Internet of Things (IoT) is in the early stages of growth, with many organizations implementing and testing proofs of concepts. In particular, government agencies are taking the lead in the region by deploying IoT solutions to address immediate concerns about public safety, border control, tracking, and traffic management, as well as to improve basic access to healthcare, education, and other social programs.
Although there is a high level of interest in leveraging IoT technologies by many in the industry, there are several factors that are slowing the adoption of the technology, including the realization that IoT is about managing and extracting value from data—an area where many organizations are still grappling.
"While IoT has the potential to optimize efficiency for many companies, many managers remain unsure of its return of investment and how the technology can be incorporated and integrated into business processes," said Ajay Sunder, Vice President, Information & Communication Technologies. "However, for organizations that have already embarked on their journey, many have indicated that they have seen improvement in their financial, business process efficiency, employee productivity, and customer metrics."
Frost & Sullivan's recent analysis, Asia-Pacific Internet of Things Market, 2018, provides a detailed analysis of the advancement of IoT technologies within the APAC region, including key adoption drivers and restraints. Growth opportunities, emerging trends, and emerging use cases are also reviewed.
The APAC IoT market is expected to reach US$95.7 billion by 2022, led by the transport and logistics sector, both in IoT adoption and spending. Other emerging growth opportunities include:
Manufacturing plants: IoT-enabled predictive maintenance reduces equipment failure, improving employee productivity and a plant's ability to meet productivity targets.Fleet operations: Telematics provide operators with the means to track and trace locations of their trucks, mileage, and fuel utilization, all of which help overcome the challenges of employee safety, pilferage of goods, and improved customer service.Brick-and-mortar retailers: Applicable IoT technologies, including RFID, AR, and tracking footfall patterns, can help retailers compete with ecommerce companies by offering better customer experiences and tools to analyze their behavioral patterns inside the store.