Finance and medicine sectors will be early IoT adopters: analyst forecast

By John Liu ,The China Post

TAIPEI, Taiwan — Manufacturing, financial service and medicine related solutions will make up more than half of Internet of Things (IoT) applications in 2018, according to accounting firm Ernst & Young Taiwan’s forecast. The statement was made at an IoT-themed forum held by EY and technology association Monte Jade Taiwan yesterday. It was attended by Vice Premier Chang San-cheng (張善政) and Minister of Science and Technology Shyu Jyuo-min (徐爵民). Much of the IoT application will be related to manufacturing, logistics and transportation and consumer shopping.

E&Y Taiwan predicted 40 percent of manufacturers focusing on wearable devices will ramp up production to respond to the new IoT trend.

This is a new trend that businesses cannot afford to ignore. According to EY’s estimate, 90 percent of companies will encounter IoT related network security issues, and the same share of information systems will adapt quickly to a new operation mode eventually. Companies’ New

Technology Adoption Tang Hong-lin (唐宏霖), a manager at E&Y Taiwan who has many years of IT consultancy experience, said amid the latest trend of IoT development, companies should have a change in mindset to embrace the IoT technology.

They should think outside the box in regards to operations management and strategic directions, Tang said. Responsiveness to the new technology varies depending on the industry. EY’s research shows that production equipment manufacturers, the transportation industry, public security, and rescue related sectors are most sensitive to the development of the IoT. Public construction, asset management, remote medical service and the Internet of vehicles industries are following behind, E&Y Taiwan said.

New Opportunities It is almost a consensus that IoT is the next big thing, and businesses large and small are actively exploring new opportunities. Market research firm IDC estimated that IoT will create US$583 billion worth of business opportunities in the Asia-Pacific region by 2020.

James Wang (王金來), chairman of Ernst & Young Taiwan, said given IoT’s potential applications in smart city, wearable devices, smart home and medical services, companies across the spectrum are advised to prepare for the new trend and position themselves accordingly in the market ahead of time.

Science and Technology Minister Shyu said there are unlimited possibilities to IoT applications and that it can potentially transform people’s everyday lives.