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The global market for IoT is being driven by the rising use of IoT in the healthcare sector. IoT devices have made remote monitoring in the healthcare sector possible, minimising the dependency on physical visits of patients. This is a critical development, especially amidst the COVID-19 pandemic, with physicians and patients both being at risk of infection. Thus, the rising adoption of IoT solutions amidst the pandemic is augmenting the market growth for IoT. Moreover, remote monitoring prevents long hospital stays and re-admissions, which, in turn, reduces cost, thereby driving the market towards growth. Further, the rising adoption of IoT integrated wearable devices like fitness bands, which also enable physicians and family members to monitor patients’ health, is driving the market growth. Data collected from wearable devices facilitate physicians to maintain records and provide treatment in an efficient and affordable manner. Additionally, in hospitals and clinics, IoT devices can be installed in equipment like wheelchairs, beds, and many more to track real time availability and prevent theft, thus, providing further impetus to the market growth. The growing demand for IoT in the pharmaceutical sector is expected to further propel the market growth. In pharmaceuticals, IoT is used for asset management and to monitor temperature, like maintaining refrigerator temperature.
In 2019, one of the leading companies in the IoT industry, Accenture (NYSE: ACN), in collaboration with SAP SE (NYSE: SAP), announced the development of a new cloud based IoT system to strengthen SAP’s existing Intelligent Asset Management solutions. This will enable the energy, life sciences, and natural resources industries to adopt improved and enhanced asset management strategies, facilitating improved operational safety, minimise environmental impact, and reduce costs, hence, invigorating their growth and propelling the growth of the global market for IoT. Advanced analytics and artificial intelligence capabilities can help companies optimize the scope of work and effort required for inspection, planned repairs, and maintenance. This will improve the work efficiency of companies and is anticipated to further strengthen the market growth of IoT.
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The major players in the global IoT market are are Accenture, Amazon Web Services Inc, Cisco Systems Inc., Huawei technologies Co., Ltd, Alphabet Inc, IBM Corporation, and Hewlett Packard Enterprise Development LP, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansion of the major players.
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