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

The China Post - - LOCAL - BY JOHN LIU

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 ( ) and Min­is­ter of Science and Tech­nol­ogy Shyu Jyuo-min (

). 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 en­coun- ter 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 ( ), 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 ( ), 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.

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