Growth consultancy Frost & Sullivan is urging Malaysian communication service providers (CSPs) to embrace the Internet of Things as they seek to reinvigorate their businesses.
The firm’s latest analysis suggests that while the information and communication technologies (ICT) sector is maturing and levelling out in the country, the IoT could offer a wealth of new opportunities. It’s expected to grow at a rate of 35.1 percent annually until 2020, and it’s going to offer new tools and capabilities to a range of ICT areas including digital storage, networking, computing, and through a range of embedded systems. Frost & Sullivan suggests that even now sensors are capturing a wealth of data from machines and connected devices, but that analytics are only applied to a tiny fraction of that data; leveraging this data as it explodes via the IoT could offer huge opportunities for optimization.
These suggestions echo other findings from Frost & Sullivan’s recent report on the Asia-Pacific industrial IoT market, which the firm says will grow steadily until 2020. As in the broader market, Malaysian CSPs also face obstacles in the form of “market fragmentation as well as security and privacy concerns,” as Frost & Sullivan put it in a statement. But with the cross-industry standardization efforts of collaborative groups like the AllSeen Alliance, such challenges could be overcome going forward, paving the way for major growth for CSPs and many more organizations.