IoT: counting the cost of Covid-19

The impact of the Covid-19 pandemic and changes in market dynamics have led us to downsize the IoT revenue opportunity from a forecast of $1.1 trillion to $906 billion by 2025. Recent earning calls have highlighted the impact of Covid-19, with IoT providers reporting a slowdown or fall in revenue due to extended sales cycles among new clients. However, Covid-19 has also brought digital transformation to the fore and highlighted the critical role technology plays in adapting to new ways of working. Enterprises have had to readjust their operations, focusing more on remote access and automation. This is strengthening demand for cloud and software tools (AR, AI/ML) in the short term, and the need to digitise operations in the longer term.