IoT Platform Market Research Report - Global Forecast till 2030

COVID-19 Impact on IoT Platform Market

The automated delivery in the coronavirus outbreak via drones and robots to transport food, medicines, and food to hospitals and clinics. Quite a few companies in the US, including UPS, Domino’s Pizza, Amazon, and Walmart have initiated testing drones to help delivery costs for medicines, fast food, and other retail items. This pandemic has sensed the need of urgency to transport essential items that has further spurred the IoT industry.

The Internet of Things (IoT) platform industry is likely to spur in 2020 even in the wake of the COVID-19 pandemic because of the wide adoption of technology across the healthcare or life sciences sector. The rapid spread of the Coronavirus has created several concerns for medical professionals. The citizens and medical authorities are increasingly using this technology, which enables medical professionals to keep the people informed and prevent them from walking outside without masks. The IoT technology has been widely adopted by China and a majority of countries across the world, along with several other technologies that have allowed the governments to keep people safe during this pandemic. The technology has also helped the medical professionals to estimate body temperature from a distance with the help of drones to ensure the complete well-being of the people.

There has been a decline in the consumers’ interest in IoT-enabled devices. This data has been deduced with the help of application download volumes. For instance, the download numbers for Philips Hue have dropped in the United States since the Coronavirus outbreak. Also, IoT-related jobs have witnessed a decline of about 28% as of April 2020. Moreover, IoT security and privacy have been affected mainly due to the increased frequency and number of cyberattacks and changing data breach patterns. However, the impact of COVID-19 on data security and privacy has been quite high. More than 70% of security professionals have witnessed an increase in cyberattacks since the outbreak. Malware intrusion has increased by 28%, ransomware attacks by over 19%, and phishing threats by 55%. An upsurge in cyberattacks has compelled the companies to increase focus on security, which in turn, has obligated the companies to rethink their current security setups that are already at place. Since this is a matter of national concern, the governments of countries across the globe are focusing on data security.