The global economy is immersing, perhaps into the worst recession since World War II. Even before COVID-19 pandemic and the crisis, the economy was experiencing certain problems, and this contributed to the situation we are in now, supposes Sergey Kostevich, Executive Director of Perenio IoT.
At the same time, I don’t exclude that the quarantine instigated by the pandemic will become the impulse for a faster transition to the digital world, acceleration of globalization processes. With the introduction of quarantine, the speed of digitalization of the economy has increased by an order of magnitude. We have been discussing for too long about digitalization, telemedicine, distance education. Now we are all at the point where we need to act. Technology comes to the fore and becomes the main livelihood of communities, countries, people, and businesses.
We must be aware that the situation that we are currently experiencing will fundamentally change the landscape of the economy. Breath decisions, creative ideas, and high technology will allow humanity to derive the maximum possible benefit from the crisis.
By observing the economy in the countries of Perenio’s presence, we have formulated a list of challenges that the market will have to take into account in the next 12 months:
- IoT industry, called the underlying trend for breakthroughs in the field of artificial intelligence and robotics, will become a catalyst for development in many areas. Such data are provided in a study by Forbes Insights.
- IoT is a key factor in competitiveness for companies implementing this technology. First of all, we are talking about development, medicine, retail, telecom, and other industries, where the technology will provide an increase in the quality of services, the added value of goods or services.
- The current economic situation will push companies from various industries and countries to rethink the role of IoT in business development, which will lead to an increase in the number of new projects this year around the world.
- Developers of IoT solutions may increase their share of sales via online market platforms with an increase in demand for products based on these technologies. Perenio IoT also actively expands the list of partners – marketplaces. According to forecasts by Forrester Research, in 2022, 70% of online purchases will be made by people there, and not in online stores.
- Collaborations of tech brands around the world are to be expected during this year. Thus, companies will solve new customer problems and reduce their risks. In the new economic reality, consumers need fast solutions for remote work and the development of online trading.
- COVID-19 pandemic will also directly determine the development of IoT – technology can become an effective tool to combat COVID-19. First of all, we are talking about the development of predictive and behavioral analytics, the application of a more personalized approach to the analysis of patient’s health, the use of IoT sensors for real-time monitoring of the situation in cities and towns.