance as a cost saving measure (e.g. Hitachi is delivering trains-as-a-service for two operators in the U.K., a business model that is enabled by over 3500 IoT sensors on board);

In Australia, the IoT in transportation market is driven by spillovers from the resource market, as demand is driven by automated trains and haulage trucks in mines on remote locations around the country;

The IoT Transportation market is relatively consolidated with leading IoT transportation players holding significant market share;However, industry incumbents but also niche players  and software startups are profiting from market growth;Highest growth opportunities are in Remote Monitoring, especially in air, maritime and rail transportation, while road segments is already mature

Markets in Europe are driven the most by the civilian railway industry, while in Asia the shipping industry is the biggest IoT in transportation market driver. Likewise, in North America it is the trucking industry that is driving the market forward, to optimize and digitize their supply chains, a trend which is intersecting with the continuous decrease in IoT sensor costs;

Main Asian market driver is the shipping industry, where operators are building IoT platforms to bring together edge devices installed on containers, temperature/ humidity sensors, cloud analytics and alert procedures;Strong market growth is expected here with smaller operators aiming to build a technological advantage over their larger European counterparts 

In Africa the largest IoT in Transportation markets are South Africa and Nigeria, where technology development is driven by government initiatives to foster economic growth; 

In South America, Brazil, Argentina and Chile are the largest IoT in Transportation markets, each driven by the growth of complementary industries like mining or e-commerce – a sector that is growing rapidly and is more and more depending on IoT use cases like supply chain tracking or warehouse optimization;

Mining companies often operate on thin margins dictated by market ressource prices, therefore optimising productivity is imperative for success. IoT Value-add: The mining company Rio Tinto owns an over 2000km long railroad network in Western Australia where it is running more than 50 autonomous trains that are equipped with a multitude of telemetry sensors. Rio Tinto has seen much fewer safety incidents, increased productivity (one hour saved per 40 hour journey) as well as environmental benefits from the trains learning from the onboard as well as topography sensors to drive more consistently and therefore efficiently.

Autonomous Mining Trains – Auto Haul

The rise in e-commerce and consumer expectations of next-day delivery have put significant strain on warehouse operations, where efficiency metrics such as hourly throughput can be directly impacted by the optimisation of people and equipment flow. IoT Value-add: DHL is using connected package scanners and forklifts inside of its fulfillment centers to get a live view of their processes. The location data points are used to create warehouse heatmaps and alter forklift and people movement/ traffic flows for greater efficiency as well as workplace safety. This data also allows DHL to monitor asset utilization and optimize inventory update.

Smart Warehouse - DHL

The shipping business can be a dangerous environment, especially for port staff carrying out manual inspections on cargo. IoT Value-add: To combat this, the shipping company Maersk has partnered with Ericsson to install real-time IoT monitoring across its over 300,000 containers. The satellite-connected sensors can not only transmit vital stats such as temperature, location and power supply, to offer real-time information as issues develop, but also lead to increased safety for port staff, as containers now require less manual inspection.

Smart Supply Chain

The transportation industry includes passenger and freight transport. It is a a cross industry field which includes road, railroad, water and air transport. Besides transfer services, it also includes handling and maintenance as well as supporting activities, e.g. canal operation, airports or  terminal services.

Transportation

The primary driver in the IoT in Manufacturing market is its immense automation potential for already existing machinery and processes; Recent developments in edge computing are extending this trend and manufacturers that have started to equip their factories with sensors are now realising the importance of cyber security, further driving growth in the market

The manufacturing heavy Asian industries are driving IoT demand through various initiatives such as Made in China 2025, Make in India and Japan’s Industrial Value Chain;However, for foreign firms entering countries like China, regulatory and legal challenges are blocking entry for many, especially when setting up complicated SaaS solution contracts

In the African market, growth is more moderate but still stable, driven by a large automation potential and desires to reduce costs but also waste along the entire value chain

In South America, growth is more moderate but still stable, driven by government investments and the presence of many manufacturing research facilities;Nonetheless, current growth rates are limited by scarce labour with advanced technical skills and a slow spillover from the booming telecommunications into M2M communications

The IoT in Manufacturing market is fairly mature technologically but far from saturated in actual adoption; The majority of IoT research and development in recent years has been focusing on this sector due to its low barriers to entry and clear monetisation pathways, with gradual adoption of this new technology in even mid-size manufacturing companies, driving the market growth over the coming years

In Europe, the manufacturing-heavy industries of Germany, France, Spain and UK are driving demand for IoT technology as many SMEs are realising the IoTs potential to enable new product-as-a-Service business models;Aiming to strengthen the long-term outlook of their dominant manufacturing industries, local governments are further driving this upwards trend through favourable regulation, grants and the development of industry standards

In Oceania, Australia in particular already has a highly digitized manufacturing sector meaning IoT project acceptance is high and government initiatives support this trend

In the IoT Technology stack, the software and security layers are driving demand as more and more packaged platform and analytics software is being developed, in turn requiring higher security spending when IoT capabilities are integrated into operations;Asset performance management use cases are driving the development of connectivity technologies such as Sigfox, Bluetooth, LoRaWifi and 5G in particular, promising faster download speeds, lower latency and vastly superior capacity, meaning more devices can be connected to it at one time, allowing manufacturers to have a live view of sensors across vast factory sites; More recently, manufacturing development has moved away from cloud applications into edge computing to minimize latency but also downtime and storage/ traffic costs significantly;Lastly, AR, VR and MR have the potential to increase efficiency of processes where human decision making is required (Test and adapt product designs, maintenance guidance, remote service support, staff training etc.). Around 80% of current IoT adopters evaluate AR possibilities, demonstrating the interest in these technologies and its potential

In North America, headquarter of many global manufacturing companies, IoT development and demand is expected to continue to grow, driven by manufacturers discovering predictive maintenance as a key revenue stream, a large body of academic research advancing what is technically possible and global technology companies moving away from pure building block suppliers to full stack platform vendors

The manufacturing industry includes establishments engaged in the mechanical or chemical transformation of materials or substances into new products and characteristically use power driven machines and materials handling equipment. This also applies if the new product is neither a structure nor other fixed improvement.

Manufacturing

The IoT in construction market is showing promising growth  with artificial intelligence (AI) and machine learning (ML) playing an increasing role in recent years (e.g. analysing information on stock levels, schedules and project-specific data such as weather or other disruptions for being better informed and being able to avoid delays;Many current applications are revolving around working conditions and safety

In Asia, the IoT in construction market is projected to register the highest CAGR between 2021 and 2025;

Africa is beginning to connect to the Internet of things (IoT) and make progress towards building truly smart buildings in smart cities in response to increasing urbanization;

In Europe, a set of supporting policy actions have been adopted by the European Commission to accelerate the take-up of IoT in Europe for the benefit of European citizens and businesses;As part of the Clean Energy package  the Energy Performance of Buildings Directive was revised to include a Smart Readiness Indicator (SRI) for buildings

The software segment is driving the demand for IoT in construction;Wearables are a popular solution to track worker location and fatigue, while AR-glasses can aid in their efficiency by giving them access to 3D Plans;Remote equipment management systems give a full 360-degree live view to project managers of the site from any angle of the machine – a lift, an excavator, etc.;Predictive maintenance systems are employed to offer site managers real-time data regarding the efficiency of construction equipment;Asset tracking tools are often GPS based and feed into a tracking platform that offers real-time location data on construction equipment and materials;

North America is expected to continue as the largest market for IoT in construction;There is growing investment in smart infrastructure and construction projects in the region, which is playing a major role in the growing adoption of IoT in the North American construction industry;

Australia is home to many world-class construction operators that are testing out new technologies to enhance their digital project management capabilities; 

IoT construction market is lead by key construction industry players like (e.g. Pillar Technologies, Hitachi, Caterpillar) and other technology players (e.g. Cisco, DroneDeploy, Losant IoT, Oracle) ;Remote operations applications are the largest segment in the overall market with use cases of machine control, real-time monitoring of workers, construction sites and machinery

In South America, around one-third of the population adopted smart devices in 2019, which has led to the growth of internet-based service consumption, i.e. adoption of cloud-based services in the region;

For construction companies, worksite safety is a key challenge and cost driver, thus being able to locate employees and track safety hazards across vast construction sites could offer immense value to them. IoT Value-add: The American company Triax Technologies has developed the Spot-r, a small, wearable IoT solution that is designed to monitor employee safety. It requires no training for employees, creates a live view of the number of workers on site (added benefit of timekeeping), is able to warn them before entering an unsafe location or detect bottlenecks in the custom analytics platform.

Worksite Safety - Wearables

To monitor structural health many years after a building is completed, construction companies as well as real estate developers are looking into inexpensive, connected IoT sensors. IoT Value-add: Sensohive Technologies (DK) has developed a real-time solution for the remote monitoring of concrete temperature, maturity and strength: Maturix. The data is transmitted from the sensor directly to the cloud, without the need for an intermediary such as a smartphone. Such Smart sensors can predict the time until buildings need to be renovated and significantly increase the safety of residents

Long-term Structural Health Monitoring

Looking at the world after Covid-19, employers are challenged by ever tighter carbon emission targets as well as raised employee expectations regarding ways of working at the office. Office buildings offer large energy saving potential for businesses, therefore remodelling offices with an IoT strategy in mind can offer immense value. IoT Value-add: As an example, Siemens has developed a suite of lighting, heating, ventilation and air-conditioning (HVAC), room automation and building management systems (BMS). Such smart buildings are able to adapt to things like changes in the environment, usage models, footfall, and other occupational characteristics via one integrated IoT platform that optimizes energy consumption.

Smart Buildings - Energy monitoring and optimization

The construction industry refers to all establishments engaged in construction that is new work, additions, alterations, reconstruction, installations and repairs independently of the size of the building, the type of contract or the type of work that is done within the construction (e.g. designing, roofing, electricity, …).

Construction

As traditional retailers are turning towards new IoT enabled shopping experiences for their customers to combat disruption from the trend towards e-commerce, the IoT in retail market is still far from mature;The IoT in retail market is lead by key retailers (e.g. Albert Heijn (NL), Carrefour (FR), Ottogroup (DE), Amazon (US), Levis (US), Target (US) and Walmart (US)) and other global technology players (e.g. IBM, Cognizant, Intel, AWS, Cisco and Oracle)

The Covid-19 Pandemic forms a big driver of IoT in the Retail sector, as contactless checkouts, traceable food and clothes are becoming more and more popular with consumers;Store-closures during the pandemic gave many retailers the chance  to pause operations and restructure their stores as well as production facilities in a effort to build tech-enabled experiences for their customers

Brazil is expected to contribute the largest revenue to the South American IoT market;Growth is also coming from Argentina and large Latin e-commerce players (e.g. Mercado Libre) which can use IoT technology for routing optimization within their warehouses

In the African market, the leading country is South Africa, where IoT installed bases (all industries) reached 35 million in 2020;

North America is expected to remain the global leader in IoT in retail, with multinational players like Amazon driving the IoT adoption and consumer acceptance through their e-commerce operations but also range of Smart Home products, allowing customers to shop via their voice or a click of a button;

Main technology trends in the IoT in retail market revolve around RFID-Tags on products to raise transparency in inventory and throughout the supply chain;Another segment is Seamless check in/ Check Out where payment is triggered by movement sensors;Light sensors are being deployed more and more in retail stores to increase product attractivity while reducing electricity costs;Beacons - Merchants can use smart beacons to track customers in-store so that they can optimize the layout of their stores;

UK and Germany form the biggest IoT in Retail users throughout Europe and are contributing the most to the continent-wide growth of IoT;Number of active IoT connections in retail in Europe are already over 2,5M devices in 2020

In Asia, the first IoT based store opened in Singapore 2019, with continued development of initiatives in Japan, South Korea and China;

In the Australian market, high investments in IoT in retail are made, to overcome the challenge of chronic labor shortages;

To continuously improve the shopping experience for customers, retailers are experimenting with frictionless, tech-enabled experiences. One of these, Augmented Reality (AR) applications, is moving away from a once nice-to-have feature to being commonplace for furniture brands or fashion retailers, allowing customers to virtually try on their next sunglasses using their webcam. IoT Value-add: The growth in online or contactless shopping over the pandemic is only accentuating this trend, rewarding retailers that employ digital twins of their products. In fact, ecommerce companies like Shopify are claiming AR-enabled items on their site show an 94% higher conversion rate.

The Store of the Future

In response to the continued disruption of Covid-19, many retailers are changing their supply chain management practices, such as using digital twins to model their operations as one connected system of assets, warehouses, and inventory flows. This model can then be used to simulate risks and optimise operations through scenario planning, always putting retailers one step ahead of disruptions. IoT Value-add: Early adopters have seen a reduction in inventory, while at the same time improving throughput and service levels, significantly boosting margins in the competitive retail space. An added benefit is the end-to-end visibility retailers can build over their supply chain, with carbon footprints accurately modeled at each step of the production process, enabling compliance with future regulatory ESG requirements.

Revolutionising the retail supply chain in times of Covid-19

While AI has so far mostly been used by retailers to optimize their websites or enable cross-selling with better recommendations, new incumbents in the fashion industry are building on advanced AI-models to scrape social media channels (Instagram/ TikTok) picking up new trends in real time. IoT Value-add: The leader in this field, Chinese fast-fashion brand Shein, is combining these external impulses with data from its own direct-to-consumer website, allowing it to order inventory in extremely small batches, experiment with styles, reduce lead times down to a week and at the same time reduce overstock - where a large share of fashion waste comes from. Combined with established technologies like RFID Tagging, fashion retailers can build truly efficient inventory management systems and supply chains.

AI taking 'Fast Fashion' to the next Level

The retail / wholesale industry includes establishments engaged in selling merchandise for personal or household consumption and rendering services incidental to the sale of the goods (retail). Additionally, the industry includes selling goods to retailers (wholesale).

Retail & Wholesale

In South America, the increasing need for smart technology in cities support IoT based solution as urbanization is strongly growing and already 80% of the population lives in cities in 2020;

North American market is expected to offer the biggest market for smart government solutions in early 2020s, with mobile applications as a key driver;

Software and Services represent over 50% of the technology stack within smart cities;Hardware and connectivity are important fields as a basis for smart city solutions, e.g. LoRa or 5G;Highest rate of digital governmental services, e.g online consultations or services;Cyber Security is perhaps the most important aspect out of all IoT markets

In Europe, small cities and villages are implementing more and more digital technologies and working together with private utility companies on smart grids while being challenged by the need to integrate modern technology into legacy architecture

In Australia, local governments aim to use IoT for example fire service drones, equipped with cameras and thermal imaging to identify wildfire sources, trapped people, and the positions of firefighters in the field

High degree of fragmentation in the smart city market with industry players, technology giants, niche players and software startups all providing customized solutions in large cities, while also smaller cities are beginning to adopt IoT solutions;Worldwide growth rates are expected to rise in the coming years due to the COVID-19 pandemic and accelerated digitalization processes and investments pushed by governments globally;From an overall perspective, APAC region is expected to grow at the highest CAGR within the next years

Drivers for this IoT market are 1) government initiatives for overpopulation and urbanization management, 2) climate change and increasing need for sustainable resource management 3) safety and security initiatives by governments and cities, 4) initiatives by municipal utilities and 5) big and small cities with strongly increasing numbers of inhabitants;

Governments in Asia strongly support the smart city development, especially with a focus on fixed visual surveillance, public transportation and smart outdoor lighting, with Singapore and South Korea being one of the countries with the widest applications;

Drivers for smart technologies in African cities are 1) the limited legacy infrastructure and systems, so that new IoT-based technologies can be implemented immediately, 2) a young consumer population, 3) a strong innovative and entrepreneurial culture, 4) a continuously growing middle-class and 5) one of the fastest growing mobile phone adoption rates;

In times where renewable energy sources form an increasing share of the energy mix (whose output is hard to control), utility companies have to look at ways to store excess energy during times of peak production. IoT Value-Add: With most cars standing idle for 23 hours of the day, smart city utility companies can harness this networked grid of electric vehicle batteries to deposit electricity. Energy can then also be returned to the grid to flatten electricity generation curves in response to peak demand. The Mobility House has successfully implemented this concept into the Amsterdam JCA Arena where V2G technology is integrated together with a 1-megawatt photovoltaic system on the roof which intelligently supplies the arena with power during peak usage.

Smart Grid – V2G Charging

City lighting infrastructure has always been plagued by electricity over-consumption, with lamps being turned on despite only being used for 20% of the time (e.g. at night). IoT Value-add: With Smart Lighting, grid electricity consumption can be significantly reduced while improving safety for all citizens. Continuous data exchange between cars, people and infrastructure allows for smarter usage of road-side lights as dimming not only occurs on a day-night cycle but also brightens if passer-by crosses the road or light sensors sense a particularly cloudy day.

Smart Outdoor lighting

Traffic management is one of the biggest infrastructure challenges city officials face, with the degree to which a city is vulnerable to traffic jams being directly linked to pollution, quality of life indexes and economic productivity. IoT Value-add: Embedded in an IoT smart city ecosystem, a networked set of smart traffic lights can look at the city as a whole and divert traffic where needed or only block the road if passer-by are waiting.This can be achieved via cameras, sensors but also wireless connections to the cars themselves (V2I, V2V, V2X) and extended for applications like smart parking.

Intelligent traffic management

The Public Services & Smart City industry refers to activities by public institutions such as the national government, municipal governments, national agencies, etc. which do not generally pursue a profit-making objective in this context. Here Smart City is an extensive subfield focused on activities, products, and solutions in the urban environment.

Public Services & Smart City

Drivers for smart technologies in African cities are 1) the limited legacy infrastructure and systems, so that new IoT-based technologies can be implemented immediately, 2) a young consumer population, 3) a strong innovative and entrepreneurial culture, 4) a continuously growing middle-class and 5) one of the fastest growing mobile phone adoption rates

In the Utilities market there is still a high degree of fragmentation with industry players, technology giants, niche players and software startups all providing customized solutions; Worldwide growth rates are expected to rise in the coming years due to accelerated digitalization processes in the energy sector and governments releasing regulation favourable for technologies like Smart Metering

Drivers for the IoT in utilities market are providers and governments responding to increasing demand for renewable energy sources with immense investment, and in the case of government, favourable regulation;Many utility companies are trying to leverage value from supplementary services and data on customer behavior via IoT technology like smart meters

In Asia, China and India are the largest power consumers which are driving IoT demand with their desire to improve grid reliability and slow shift away from coal energy,  into renewables

Software and Services represent the majority of the technology stack within the utilities sector;Hardware and connectivity are important fields as a basis for smart city solutions, e.g. LoRa or 5G;Highest rate of digital governmental services, e.g online consultations or services;In this sector, Cyber Security is perhaps the most important aspect out of all IoT markets

The North American Utilities market is currently offering the biggest opportunities for IoT solutions  with many Utilities and technology companies driving development in for example self-healing grid technologies;High consumer acceptance for new technologies, especially in the US where 75% of households in 2021 had a smart meter installed

In South America, the increasing need for smart technology in cities support IoT based solution as urbanization is strongly growing and already 80% of the population lives in cities in 2020

n Europe, utilities companies are often challenged by the need to integrate modern technology into legacy architecture and grid technology;Government regulation regarding technologies like Smart Metering vastly differs from country, with for example Germany still being very hesitant, citing concerns over data privacy. Once loosened this could act as a strong catalyst for growth

In Oceania, governments like Australia are pushing to diversify their grid mix away from coal to reduce their reliance on China and bring carbon emissions in line with international regulation like the Paris climate agreement, all driving demand for grid management and IoT technology

As electric vehicles are becoming more and more popular, the strain on legacy grids increases and operators are struggling to gather real-time data for their distribution management. IoT Value-add: this problem sparks one of the most popular use cases for IoT in utilities: smart metering. For utility companies, smart metering improves network planning and time series analyses and provides them with a direct channel to offer consumers value-adding services (e.g. direct usage recommendations, flexible tariffs and smart home applications).

Smart Metering

In legacy grids, technicians first have to spend a long time finding the source of interference in the event of a blackout, leaving many customers without electricity for extended periods. IoT Value-Add: Intelligent local grid stations and cables equipped with sensors and actuators can enable an autonomous and almost immediate FLISR (fault location, isolation and service restoration). This way grid flows can be channeled via alternative routes, minimising the number of customers without electricity.

Self-Healing Grid

In a traditional electricity grid, the communication delay between demand and supply can lead to inefficiencies as well as unnecessary power generation. IoT Value-add: The Dutch utility company Alliander is piloting a software based system to better match supply and demand. Integrating connected consumer devices into the grid management allows them to have better insights about electricity demand and smoothe out their electricity generation curves in response.

Real-time Energy Exchange

Utilities refer to all establishments engaged in the generation, transmission and/or distribution of electricity, gas or steam, as well as water and irrigation systems, sanitary systems engaged in the collection and disposal of garbage, sewage, and other wastes.

Utilities

Europe continues to be one of the key markets for IoT Healthcare growth, due to their comparingly older populations and the local presence of many healthcare & technology companies;Moreover, there is a rapid acceptance of connected devices and continuous initiatives by the EU to increase digital literacy, further facilitating individual interactions with the IoT

In Australia in particular, labor shortages are driving IoT uptake to make better use of hospital resources and numerous government initiatives drive the acceptance of e-health in the general population.  

In South America, Brazil is driving the eHealth market with raising wages, the largest healthcare expenditure in the region but also the highest number of diabetes-affected individuals in Latin America, leaving opportunities for remote patient monitoring devices and services;In general, South American Healthcare infrastructure is underdeveloped and thus offers large potential

The African market offers a very young population thus more and more acceptance of connected devices but also low healthcare expenditure;Remote virtual care could offer new opportunities for rural patients in the future

North America continues to lead the IoT market due to the large number of healthcare and IT-companies being based in the U.S., fostering IoT innovation with favorable legislation, research grants and investments into new technologies;The U.S. also acts as a major test bed for the IoT Healthcare market, with the highest usage rate of digital technologies, such as digital patient records already being standard practice 

Key technology drivers are related to remote monitoring of a patient’s health to fight against chronic diseases and support geriatric populations. Devices and solutions are manifold, from wearables (tracking heart rate, eye movement, temperature, sleep, oxygen level, brain activity), to implants (e.g.  glucose level trackers or even connected pacemakers) or stationary solutions (motion trackers, weight sensing, smart lighting etc.);Stable growth also coming from services related to system integration, especially for “fleet management” of advanced medical devices;Software and Systems are also expected to show high growth due to immense Data Analytics opportunities, especially through advanced cloud systems aimed at monitoring healthcare devices from remote global command centres;Connectivity is enabled by either Wi-Fi for its strong bandwidth and security while lower energy technologies like Bluetooth, ZigBee or Narrowband IoT are used for less data-intensive devices;

The Covid-19 pandemic has highlighted often outdated healthcare systems, but also sparked immense investments by governments around the world, packing years’ worth of digital reforms into a few months;The Healthcare IoT market highly benefited from this digital transformation, with the key growth drivers being ageing populations, the rising adoption of wearable technology, growing investments for digital technologies, and the emergence of connected care.

In Asia, Singapore, Japan, and South Korea have been strong eHealth adopters already;China, Malaysia and India are emerging markets that are expected to make APAC the fastest growing market for the IoT Healthcare sector

To enable remote patient monitoring of for example elderly patients, their activity needs to be tracked throughout the entire day, at home or even outside, an area that is often hard to track due to limited connectivity. IoT Value-add: Philips’ suite of Medical Alert Systems is equipped with fall detection sensors, a cellular + Wi-Fi module for GPS tracking and emergency phone capabilities. Such connected wearables can reduce readmission rates and prevent shocks for diabetic or high blood pressure patients.

Telemedicine - Remote patient monitoring

The immense data-flows created by IoT Healthcare Devices offer challenging opportunities for integrated service offerings, predictive maintenance but also decision support by analysing treatment effectiveness across all users. IoT Value-add: Platform services like the GE Health Cloud tackle this challenge and create a platform for interoperability of IoT enabled systems. It also consolidates past health records with live patient monitoring data in one secure and connected cloud system with integrated analytics and visualization features.

Integrated Service & Support Systems

For Hospitals, locating and managing equipment, staff and patients quickly is paramount for emergency response times. IoT Value-add: IoT is a key enabler for Hospital efficiency, as location-based services can equip Smart-Hospitals with wayfinding (indoor turn-by-turn navigation), geo-location (where am I, where is equipment) and geo-notification (push messaging when area is entered e.g. hand hygiene) via Bluetooth Low Energy technology.

Connectivity-enabled Hospitals

Healthcare industry on the one hand refers to establishments active in furnishing medical, surgical, and other health services to persons. On the other hand, the healthcare industry includes the development and production of medical devices and machinery.

Healthcare

Your situation as an IoT Adopter today and how to unlock your IoT potential

Your situation as an IoT Champion today and how to unlock your IoT potential

Your situation as an IoT Integrator today and how to unlock your IoT potential

Your situation as an IoT Novie today and how to unlock your IoT potential

North America

South America

Europe

Africa

Asia

Oceania

Hardware refers to the physical layer of IoT technology, such as sensors, servers or storage.  

Hardware

Connectivity includes technologies to integrate endpoints and data into the ecosystem as well as offering network access connecting IoT devices  

Connectivity

Software and Platform refer to IoT software solutions which are required to build IoT solutions and to integrate it into a IoT ecosystem and make it available to stakeholders.  

Software & Platform

Services and Solutions include various services related to IoT enabled businesses, which are directly related to designing, implementing or offering solutions to clients.

Services & Solutions

Advise clients to define their IoT strategy and drive their IoT ideas from a business perspective

Business Consulting services

Technical implementation of IoT solutions incl. customization, development and integration of hardware and software components

Engineering & integration services

Provide business & consumer end-to-end IoT solutions directly related to an IoT use case

IoT enabled solutions

Provide IoT building block software (e.g. digital twins, rules engine, event management, business app integration & visualization) to process data generated via endpoints

IoT building blocks

Provide a platform to orchestrate IoT endpoints, IoT solutions and to connect internal and/or external stakeholders. This can include any kind of functionalities like a front end, IoT application marketplace, integration development environment, billing services etc.

IoT platform functionalities

Provide any other types of software supprting IoT solutions and ecosystems (e.g. data management, middleware, security, sensor related)

Other Software

Provide technology to connect and integrate endpoint data to enable higher level data processing for IoT solutions

Data integration and data management

Provide and manage endpoint connectivity and network access (e.g. Lora, 5G, Sigfox, …)

Connectivity Services

Provide IoT communicating and computing modules, hubs, controllers, antennaes

Communication modules

Development of any type of IoT sensors which detect events or changes in its environment 

IoT Sensor

Provide server systems (e.g. motherboards, memory, internal disk, OS, power supply, network interface, enablement infrastructure, security related hardware)

In which industry do you plan to offer IoT-enabled products?