Communication Service Providers (CSPs) and vendors in the Asia-Pacific Internet of Things (IoT) market are expanding their solution portfolios to monetize the IoT opportunity by developing data management platforms and integrating advanced analytics capabilities.
“Smart city programs 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,” said Nishchal Khorana, Director, ICT Practice.
“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,” he added.
Frost & Sullivan’s recent analysis, 2019 APAC Internet of Things Market, analyzes IoT spending across APAC countries. It identifies the fastest growing market spenders and spending across various industry sectors. It covers the regions of Greater China, the Association of Southeast Asian Nations (ASEAN), Australia-New Zealand (ANZ), Japan, and South Korea.
“Most of the spending in the IoT market will be driven by the Chinese market,” noted Nishchal Khorana.
To tap greater growth opportunities, IoT solution providers will aim to:
-Target the agriculture sector. Analyzing the data from Agri-IoT sensors will allow farmers to optimize the levels of feed, fertilizers, and pesticides, leading to higher quality produce.
-Customize Agri-IoT offerings for the local market – fragmented farm holdings in some markets, graying labor force in others.
-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.