BOGOTA, Colombia—Frost & Sullivan forecasts the Columbian market to generate revenues of $523.7 million by 2022, at a compound annual growth rate (CAGR) of 20.8 per cent.
The research firm says the South American country is experiencing a boom in cloud adoption, evolution of data to intelligence, increased availability of different types of connectivity, and improved productivity.
“The automotive industry is forecast to spend the most on the IoT over the next two years since commercial vehicle telematics represented the bulk of machine-to-machine (M2M) connections in the Colombian market,” said Gina Sanchez, Information and Communication Services Senior Consultant at Frost & Sullivan.
Four ways to leverage growth opportunities in the Colombian IIoT sector:
- Vendors should help organizations manage the complexities of connecting to a seemingly unlimited number of devices and effectively integrate Internet of Things (IoT) data with data from other sources, such as internal data stores;
- Telecommunication providers should consider embedding SIM cards in devices, using sensors in strategic industries, and investing in core-enabling technologies, ecosystem partnerships, and acquisitions;
- Communications service providers should leverage their core competencies to capture horizontal opportunities arising from IoT (e.g., integration, managed services and security, cloud computing and storage, and retail and enterprise channels); and
- Vendors should cover data access issues to encourage companies to craft an IoT strategy if they don’t already have one. Because IoT buyers generate the data, it is important that they have access to it.
“Security, data protection and privacy remain key concerns in terms of embedding ubiquitous sensing and communication technology into machines and everyday objects, and are likely to slow adoption and initial IoT deployment,” said Sanchez. “The challenge of integrating all components to achieve interoperability and provide access to data also must be addressed when adopting IoT solutions.”
The report reveals drivers, trends, and external challenges for hardware, software, connectivity, services and primary verticals such as automotive, utilities, agriculture and manufacturing. Download this report on the Frost & Sullivan website here. Access is free, but you must provide some personal information.