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Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, The global internet of medical things (IoMT) market size is projected to reach USD 187.60 billion by 2028 and exhibit a CAGR of 29.5% during the forecast period. Increasing Product Launches to Boost Growth in North America, Key Players Emphasize New Product Launches to Garner Growth in the Market.

The growing expenditure on IoT in healthcare and the increasing technological advancement in healthcare information technologies are anticipated to boost the growth of the market. Fortune Business Insights has presented this information in its report titled, Internet of Medical things (IoMT) Market, 2021-2028. The market size stood at USD 41.17 billion in 2020.

The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to enhance the telehealth industry and empower market growth. The growing adoption of 5G networks is also expected to amplify the growth of the market in the upcoming years.

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Industry Developments-

Key Takeaways:

Key Players in the Internet of Medical Things market are:

COVID-19 Impact

The humanitarian crisis has significantly struck the healthcare industry. However, the demand for the internet of medical things has witnessed astronomical growth during the pandemic due to rapid digitization. The investments in healthcare have increased manifold during the pandemic. Virtual consultation has witnessed striking growth during the outbreak due to the fear of contracting the virus. As per an article by Onometra, there are approximately 48% of medical devices connected through the internet of things (IoT) in India. These numbers are expected to increase to 68% shortly. The market is projected to witness immense growth in the forthcoming years.

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Drivers & Restraints-

Growing Investments in IoT in Healthcare to Fuel Market Growth

The internet of health things (IoMT) can reduce healthcare costs for governments and patients. The medtech companies with the internet of medical things focus on transforming the delivery of advanced healthcare to patients. The investments in the healthcare industry have significantly increased during the pandemic. The increasing investments in IoT to transform the healthcare sector are anticipated to bolster the global internet of medical things (IoMT) market growth.

The developments in mobile phone technology and the telecommunication industry are expected to create lucrative growth opportunities for the market. The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks and the growing adoption of 5G technology are likely to enhance the telehealth industry and empower market growth.

However, the risks of cyberattacks and data breaches loom large and may hinder the growth of the market.

Segmentation-

On the basis of product, the market is trifurcated into wearable external medical devices, implanted medical devices, and stationary medical devices. On the basis of application, the market is segmented into patient monitoring, medication management, telemedicine, and others. On the basis of end-user, the market is fragmented into government authorities, patients, healthcare providers, and others. Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage-

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Regional Insights-

Increasing Product Launches to Boost Growth in North America

North America is anticipated to gain the largest portion of the global internet of medical things (IoMT) market share. The increasing launch of ingenious products and the growing adoption of remote patient observation devices are expected to boost the growth of the market. Additionally, the robust sales of IoMT products and solutions in the U.S. are likely to stimulate the markets growth.

Europe is expected to witness the second-highest growth in the global market due to the rising government initiatives to boost the adoption of IoMT solutions in the healthcare industry.

Asia Pacific is projected to witness growth with the highest CAGR. The rising healthcare expenditure and the strong government support for the approval and launch of IoMT devices are anticipated to bolster the growth of the market.

The Middle East & Africa, and Latin America are likely to gain considerable growth due to improving investments in the healthcare industry and the growing awareness for IoMT devices and solutions.

Competitive Landscape-

Key Players Emphasize New Product Launches to Garner Growth in the Market

The market is fairly fragmented and comprises several key players, including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips N.V., with the largest shares in the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. Most recently, Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions. The collaboration is aimed to accelerate clinical trials and enhance patient care.

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Internet of Medical Things (IoMT) Market Size to Surpass USD ... - GlobeNewswire

An anonymous reader quotes a report from TechCrunch: A California judge has thrown out a $32.5 million verdict win for Sonos against Google after two of Sonos' patents were deemed unenforceable and invalid. As a result, Google has started to re-introduce software features it had removed due to Sonos' lawsuit. In a decision dated October 6, U.S. District Judge William Alsup said that Sonos had wrongfully linked its patent applications for multi-room audio technology to a 2006 application in order to make them appear older and claim that its inventions came before Google's products, as first reported by Reuters.

"Sonos filed the provisional application from which the patents in suit claim priority in 2006, but it did not file the applications for these patents and present the asserted claims for examination until 2019," the decision (PDF) reads. "By the time these patents issued in 2019 and 2020, the industry had already marched on and put the claimed invention into practice. In fact, in 2014, five years before Sonos filed the applications and presented the claims, accused infringer Google LLC shared with Sonos a plan for a product that would practice what would become the claimed invention."

The decision states that the two companies were exploring a potential collaboration, but that it never materialized. Alsup goes on to note that Google began introducing its own products that featured multi-room audio technology in 2015, and also that Sonos waited until 2019 to pursue claims on the invention. "This was not a case of an inventor leading the industry to something new," Alsup wrote. "This was a case of the industry leading with something new and, only then, an inventor coming out of the woodwork to say that he had come up with the idea first wringing fresh claims to read on a competitor's products from an ancient application." "We recently made a change to speaker groups for Nest speakers, displays, and Chromecast where certain devices can only belong to one speaker group at a time in the Google Home app," the company wrote in a blog post. "A federal judge has found that two patents that Sonos accused our devices of infringing are invalid. In light of this legal decision we're happy to share that we will be rolling back this change."

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Federal Judge Throws Out $32.5 Million Win For Sonos Against ... - Slashdot

Covina, Sept. 06, 2023 (GLOBE NEWSWIRE) -- What is Internet of Things in Retail? How big is the Internet of Things in Retail?

Report Overview:

The Internet of Things (IoT) in Retail is a transformative technology that has had a significant impact on various industries, including retail. In the context of the retail sector, IoT refers to the interconnection of everyday objects and devices through the internet, enabling them to collect and exchange data. This data can be leveraged to enhance various aspects of the retail experience, from inventory management to customer engagement.

IoT technology is becoming more versatile, leading to an expansion of its applications in the retail sector. This includes everything from inventory management and supply chain optimization to in-store customer engagement and smart store operations. Emerging markets, particularly in Asia and Latin America, offer substantial growth opportunities for IoT in retail. As these regions adopt more advanced retail technologies, the demand for IoT solutions will increase.

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Market Dynamics:

The Internet of Things (IoT) in the retail market is characterized by a range of dynamic factors. Notably, there is a growing trend of adoption driven by the desire for real-time inventory management, improved customer engagement, and increased operational efficiency within the retail industry. IoT solutions are also elevating the customer experience, with technologies like beacons and smart shelves offering personalized shopping experiences and targeted promotions. Furthermore, IoT is revolutionizing inventory management by leveraging RFID tags and sensors to enhance supply chain management and reduce out-of-stock incidents. However, challenges related to data security and interoperability persist, necessitating stringent cybersecurity measures and standardization efforts. Moreover, compliance with data protection regulations is crucial in the collection and utilization of customer data through IoT devices. This dynamic landscape is fostering competition among established tech companies and startups, driving innovation and further propelling the IoT's integration into the retail sector.

Key Highlights:

Report Scope:

Growth Drivers:

Here are some key growth drivers for the Internet of Things (IoT) in the retail market:

These growth drivers collectively contribute to the rapid adoption and integration of IoT technologies in the retail sector, fostering advancements and reshaping the industry's landscape.

Growth Restrains:

Here are some key growth restraints for the Internet of Things (IoT) in the retail market:

These growth restraints underscore the importance of addressing security, compliance, and scalability challenges while carefully managing the costs associated with IoT adoption in the retail sector.

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Analyst View:

The Internet of Things (IoT) in the retail market is poised for significant growth in the coming years. IoT technology continues to evolve, offering retailers innovative solutions to address various challenges and enhance the customer shopping experience. Further, Continuous advancements in IoT technology and a focus on meeting evolving consumer expectations will be key drivers of future growth in Internet of Things in Retail Market.

Competitive Landscape

Some of the main competitors dominating the Internet of Things in Retail Market include -

Opportunities:

Here are some key opportunities for the Internet of Things (IoT) in the retail market:

These opportunities highlight the potential for IoT to drive growth, improve operational efficiency, and enhance customer engagement in the retail sector, ultimately shaping the future of retail experiences.

Challenges:

Here are some key challenges for the Internet of Things (IoT) in the retail market:

These challenges underscore the importance of addressing security, compliance, and scalability concerns while carefully managing costs and ensuring that the benefits of IoT adoption outweigh the associated challenges in the retail sector.

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[New Report] Internet of Things in Retail Market Set to Surge ... - GlobeNewswire

Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Consumer Internet of Things (IoT) market is poised for significant growth, with an anticipated size of USD 334.78 billion by 2032. According to the latest analysis conducted by Emergen Research, the market is projected to achieve a robust revenue Compound Annual Growth Rate (CAGR) of 13.9% throughout the forecast period. This growth is primarily propelled by the increasing adoption of smart devices and the expanding user base of the internet.

One of the pivotal aspects driving the upsurge in market revenue is the utilization of IoT for enhancing customer care. Organizations are harnessing the data collected from IoT devices to perform advanced analytics, which yields valuable insights. These insights are crucial in comprehending customer trends and expectations effectively. Furthermore, IoT has revolutionized the concept of customer digital verification, with the integration of applications like biometric sensors, thus contributing significantly to the market's revenue expansion.

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The continuous progress in IoT technology plays a pivotal role in driving the expansion of market revenue. A noteworthy example of this is the announcement made on March 14, 2023, when Viakoo, a prominent player in IoT/OT vulnerability remediation, unveiled its collaboration with Presidio, a global provider of digital services and solutions. This collaboration is aimed at delivering comprehensive solutions for physical security, Internet of Things (IoT), and Operational Technology (OT) cybersecurity to their shared clientele.

The joint effort between Viakoo and Presidio is instrumental in promoting convergence between physical security and cybersecurity teams within organizations. This convergence is a strategic move designed to mitigate risks and thwart potential threats such as ransomware, data exfiltration, and advanced persistent threats. It's worth noting that the IoT landscape also comes with its share of challenges. One significant drawback is the inherent vulnerability of user data in the public domain of the Internet. This vulnerability opens the door for hackers to gain unauthorized access to private and sensitive information, thus acting as a significant factor hindering the growth of market revenue.

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Scope of Research

Major Companies and Competitive Landscape

The global consumer Internet of Things (IoT) market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

Strategic Development

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Some Key Highlights From the Report

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For the purpose of this report, Emergen Research has segmented the global consumer Internet of Things (IoT) market on the basis of offering, connectivity, end-use, and region:

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Global Consumer Internet of Things (IoT) Market Size to Reach USD ... - GlobeNewswire

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